We all would love to find easier ways to save money. Sometimes we don't know where to start. Sometimes it's the time to actually sit down and think about it and sometimes, it is the fact that actually looking at your finances is really, really scary!
I get it, I have been there, however, there are so many simple and effective ways you can start saving money. It doesn't have to be hard or take hardly any time at all!
Below I have shared some simple ways to start saving with ease, because we all want an easier life right!
Create a Budget!
This is really really simple, however, it will also require you to take a look into exactly what your situation is and it can be scary. Begin by tracking your income and expenses. Knowing what is coming in and what is going out, down to the exact penny really helps when budgeting. Just doing a "rough" guess isn't going to make sure you budget easily as there will still be downfalls. Use budgeting apps or spreadsheets to see where your money is going. Grab my budget tracker as well. This will help identify areas where you can cut back and save.
Set Up a Standing Order.
Once you have worked out where your money is going and what's coming in, arrange for a portion of your income to be automatically transferred to a savings account each month. Work this into your budget as one of the first outgoings. This "pay yourself first" approach ensures that you save before spending.
Take Advantage of ISAs.
This one is a little boring however, there are some great rates for saving in an ISA. Martin Lewis mentions these all the time and he recommends some on his website, go check him out. ISAs offer tax-free savings, and there are various types available, such as Cash ISAs and Stocks and Shares ISAs, to suit your goals. I personally just have a cash ISA where I can save up to £20k a year tax free. Have a search for one that fits your needs and goals.
Cut Unnecessary Expenses.
Anything that is in your outgoings, really take a look at what you can cut back on. Review your monthly bills and subscriptions. Cancel or downgrade services you don't use often. Small changes, like making your own coffee instead of buying it daily, can add up over time. Do you really need the TV package or can you live with Freeview? Do you need to subscribe to that magazine subscription or can you just buy it as and when you need?
Use Cashback and Rewards.
I love this one! Anywhere I can personally get a reward or cashback for my purchases, I am all over it. Really search and utilise cashback websites or apps when shopping online. Honey is one, Top Cashback is another. Planet Offers is a great website for discounted tickets and getaways, meals out, everything really. I also use Hyperjar, as they have just brought out a cashback option. These incentives can help you save while spending.
By implementing these simple strategies, you can start saving money effortlessly and really enjoy reaping those rewards.
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