We’d all like to save a little more money for that dream holiday, new car, or home improvement. When it comes down to it, saving is so difficult, isn’t it?! Not as difficult as you might think. I have collected some money saving tips that you might have missed. Some of these are are so simple that you won’t believe you’ve never tried them.
Simple Money Saving Tips – #1 – Wait it out
A lot of this tip is to do with recognising between a needed or a wanted purchase. Sometimes you don’t need a particular item there and then. Buying something that you can’t possibly live without is reasonable, but how many times have you done that, only to find that you only use it a handful of times?
Instead of making the impulse purchase there and then, just make a note of it if it’s in store, or add it to your virtual basket or wish list if it’s online.
Wait a week, or a month and review your basket or list. Chances are, you won’t even remember why you wanted this item, instant saving of £x. If however it’s still something that you want, go ahead and make the purchase. There’s a high possibility that the longer you wait, the cheaper an item becomes. Some online stores also track what’s in your basket, and if you haven’t completed through to checkout, then they will email you a discount code after a few days.
Simple Money Saving Tips – #2 – Avoid Interest on Cards
Paying interest is what the credit card companies are hoping for and what we NEED to avoid. Don’t spend on a credit card if you can’t afford it (it’s not free money!) and NEVER pay any interest on it. How do you do this? Just like I’ve written over here, you need to be paying your credit card off IN FULL each month to avoid interest.
If however, you’re planning on spending on something big, make sure to get yourself a credit card with a 0% interest offer for a certain time period. Make sure to pay the minimum payment and pay off the total balance before the interest free period ends!
Simple Money Saving Tips – #3 – Bring a Packed Lunch
It doesn’t have to be a crusty sandwich and and apple for your boss. It can be anything your mind desires, it just involves a little pre-preparation. It’s a horror to see the amount you’re spending if you eat out every day at work.
I picked up a load of takeaway style containers to portion out food to take to work. This food doesn’t have to be cooked fresh in the morning. Nobody has time for that! I usually make enough of my evening meals to make a portion to take to work the following day. Sometimes it tastes just as good, if not better after all the flavours have had more time to infuse. (I don’t know if that’s a thing, sorry chefs!)
In hindsight, I have fallen victim to the buy cheap buy twice rule and wish I’d bought something a little more sturdy. My takeaway container stock is slowly diminishing as they are starting to crack after being re-used so many times.
I’m lucky to be allowed to eat at my desk in work, so my “lunch break” is generally spent taking a walk, and then I eat my food whilst working. I know not everyone has this luxury, don’t tell my boss!
In following this tip, if you must eat out, try to never spend more on your food that you make in the length of your lunch break – half hour/hour!
Simple Money Saving Tips – #4 – Rollover your Wages
I don’t think there’s any way of automating this unfortunately, but it’s a really good idea for those new to saving. If you’ve ever thought that you can’t afford to save, think again. Providing you’re not spending (more than) every single penny of your wages every month, have a think about this one.
At then end of the month, pay the remainder of what’s left in your bank account into a savings account.
If you get paid £1000 a month, and only spend £900 before next payday rolls around, you can pay £100 into your savings account! Only have £3.50 left? Transfer it over. Providing you don’t dip into your savings though the year, this money will soon add up.
Be sure to keep an eye on your bank statement though to ensure no pending transactions would take you into your overdraft. That is something nobody wants! That’s not free money either!
Money Saving Tips – #5 – Check where your Money Goes
Look at your bank statement! Sounds simple right?! So many people neglect this important part of managing their personal finances.
Ensure that all your Direct Debits are up to date, check all your standing orders are still required and make sure that you actually did cancel that magazine subscription back in 2003.
A lot of banks will pick up fraudulent activity for you, which we’re all thankful for! But a little detective work by yourself could save you a fair chunk of cash.
I was going to put more than five tips here, but I’ll save the others for another day! I hope that at least one of these methods of saving is new to you!
Do you have any simple money saving tips? Or Have you tried any of the above? Let us know in the comments below!