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A recent study found that 70% of UK employees reported being 'chronically broke.'
By taking control of your finances, you'll improve your mental well-being and increase your family's sense of security. While managing money can be difficult for everyone, there are numerous tips to learn how to save more. Let's get into some of the best strategies.
One of the first steps towards saving more money is by identifying where your money goes each month.
Today, there are numerous software programs and applications, such as Mint or Personal Capitol, allowing you to sync your bank accounts and credit card information.
If you've never created a budget, the first step is simply identifying your spending habits. For example, what are your nonnegotiable purchases, such as insurance or mortgage, every month? After that, what does your discretionary spending look like?
If you eat out for lunch or dinner every day, you can end up seriously overspending and blowing your monthly budget.
Cooking doesn't need to be complicated. Many people benefit from meal prepping a few batch meals at the beginning of the week. They then portion out the food and either freeze or refrigerate it for later consumption.
This doesn't need to be an all-or-nothing choice. Dining out with friends and family can be an enjoyable experience. But, if you need to trim back on your expenses, consider how you can bring your own food.
You'll probably end up eating much healthier, too.
Did you know there are 4,145 public libraries in the UK alone? Library cards are free and they come with many benefits.
In addition to renting out books, many libraries also offer:
If you have children, this is a great resource for free entertainment.
Today, many popular streaming and monthly subscription services offer family discounts. For example, switching to Spotify Premium for Family allows six people within the same address to share the subscription at a fraction of the individual plan's cost. Amazon Prime also offers similar discounted rates.
If you live with roommates who are willing to pitch in, this can save everyone some money.
Spending money is inevitable, but you can make that cash work for you if you strategize appropriately.
Cashback sites work by giving you a percentage of money back when shopping through their portals. Some of them also provide lucrative coupons to help you save money on the purchases you intend to make.
Typically, at the end of the term, you can request a check, gift card, or a direct deposit payment.
If you are a frequent customer at certain establishments, be sure to sign up for their loyalty programs. There are many programs - both in-store and online - offering exclusive discounts and even free items to members.
Best of all? Most of these programs are free to join.
There is no shortage of free recreation and activities available throughout the country.
From carnivals to bonfires to antique fairs and festivals, there are many free and low-cost outings that you can enjoy with your loved ones.
Some bank accounts provide 'save the change' functions. With this, you can automatically round up any purchase to the nearest pound. The bank then sets aside your leftover money into a separate account.
This automates savings without you having to put in additional guesswork. Before you know it, you can generate extra cash without a second thought.
Ideally, you want to avoid borrowing money you don't have. However, if you do need to borrow money, you should always have a plan for how you intend to repay it.
Interest-free credit cards provide you with the breathing space to spread out the costs of your purchases without having to pay astronomical interest rates.
Today, there are many sites offering coupons and exclusive deals to members. You will typically need to provide some personal details and your shopping habits upon signing up.
You will then receive various emails or notifications regarding sales that might attract to you based on your preferences and habits.
Many financial experts recommend the notion of paying yourself first when you receive income. In other words, this means you should prioritize saving for the future and planning out retirement.
Even though it may feel like years away, planning ahead now gives you an advantage for what lies ahead.
It's normal for us to look at what our friends or families spend their money on. With that said, there's a common notion a comparison is the thief of joy. When it comes to long-term financial success, it's important to remember that.
You shouldn't buy things just because everyone else has them. Likewise, you shouldn't feel pressured to spend money to fit in.
Cigarettes aren't just bad for your health. They can wreak havoc on your wallet. Smoking 15 cigarettes a day can cost upwards of 2,000 pounds each day. Calculate how much your smoking habit is costing you.
If you learn how to automate your savings, you'll be less tempted to spend money on frivolous items. Furthermore, if it's harder to access the cash, you'll have to think twice before pulling it out and using it.
One of the simplest tricks is to set up a savings account at a different bank. The money won't be as easily accessible, but you'll still be able to save for a rainy day.
If you struggle with credit card debt, try switching to cash. Cash is tangible and it comes in a finite amount. Therefore, you're limited to how much you can spend on a certain occasion.
Many people try the 'envelope method' for cash budgeting. With this, you designate each envelope for a certain category of spending (such as groceries). Once you spend that cash, you're done until the next month.
It can get expensive to go out for drinks or dinner with friends. If you can host at your own home, you'll have fun at a fraction of the cost.
Consider throwing themed parties or potlucks where everyone contributes their favourite dish.
Committing to no-spend days can be psychologically rewarding. The premise is simple: you commit to spending no money for a single day.
This exercise requires some dedication and self-restraint. But, you'll learn about how much you (sneakily) spend money throughout the day. You'll also learn more creative ways to manage your impulses.
If you need to stock up your kitchen, consider switching your errands to the evening. Many supermarkets slash their prices after around 6:00 pm. They do this because they need to clear out inventory and make room for items for the next day.
Don't go in without a list, though. Research shows you are more likely to spend impulsively if you don't have a plan.
Finally, don't go shopping on an empty stomach. You'll be more tempted by all those delicious (and expensive) foods. Eat a snack just before heading inside.
If you have space and patience to grow your own vegetables, you'll be able to cut down on food costs. Additionally, it feels very rewarding to eat what you grow.
Fortunately, you don't need too much equipment or space to grow your own herbs. You can start with some seeds and a bag of compost.
Plants can thrive in hanging baskets, window boxes, or old pots. Spend some time researching about climates and soils, and you'll be well on your way towards making your food taste fresher.
As it turns out, you can damage your car's engine by driving on an empty tank. This doesn't mean you should fill it up to the top, either. In fact, a full tank of gas can add weight to your car, which makes your car work harder.
Instead, try and keep your fuel gauge between 50-75%. And don't speed! Speeding can dramatically decrease your fuel's efficiency.
With the right strategizing and research, you can learn to save more money each month. Even though it may take time, it's worth the effort.
Interested in learning how to save hundreds of pounds during your regular shopping trips? Learn more about how Buy Via works today.