There are some really obvious ways to save money that we sometimes forget about. In this post I will share some of my saving tips which can help you to pay off that holiday a bit quicker, or treat yourself to something that’s been on your wish list for too long!
Obvious Tip #1 – Actually save money
Now you’re probably thinking, I know you said obvious but this is just too obvious surely? Wrong. You’d be surprised at the amount of people that don’t actually save money in a dedicated savings account. This isn’t because they don’t have an account (But if you’re reading this and are realising you don’t have one – get one! Click here to check out Martin Lewis’ recommendations in the UK). This is because people forget to transfer money into this account. It should be the first thing you do once you’ve been paid. Obviously don’t transfer money you need for bills etc, but if you set aside an amount every month – no matter how little – then you are much less likely to spend it.
Obvious Tip #2 – Make some money saving goals
If you have a saving goal that you are working towards, you will be more encouraged to start putting this money aside.
For example, you want to book a holiday next year and it will cost around £500. With this amount in mind, you can decide on a monthly saving goal. By the time booking the holiday comes around, you will have that amount sitting waiting to be put to good use. Saving £500 might sound quite daunting, but say you’re booking the holiday in April and it’s August right now – that’s 8 months of saving £63 per month – that’s roughly the cost of eating out twice!
Obvious Tip #3 – Find cheaper alternatives
I’ll admit, sometimes the “premium” option tastes better, but that’s only sometimes! Most of the time, a cheaper alternative tastes/works just as good but at almost half the price. For example, buy your fruit and veg from Lidl or Aldi – in fact, do the majority of your food shop at these shops; buy your toiletries from Home Bargains; make your lunch instead of buying a meal deal every day (that would save you roughly £15 a week).
No, cheaper alternatives might not be the best all of the time, but just try out some new things and you might be surprised!
Obvious Tip #4 – Cut back
Eating out is great – tasty food, and you don’t have to cook! But it can cost A LOT of money. As I said above, eating out can cost around £20-30 – and that’s in the “cheaper” restaurants. If you’re eating once a week, that’s around £100 gone each month. If you’re looking out for ways to save each month, this is an easy one!
What else can you cut back on that you don’t really need?
Obvious Tip #5 – Cancel unnecessary expenses
Have a look through your bank statement and highlight anything you could cancel if you really wanted to. For example, do you have Sky AND Netflix? Do you really need the programmes on Sky, or could you survive on Freeview and Netflix? You can always pick it up again after your holiday.
How many times a month do you go to the gym? Do you have an alternative means of keeping fit? For example, you could take up running, or make up your own circuit in your living room. There are many apps and online resources these days that could save you that £30 every month.
What money saving tips do you have?