Having money saved to fall back on in an emergency is essential as we go through life, you never know what’s just around the corner. Of course, payday loans can help with emergency expenses but having your own funds to deal with them is advantageous, so you can stay out of debt and keep your finances healthy. Whether you’re saving towards a specific goal, or you simply want to make your cash go further, you can do this with the help of some easy money-saving tips. Read on to find out more!
Create and stick to your budget
Creating a budget is one the best ways that you can help yourself towards your money goals, and you can do this easily by either writing it down so that you have it to refer to when you need it or choosing a budgeting app that will monitor your money for you. When you make your budget, you’ll need to get to know your money and how it works. You should take your overall income and subtract your primary monthly outgoings – this means mortgage or rent payments, car payments and other bills that you can’t live without. The money that you have left over is what you have to work with for the rest of the month. You should make sure that you save a sum of money each month to help with financial stability.
You’ll have to manage the money that you have left to ensure that it meets your needs, making sure that you don’t overspend, as this could hinder your savings goals, and could end up with you not having enough to pay for your primary expenses!
Curb impulse buys
So, what is an impulse buy? When you’re at the supermarket doing your weekly shop, and you see a product that you don’t usually buy, but it’s on offer, or you see a product that you know you don’t really need, but you feel like you must have it. Buying items that you don’t need because you are tempted, either by the price or the product itself can result in you wasting money. To curb this, you should take a set amount of cash with you to the supermarket in line with your budget, along with a list, so that you’re not tempted to buy things that you don’t need.
Automate your savings
Why not take advantage of technology when it comes to saving money? If you use online banking, you can use the many tools that come with these apps to help you manage and save money. Automating your savings means that you can set an amount to be transferred into your savings account each month so you can remain consistent and watch your funds build up – you don’t even have to think about it, and after a few months, you won’t notice it’s gone!
Pay off your debt
Debt can hold you back in many ways, especially if you are trying to save money. If you have outstanding debt, one of the best ways that you can improve your finances, in general, is to make sure you’re paying it back in full and on time – or even make overpayments if you can. The less debt that you have, the easier it will be to save money, as your cash will no longer be tied up by paying back lenders that you’ve used in the past. Just think, when your debt is paid, you can save the same amount and use it to reach your financial goals.
Save your change
This can work well whether you prefer using credit cards or cash. If you take cash out with you to do your weekly food shop, you should save any change that you have left over by putting it to one side where you can’t get to it – you could buy a piggy bank or jar to help with this. If you use a debit card, you could opt to round up your spending to the nearest pound, with the rest of the money going into a savings pot. Over time, this will soon add up and you’ll have a lump sum of cash that you saved without affecting your cash flow, to help you meet your savings goals.
Founder Dinis Guarda
IntelligentHQ Your New Business Network.
IntelligentHQ is a Business network and an expert source for finance, capital markets and intelligence for thousands of global business professionals, startups, and companies.
We exist at the point of intersection between technology, social media, finance and innovation.
IntelligentHQ leverages innovation and scale of social digital technology, analytics, news and distribution to create an unparalleled, full digital medium and social business network spectrum.
IntelligentHQ is working hard, to become a trusted, and indispensable source of business news and analytics, within financial services and its associated supply chains and ecosystems.