14 Steps Of Saving Made Simple
- Gina V
Whether you want to control your money for today or you want to save for the future, this guide will help you. Sometimes the hardest part is to take the first step. Follow these fourteen steps and start saving money right now.
Turn your savings into a monthly bill
Set up a standing order and consider it a bill. You can start with as small as £1 a month, or you can take a challenge up to the maximum you can afford.
Put strangely shaped veg in your supermarket trolley
Next time you go shopping, look for the weirdly shaped veggies and fruits- most of the time these are cheaper and can save you few pounds.
Buy lost or stolen goods at police auctions
Yes! Police auctions do exist! Surprised? I was surprised. But these sites do exist. Bumblebee is one of those sites used by the police to sell lost properties or good seized from criminals. You can find more detail on MSE (Money Saving Expert) site.
Be prepared to walk away
I used to automatically renew my contracts: mobile phone, broadband, everything. Its much easier. Nevertheless, this does not save you money. Just to give you an example, last year I received a letter from my broadband informing me that the new contract will be increased with £10 a month. At the same time, I received by post letters with offers from other broadband providers which were offering me the same package at nearly half price. So, start looking online for better offers before you renew any contract. I got a good discount with my broadband provider when I have told them I’m leaving.
Steers clear of monthly insurance bills
Do you pay your insurance on a monthly basis? Have you ever checked how much can you save if you pay upfront your bill? It can be as much as £500 for a car insurance. Pay upfront if you can.
Take a closer look at your tax code
Always check your payslip. Mistakes can happen and if you are not carefully, you might pay more than you should. You might pay too much NINO or too many taxes. If you don’t know how to calculate, check here.
Pay off pricey debts as a top priority
Try to pay off the debts before you start saving. Remember that for every debt you have you pay interest. Image how much you can save just by paying off the debt (you save on interest).
Save the same sum first
If you want to buy something for £25, first save £25. Its easy to spend from overdraft or credit card, but its better for you to save it first. Don’t spend what you don’t have!
Consider putting £50 a month extra onto your mortgage payment
If you have a mortgage, check for early-repayment charges. Depending on your mortgage you can pay a bit more each month. For example, if you owe £100,000 at 3% over 3 years and every month you pay £50 extra you might save about £6000.
Have a no spending weekend every month
For myself and my family, the first weekend of the month is a “no spend” weekend. Depending on weather, we go for a walk-in various park, we take bottles of water from home, sometimes even snacks from home so we don’t have to spend a penny. Other examples of “no spend weekend” might be board games, gardening, movie night at home, free place to visit like museums, farms. Try to find recipes of leftover food and you can see how your salary goes further every month.
Take the 1p savings challenge
Start saving one penny on day 1, 2p on day 2 and so on. After 365 day you can save about £650. That sounds a lot. Think how much you can do with £650! Or you can save £1 every day- at the end of the year you will easily save £365.
Do a daily bank transfer into your saving account… even if it’s just pennies
Always have a save account- preferably with a different bank than the one that you have your current account. Round down your current balance and transfer it to the save account. For example, if I have £37.89 in my current account, I transfer 89p into the saving account. Do this everyday and you will see the money toping up into the save account. That saving made simple.
Shopping online? See if you can get paid to buy it
Some banks offer you percentage back if you are buying online from various online retailers. Check with your bank if this is the case. You can get up to 10% back. Also, check for discount codes before you click the “buy” button.
Pay less for your gas and electricity …with the same supplier
Check with your gas and electricity supplier the tariff plan you are now. You can ask them to switch to a better plan (usually free of charge) and you might save few hundred pounds a year.
I understand that my budget is different from your budget, and we all know are own problems. I am not saying that you will get reach if you follow these tips of saving made simple; and might not be easy for you. However, if you can choose one of these fourteen options, you can still save some money. The first step is always hard, but it can become a habit. A habit that brings you rewards.
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