The increased cost of living is making it continually harder for people to put the pennies away, but saving as little as a few pound a month is better than nothing claim experts. Here we take a look at what they say and add our own cute tips courtesy our thrifty friend, Mr Tight.
New research from Moneysupermarket found that around 40% of the UK aren’t saving at all, and worse still, of those who weren’t saving 64% said they had never saved because they didn’t know where to start, and therefore never expect to begin saving. This is an attitude that needs to be changed. Everyone is capable of saving, and by means of living with a stricter budget, as well as educating yourself on the methods involved, what at first seems like a daunting task really shouldn’t be that difficult.
Cut the cream off the top
When asked why they’re not saving, a lot of people blame lack of disposable income. If this applies to you too, it might be worth sitting down with a bank statement at this point. Look at where your money goes very carefully and see whether even the smallest amends are possible – would it be better if you didn’t buy that coffee every morning, or might you better off if you brought your own lunch to work? Money slips away daily on the most trivial of purchases that people often forget about. It’s only by sitting down and analysing these on your own that your unknown habits will become clear. These little alterations to your daily life may seem insignificant, but this is the best place to start if you’re not currently saving.
For those of in denial who say to yourselves ‘Well, I’ve looked, and quite honestly, there’s nothing I can cut back on’ – stop lying to us and look at this list:
Buy own label products: Are you really so vain as to care if your toilet paper comes from Andrex or your washing up liquid comes from Fairy? Often, store brand products are just as good and yet half the price. We understand, when it comes to certain things you may want to stick with what you know best, but try out swapping things that mean less to you for their cheaper counterparts and begin from there. The savings won’t be immediate but over the course of six months or so, you should have potentially pocketed hundreds.
Ride your bike or carpool whenever possible: With the price of petrol reaching dizzy new heights recently, not to mention the increased cost of public transport – why not consider biking? Not only will you feel much better in yourself, you’ll be doing both the environment and your bank balance the world of good too. Failing that, why not look to start a carpooling scheme at the office? Using your own car much less and travelling with other people in return for your colleagues doing the same on a calendar basis can be another giant saver.
Make a shopping list before going shopping: There’s nothing worse for your wallet than impulse buying, and nowhere does this happen more often than in the supermarket. By making a list before you go to the shops you can try and avoid buying those items you don’t really need whilst making sure don’t miss out on anything you do. Buying non-perishable goods in bulk during the trip is also a good idea. This will avoid you going back to the shop more often than you have to, and as a by-product help you stay out of temptations way.
Always plan holidays ahead of time: It’s not only food that people buy impulsively but holidays too. For some reason people feel that when the urge strikes them to get away they must, by some made up law, book the holiday there and then. This is one of the stupidest mistakes you can make. You can cut the host of a holiday significantly by planning ahead of time. We personally use the fantastic website SkyScanner in which you can compare the costs of countless airlines to almost every country in the world. What’s more is you see the price graphs mapped out over any month you choose. Simply by deciding to leave on the Sunday as oppose to the Saturday can save significant cash; have a look and let us know what you think!
Finally, be aware of your bank balance! We know this sounds as if we’re teaching you to suck eggs but the amount of people who are unaware of exactly how much they have in their account is shocking. Lots of people often have direct debits coming out of their account and if the money isn’t there, companies will often still take it. This leaves people overdrawn and means they accrue countless charges which can trip them up later down the line. With so many smart phone apps, as well as online banking facilities, there really is no excuse anymore.
