With the financial crisis still looming and Government spending cuts being announced left, right and centre, it’s no wonder that a lot of us are struggling to make ends meet. Our paychecks don’t stretch quite as far as they once did, and we wistfully remember the days when we could press ‘check balance’ without the ominous feeling of dread! And speaking of checks, take a look at the cool bank checks online over at Bradford Exchange.
Let’s be honest, we all know that we should be saving money; it’s one of those things that we should do but never seem to actually get around to doing. The question is: why?
Because when we think of saving money we think of all the things that we could be buying with that money instead! So is saving money as hard as we all think it is?
1. Budgeting Isn’t That Difficult
Uh…budgeting! Doesn’t that sound like a bundle of laughs?
Budgeting isn’t the most exciting thing in the world and yes, it can be a bit of a drag, but there’s a reason that everyone keeps telling you that you should be budgeting. It works!
Make a list of everything that you’ll be spending money on and how much you’re willing to spend. Keep a separate list of how much you’re actually spending.
Understanding and keeping track of your spending is the first step towards reducing it.
2. Keep Your Money in the Right Place
Trying to get your head around all of the different types of bank accounts available to you is difficult, but it’s worth the time it takes to find the best account for your money.
Accounts like Cash ISAs are a great place to put your savings but not all ISAs are the same, so shop around a bit.
Don’t keep your money under your mattress and steer clear of dodgy offshore accounts, as you’re often not protected. Do your research and make sure that your money is in the right place or your money saving efforts could be in vain.
3. Changing Your Spending Habits
This one can be a little tricky, but it really isn’t as difficult as you might think. We’ve got a few little tips to help you out:
- On a day trip or night out, only take as much money as you need and you won’t be tempted to spend more. Get the money out before you go and don’t take your card out with you. Be sure to take a little extra for emergencies though!
- Write a shopping list before you go to the supermarket, and you won’t buy unnecessary items or forget to buy something important.
- Stick to your budget! If you overspend on something, then cut back elsewhere to make up the difference.
Habits are often ingrained and can be difficult to break, but you’ll never get anywhere if you don’t try!
4. Using the Resources Available to You
In an age of convenience it’s no surprise that there are a hundred and one different apps, programs and websites to help you in your quest to save!
There’s no point going it alone when there’s a huge range of resources available to support your saving.
- Always check out price comparison websites before you buy.
- Discover a huge range of money management apps to help you budget effectively.
- To shop around for the best deal on something like insurance, get a quote both online and over the phone. Exactly the same insurance from the same company can be a different price online and on the phone. Strange but true!
Why spend time searching for the best money saving deals when there are so many things that can do it for you.
5. Earn Money as You Spend
We’re always going to spend money. No matter how much you save and how well you budget, it’s a simple fact that you can’t live for free. This means that sooner or later some of those precious pounds will be leaving your bank account.
So wouldn’t it make sense to earn some money when you’re spending your money?
Cash back websites and cash back cards can be a great way to make the most of the money that you’re spending and even get a little back in return. It seems pretty obvious, but it’s surprising how few people actually do it!
Budgeting and saving money isn’t easy, but it isn’t as hard as you think it is either! Give it a go, and you’ll be over the moon when you see your bank balance going up each month rather than down. After all, when you live in the UK like I do, there are a lot of rainy days to save for!
This article was written by Jennifer Griffiths. The information in this article is provided for education and informational purposes only, without any express or implied warranty of any kind, including warranties of accuracy, completeness or fitness for any particular purpose. The information in this article is not intended to be and does not constitute financial or any other advice. The information in this article is general in nature and is not specific to you the user or anyone else.
