I can be extremely frugal when I want to be and spend money on only the absolute essentials – food, rent, bills and travel. I can easily go the month without spending a penny on a new top, decor for the flat or that cheeky little takeout, but I still allow myself those little treats because, well, I deserve it. Today’s post is going to be sharing my money saving tips for you to take advantage of.
Saving money is something I enjoy doing as seeing it slowly build up knowing full well what it’s going towards; house, holiday, car etc. makes being strict with yourself worthwhile. That’s why I’m sharing with you below my top money saving tips. These tips offer the most effective ways to save money, without leaving yourself short of other necessities and occasional treats.
——— SAVE £1378 A YEAR ———
Following this particular money saving tips will save you £1378 by the end of the year, guaranteed – that’s excluding interest your savings account may offer you. It’s simple: each week you deposit an amount which corresponds to the week number you are in. For example: Week 1 = £1, Week 2 = £2, Week 3 = £3, until you reach the finale – Week 52 where you’ll deposit £52. Capiche? The first month or so is fairly easy, until you reach larger sums each week. However, it’s one idea that’ll see instant growth, so long as you stick at it each week.
——— LET’S TALK SPREADSHEETS ———
I’m not going to bore you with technical aspects of this – which is very little by the way – but setting up a simple spreadsheet in Excel or Google Sheets for example, to monitor your expenditure, is a great way of knowing where your money is going. Everything you buy from food to rent, should be noted down. At the end of the month, or on your next payday, you can monitor exactly what your last salary was spent on. You’ll find from time to time you were a little reckless, which is where the guilt kicks in, but at least you know where it went! You can then make it your mission for the next month to avoid buying what you don’t need – which is where you’ll see steady savings.
——— PAYDAY ———
Everyone manages their money differently, but when payday arrives, I deposit a certain amount into my svaings instantly and basically give myself an allowance for the month. I’m not harsh about it, but I’m just realistic based on my lifestyle – I like to eat out on weekends, I travel to see friends and family, plus a little extra for days out. Then come the next payday, if any of that ‘allowance’ I’ve given myself is leftover, I’ll put it straight into my savings. If there’s not a penny left, I know I don’t need to worry as I already put a lump sum aside earlier on in the month.
——— SAVE £780 A YEAR ———
This is a similar concept to the first one, but less noticeable each month. Instead of putting some money aside each week, try doing it each month. Each month, add a ‘0’ to the end of the month number and deposit that into your savings. For example, January is month 1 = deposit £10. February is month 2 = deposit £20. March is month 3 = £30 – you see where I’m going with this? You could use this method to save for one thing in particular – Christmas, a holiday or even a car, then use the other money saving tips for your general savings.
——— USE CASHBACK SITES & BANK CARDS ———
What are your top money saving tips?