Hi lovelies,
Saving money can be challenging, especially if you have fallen into some bad habits. This doesn’t mean you cannot change things around though. Saving money can benefit you in many ways. With a little knowledge, time, and dedication, you will be able to review your finances with ease and make some new money-saving habits that will improve your quality of life and your bank account.
Here are some top tips to help you get started with saving money at home.
Review your direct debits
More often than not, you will have at least one direct debit (or many) that is unnecessary. Maybe it is a gym membership and you keep telling yourself you are going to go, or you might have signed up for an online subscription that you completely forgot about. It is time to be truthful with yourself, and go through each one and consider whether you need it. Be ruthless, and cancel anything you don’t need or use anymore.
Regularly checking your outgoings is also a great way to stay safe and ensure there is no fraud going on in your accounts.
Review your assets
It is hard to let go of items, but at times, it is necessary to bite the bullet and get rid of them. Not only is this a good way to declutter your space, but it can also save you money, and in some cases, make you money. For example, if you have several vehicles but don’t use them that often, you can sell them at a place where you get cash for cars. This will save you a lot of money on taxes, insurance, petrol, and maintenance costs while earning you money to put into your savings.
Set yourself a budget
Without a budget, it is easy to spend money without realizing how costly it can be. Take some time to sit and review all your finances. Consider what are your essential outgoings (utility bills, insurance, rent/mortgage payments, childcare costs, fuel, food shopping, mobile phones, etc) what you want to save each month (this is especially important if you have a goal to make a large purchase such as a home, holiday or vehicle), anything large coming up such as insurance renewal or MOT, and you will be able to see how much money you have leftover each month.
It is a good idea to review where you are currently spending your money and categorize it, for example, if you eat out a lot, or spend a lot of money on morning coffee runs when you have a perfectly good machine at home. The categorization will help you visualize where your spending is high, and where you can cut down accordingly. Perhaps you can keep an eye on your energy consumption, look for new utility tariffs, and cook at home an extra night per week.
Portion part of the money you have leftover each month, as you never know what unexpected costs you may incur, and that leaves you with a budget you can enjoy. Try your best to stick to this budget each month. While trying to save, remember it is important that you can go out and enjoy yourself too!
Start by setting some time aside, and see where you can save with what you already have. Once you have increased your awareness of your habits, things will change for the better.
