Why do you want to save money?
It might sound like a daft question because who doesn’t want to save money, right?
And you wouldn’t be reading this post if you weren’t looking for ways to save a few dollars here and there.
But the reason why it’s important to identify your primary objective is that it will act as a great motivator for enabling you to accomplish your goal.
Perhaps you want to save enough money for a down payment on a house, or maybe you want to upgrade your car or take your family on a once in a lifetime vacation.
Whatever the reason is, acknowledge it. Keep the goal firmly in mind because once you have fewer outgoings it’s easy to spend your savings on items that you never intended to buy.
But with a laser-sharp focus on your desired goal, you’ll ensure that any savings you make go towards it.
While there are multiple ways to make savings or even gain an additional income, the ten methods outlined below are the easiest, so it’s best to start with these first.
1. Transfer Your Debt
If you have multiple credit cards and are paying large interest payments each month, you could save money by transferring this debt onto a single credit card with a 0 percent balance transfer option.
This would lower your payments each month, enabling you to save money.
However, you will need to pay off the outstanding balance within the specified time-frame to avoid the high-interest charges that typically come into effect after the promotional period.
2. Use Price Comparison Websites
How do you usually purchase financial products?
If it’s not through a price comparison website you could be losing lots of money year on year.
Whether you’re looking to get the best deal on a credit card, purchase a broadband package or car insurance you will find the best deal here.
Moreover, there is often a significant difference between the cheapest and most expensive option, so it’s definitely worth taking the time to do a quick search.
3. Manage Your Overdraft More Effectively
Banks vary widely when it comes to what they offer (or don’t) offer their customers.
If you’re unfortunate enough to be with a bank that makes you pay through the nose for accidentally going into the overdraft, then perhaps you should find a better bank.
You could have a look for current account deals on a price comparison website.
The latest offers will be listed there and you can find a deal that suits your financial needs.
4. Cancel Unnecessary Direct Debits
It’s common for people to forget to cancel unnecessary direct debit payments especially when they don’t always read their bank statements.
So, it makes sense to check your bank statement online each month to prevent paying out money that you don’t need to.
5. Find a Better Mobile Phone Deal
Many people upgrade their phones as soon as they can with the same provider without checking the finer details.
But this may not be the smartest option if you want to save money.
Before you consider upgrading with your current provider take a moment to see if you are getting the most out of your current contract.
If you aren’t then it would be pointless opting for the same kind of deal if it means you’re not getting full usage of calls, texts, and mobile internet.
Or if you are regularly exceeding your allowance, then, again a different package could save you a lot of money.
If your current provider isn’t offering you the best deal then it might well be worth waiting a few months to get a better deal elsewhere.
6. Use a Personal Finance App
If like many of us, you lose track of your finances and spend more than you mean to, then a finance app could be the just the remedy you need.
7. Plan Your Expenses
Planning ahead is a good way to save money.
How much will you allow for your food budget?
What about your clothes and entertainment budget?
Figure out the cost that’s right for you and look to see where you can make savings.
8. Opt for Supermarket Own Brands
Do you only buy top brands at the supermarket?
If you do it’s worth trying some of the supermarket’s own brands.
It will save you money and there’s not usually much difference in the quality of the product.
9. Look for Coupons and Discounts
Some people manage to save hundreds or even thousands of dollars a year by using coupons and actively looking for good deals.
If you live in the U.S, CouponMom.com is an easy-to-use quality website where you can find coupons and the best deals in your area.
Alternatively, if you live in the U.K, you might want to take a look at AshleighMoneySaver.co.uk where there are coupons and freebies.
10. Plan Your Meals
A lot of people easily overspend on meals when they don’t plan ahead.
A good strategy is to plan your meals between each shop so that you don’t make unnecessary trips to the supermarket or order take away meals when they’re not part of the budget.
These ten simple ways should enable you to start saving a fixed amount each month.
If you find that it’s still not enough money then look for ways to make an additional income. This blog post should give you some good ideas.