Many of us are accustomed to feeling like our money is running away from us. This slipping-through-my-fingers feeling is usually a consequence of a lack of knowledge about helpful money-saving and the budgeting methods that can boost your savings.
By trying out these three money-saving habits, you can be sure you’re doing everything you can to maximise your income and boost your saving pot.
1. Save Money On Big Purchases
When purchasing your big-ticket items, checking for discount codes should be an essential step in your shopping journey.
Most fashion and lifestyle brands have their own discounts for new customers or have associations with third-party websites that offer discounts. So if you want to get some savings on big brands, make sure you’re sniffing out the best deals.
This is especially helpful for renowned and desirable brands like Adidas, Ray Ban, Nike and countless others. Using genuine discount codes like Nike promo codes means you don’t have to spend a penny more than necessary on your favourite brand.
Money-back schemes like Quidco also offer great long-term savings on big purchases with up to 15% cash back at big brands. Buying second-hand from sites like Facebook Marketplace or pre-loved fashion retailers like Depop and Vinted also provides the opportunity to get what you want for significantly less.
2. Know Your Regular Payments
Perhaps the most essential step in saving money is knowing what you have and the regular payments you can expect to come out of your account. This can include everything from direct debits to subscription services and old insurance policies (that could likely be replaced with cheaper alternatives.)
Finding new providers for your household bills might sound like a painful ordeal, but it could be well worth your while. According to the Money Advice Service, your household could save hundreds of pounds a year by switching energy suppliers – this is something that many of us dread, and for good reason. But the health of your bank balance will be worth that indeterminate wait on the end of a customer service call line.
Once you have an idea of your regular outgoings, you can begin to organise your income into a manageable budget. Your budget should outline how your expenses compare to your income so that you can plan your spending and avoid stretching beyond your means.
Don’t forget to factor in regular expenses that don’t occur every month, such as car maintenance and council tax.
3. Auto-Transfer Money Into Savings
Setting up automatic transfers is an easy way to make sure your savings pot is growing each month.
To progress towards your goals, auto-transfer a few pounds into your savings account each week or a lump sum each month. For example, if you’re trying to save £1,000 for a new laptop or a holiday, you could transfer £42 a week into your savings account and achieve your goal in 6 months.
Having a separate bank account for savings that you don’t use for everyday purchases is essential to making sure you’re not eating into your savings.
Keeping only the money you need in your everyday account is also an easy way to trick yourself into thinking you don’t have excess money to spend.
Saving Money Is Easy When You Know How
These easy money-saving tips help you feel in control of your finances and in a solid financial position to take on whatever life throws at you.
It’s not all about buying the cheapest option and denying yourself your favourite treats; it’s about making purchases with full awareness of what you can afford and the savings goals you want to achieve.
Taking some time to look for discount codes, using a money-back scheme, or managing your savings with auto transfers can make all the difference in your long-term financial journey.