5 Easy Ways To Start Saving
Saving is a great way to afford larger purchases like a holiday or a deposit on your first home, but saving can also help to protect you against a financial emergency. Having money set aside would help you to avoid debt, reduce financial stress and give you a greater sense of financial freedom.
We complied 5 easy ways to start saving money, from adjusting daily habits, to cutting down on monthly bills and making long-term changes.
- Set up a budgeting app
Budgeting apps are a great way to keep track of your bank accounts on the go, they provide you with the facts and figures of your personal finances and help you to make more informed decisions about your money. Getting started is easy, but finding the right app for you is important, so it’s a good idea to try a few out. Some well-known, safe budgeting apps include: Money Dashboard, Yolt, Cleo and plenty more.
- Prep for grocery shopping
Another way you can start saving money is by changing the way you shop. You could try planning out your meals for the week before you go shopping. By planning ahead, you can change your shopping list based on the things you already have, what you still need and what’s on sale. Doing this can save you time and money, especially when you consider that the average British family throws a meals worth of food away every day, costing almost £60 a month. (£720 per year)
- Stop Impulse Buying
Impulse buying is easier to fall into than ever, with constant ads on social media and the simplicity of online shopping, it’s no wonder more people are losing their money to things that they don’t need or necessarily want.
Before making a purchase, ask yourself, “is this a want or a need? Can I afford it without any debt? Can it wait a month? Will it go on sale? Can I live without it? How will it affect my life?”
- Cancel unnecessary subscriptions
Go through all your subscriptions and work out which ones you can do without, this includes services like Amazon, Netflix, NowTV and mobile apps. It’s nice to have a few of these subscriptions, but do you really need all of them? Cancelling or downgrading a few that you don’t need or use could save you money every month.
- Set a savings goal
Finally, setting a goal. Are you saving for a holiday? New car? Or just putting some money aside for a rainy day? It’s good to have an idea of what the money is going towards. People who have a specific savings goal typically save quicker than people who don’t, and they save £550 more on average! So it’s a good idea to have a think about what you’re saving for and put it into a separate savings account.