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Dec 11, 2019

Six Simple and Easy Ways to Save More Money

Did you know that almost one-third of people didn’t save any money in the last twelve months because they had no spare money to actually put into a savings account? Saving money is something that most of us want to do, but when it feels like all your earnings are quickly disappearing on monthly expenses, you’re not in a good place. The good news is that there are several money-saving methods that you may want to try that can be changed to suit various budgets. And, don’t forget that even saving small amounts can add up to more than you realize.
Photo by Lukas from Pexels

The 1-cent saving challenge:

You might have already heard about a $1 per week saving challenge - the idea is that over the fifty-two weeks of the year, you boost the amount that you save each week by just one dollar. So, you save $1 in week one, $2 in week two, and so on. This can be a great way to save, but since you have to save more as the year goes on, it’s not suitable for all budgets. So, here’s an alternative - the 1c savings challenge. Rather than saving $1 per week, save just 1 cent a day and increase it by 1 cent as the days go on. If you stick to the plan for the full year, you’ll end up with over $650, and the most you’ll have to save in one go is just $3.65.
Photo by Josh Appel on Unsplash

Get a money box or piggy bank:

A piggy bank is a tried-and-tested money-saving technique. You might have had one as a child, so why not carry this on as an adult! You could use a jar instead of a proper piggy bank, or if you’re tempted to dip into your savings you can get jars and money tins that you need to open with a tin opener or even smash open quite cheaply in pound shops. Over time, you can save more than you realize from just popping your loose change into a jar.

Round your bank account balance down:

Rounding down the balance in your bank account is an easy way to save some money here and there. Log into your bank account online daily or weekly and round the money down, then transfer the money into a different savings account. For example, if you have $251.45 in your account, you’d transfer $1.45, leaving you with $250. Although there might not always be a lot of money to round down, it also comes with the added bonus of encouraging you to keep a watchful eye on your bank balance.

Use cashback sites:

Did you know that you can get money just for spending on websites that you were going to use anyway? Cashback sites and apps like TopCashBack or Quidco are a great method of saving money on the things that you were already going to buy, especially when it comes to essentials like switching utilities, broadband or insurance. Whenever you need to buy something online, take some time to visit a cashback site first and search for the site that you need. If it’s listed, visiting through the cashback site instead of going directly could earn you some money.

Consolidate your debts:

Using a loan to consolidate your debts is a great way to spend less on repaying credit, if you’re struggling to pay them off otherwise. Taking out a personal loan that provides you with enough money to pay off everything else that you owe often means that you can save money as you’ll switch to having just one easy to manage monthly payment rather than several. If you only have one debt to pay off at the moment, then consider using any money that you save using the above methods to put towards the debt and get it paid off faster.

Use cash more often:

Finally, getting into the habit of spending cash rather than using your debit or credit card can be a great way to help you get a better handle on your expenditures. Make sure that you have enough money in your bank account to cover monthly expenses like your rent and bills and take out cash at the beginning of the week or month for everything else. Having the cash there will make it easier for you to not go over your budget - you could even sort the cash into different envelopes for different things like food, socializing, etc.

Did you find these tips helpful? Let us know in the comments.
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