When it comes to putting money aside for the future, it’s all about creating a realistic budget and having discipline sticking to it. However, we all have bills and rent to pay every month among other expenses. Some people have debt’s to repay or emergency situation such as car breakdowns that may occur which means that saving for everything else needs to take a backseat until you get back on your feet.
A lot of us have a desire to save money and nowadays, everyone always tells you to save money for the future or for a rainy day. But how do you do it and still take care of your responsibilities?
Where to Start
To save money, you first need to identify how much money is coming in and where your money is going. This will help you indetify what you can cut back on. Setting aside a few pounds as frequently as possible will make a significant difference. If you’re having a hard time getting started, then use this guide for inspiration.
Get Rid of Unnecessary Expenses
The first thing you can do to save money is to eliminate any unnecessary costs. Some examples are eating out every night or getting takeaways instead of having home cooked meals as well as impulse buying, and paying a lot of money towards TV or Music Subscription.
Instead of paying for Netflix and Spotify, I got Amazon Prime, this gave me access to both on demand TV through Prime Video and Amazon Music. The total yearly cost for Both Netflix and Spotify was £215.76 a year whereas, Amazon Prime Video and Music cost is £79.00 a year. Do the math, you can see how I have been able to save a £136.00. Getting rid of unnecessary expenses can get your savings started.
Another way to save money is downgrading services. It’s nice to have a internet connection that gives you super speeds but is that a necessity? Do you need a phone plan that gives you unlimited data, texts and minutes? Have you tried using comparison sites to see if you can switch your electricity and gas to a better deal? It’s important that you regularly re-evaluate your bills to see if you can switch to a better deal or down-grade accordingly. Doing this will allow you to enjoy the same services but paying less and saving more money.
Have Fun Without Spending Money
There’s a misunderstanding that to have fun; you need to spend a lot of money. That is not the case. Invite your friends for walks especially if you leave near a river, beach or a forest, these can be little fun adventures where you explore your sarroundings to discover things you never knew existed in your area, relax in your garden and drink a few beers. You will get to spend time together with people you love without spending a fortune.
Plan Yourour Meals in Advance
When you plan your weekly cooking, it may be beneficial to consider meals that use similar ingredients and buy these in bulk to save money. The best trick I have learnt from my grandmother is to buy vegetables at the market towards the end of the day when the market stores are nearly closing. Towards the end of the day market stores are normally cheaper as they will be trying to get rid of stock, so you generally get better deals. Not only will this make your weekly grocery shopping more efficient, but this will help you avoid paying high prices for fresh produce in super markets.
Evaluate Your Habits
Another obvious known fact is that habits can cost more money than people realise. If your goal is is to save money, then you will need to identify and ditch those habits that are costing you money. Whether it’s smoking, drinking, gambling or online shopping, this is the right time to cut back on your spending and find a different way to occupy yourself and spend your time. After a few months, you will feel a sense of accomplishment when you start to see your savings growing.
Start Small, Grow Big
Small savings will add up each month, and your savings pot will grow slowly. Every penny you save will bring you closer to your financial goals. You can then use this for as an emergency funds or even fund a holiday to your favourite destination. Make your goals the inspiration to start saving for your future.