In today’s current economic climate the prospect of saving may be daunting. Saving money is important, having savings will help you at a time of need. Alternatively, savings will enable you to buy something special such as a holiday or a car. Yet with money being tighter than ever at the moment, how can you save? Even at the moment there are ways you can save, and they are not too difficult to do. Below are some tips on how to save big on small things.
* Be aware
Firstly, in order to save your money and be successful in doing so, you need to be aware of your household finances. Be aware of what money you have coming in, and what goes out and why. Once you know your finances, you will be able to see the areas in which you can cut back in order to save.
Create a budget which you must stick to. If you begin to deter from the budget then it will be hard to get back on track so when writing a budget make sure that you make it a realistic one. It isn’t difficult to do, you just need to be aware of what areas you spend money in and how much you are prepared to spend in those areas.
You can cut back on food without it being a huge change to your life. Instead of having a meal out once a week change it to once a fortnight. If you eat at work, stop this and instead take a packed lunch as it will save you being tempted by buying extras in the canteen and will cost less. Make things from scratch, buying premade meals or jars may seem like a cheap option but in the long run they are not. If you cook from scratch, then you will have lots of ingredients with which a variety of different meals can be made from and frozen. Always think about what you’re cooking and how you can make it go further. For example, if you’re cooking a chicken, then save the left over bits to make a stock with.
It is easy to spend money when you go out for drinks, and the more you drink the less you will be in control of your finances and will be tempted to spend more. If you are going for a night out, then pace yourself by trying to have a few drinks less, or replacing some drinks with a cheaper alternative. It may not seem like a lot, but every little bit counts. If you arrange a night in instead of going into the town for a drink, this will work out cheaper, especially if you ask your friends to bring a bottle too.
Cut down on the amount you drive. You may not think this is possible but when you stop and think about it properly you will realise that perhaps you could take a walk to work some mornings instead of relying on the car or maybe you could do the food shop on foot for a change. Cutting down on fuel costs will not also save you money, but will help the environment and make you fitter too.
* Household luxuries
Do you need the television package that you have? Do you really watch all the channels that are provided, and in the hours that you do spend watching them, do they equate to the amount you spend on your contract? If you need to save money, then you need to look into these kinds of luxuries and think about cutting them back. Your mobile phone contract is another item that you may take as essential, but in the light of day they are actually luxuries. Maybe you could change your contracts and in the meantime to save yourself some money.
Before buying an item do your research. Have a look online to compare prices of it in various other shops before deciding whether you want to buy it and which shop you will choose. The prices of products vary greatly between different retailers, and so doing your research is vital as it could save you money.
* Get a savings account
Have a savings account, just having one will make you feel inspired to pay into it. There are lots of different accounts available and be sure that you find the best one for you by reading the small print. Some require regular payments and no withdrawals for a while, and so it’s important you understand which one you are signing up to. Accounts will reward you with interest, which will accumulate over time and add to the money you have.
Make use of special offers, but only if they are relevant. It is no good being drawn in by the sight of a special offer if you wouldn’t ordinarily buy the product and may not even use it. It is no good buying two items if you will not be able to use them before the sell by date either, so always be careful about whether you take up an offer or not. Always ask yourself if it’s relevant to you.
Be aware of the electricity you are using. Swapping your light bulbs to energy efficient ones and lowering the temperature you wash your clothes at also saves money. Cutting back on how many electrical devices you have on also helps you save on your monthly energy bills.
Saving money can seem like a very daunting task, but actually there are some very simple ways which will help you to save big.