For a lot of us, we find ourselves living from pay cheque to pay cheque. The cost of living is fairly expensive nowadays, and a lot of the time it’s easy to find yourself with not a lot left over once you’ve payed out for the necessities. But is this really the way we want to live? No, it’s probably not – especially if we’re wanting to save for something nice like a family trip away, a wedding, or any other milestone events that could be coming up. If you’re wondering how you could save money, here are some top tips on how you can cut down on your monthly outgoings.
Set Money Goals
First of all, it’s important to know what it is you’re aiming towards in order to be able to save effectively. If, for example, it’s a family holiday you’re saving towards, a good way of doing this would be to calculate what the overall cost would be, and then figure out how much you’d need to save monthly in order to achieve your goal. Once you’ve done this, you have something to focus on and aim towards. One of the most difficult things when you’re cutting back is remembering what the end result will be, and keeping your goals and aspirations at the front of your mind at all times. If you can stay focused and dedicated to the cause, then you’re a lot more likely to succeed in your saving endeavours than if you’re doing it without an ultimate goal. It doesn’t even have to be something sizable such as a holiday, that’s an example. It’s whatever you feel is right for you.
Make a Budget – and Stick to it!
Now, a lot of people turn their noses up at the term budget, but there really isn’t any need. Being on a budget doesn’t mean living on the basics and scraping your way through life, it just simply means knowing exactly where your money is going, and being safe in the knowledge that you’re not overspending.
For example, how much money do you think you waste on extras when doing your weekly shop? Walking past the billboard offers like “three for two!” can seem all too tempting at the time, but just because it’s on special, does that really mean that you NEED it? The answer is more than likely, no. A good way of avoiding falling into this trap, is by planning your meals prior to your shop. It might sound a little rigid, however simply by planning your meals, making a shopping list of exactly what you need and adhering to it, you could find yourself saving quite a substantial amount of money every month. Furthermore, make sure that you’re not spending more on your monthly bills than you need to. Whether that be your phone bill, utilities or that gym membership you never use and are always meaning to cancel. Double check that what you’re spending is actually necessary.
Do Your Research
Now, no matter what it is you’re looking to do, whether that be something as small as joining a fitness class, or something bigger like selling a house, do your research and ensure you’re doing it as cheaply as you possibly can. For example, if it was that you were selling your house, but you were worried about the amount you’d have to spend on estate agent fees, making home improvements and all the rest, assess your alternatives. There are companies out there such as https://www.readysteadysell.co.uk/we-buy-any-house/ nowadays who will not only value your home for free, but claim to buy any house regardless of its size or condition. Sometimes the more you know, the more money you’re likely to end up saving.
Cut the Unnecessary Spending
Last but certainly not least, how much wasteful spending do you think you’re guilty of? Well chances are you’re sat there thinking not a lot, but if you really looked at all of the extras you’re buying and how much it can all add up to, you’d probably be horrified.
Think about it, do you take lunch to work every day, or are you guilty of going to the deli across the road and buying it? Likewise, do you pick up a coffee from a chain store every morning on your daily commute? Although at the time this seems like a small amount of expenditure, when you add it all together, it can become a fairly expensive habit. Simply by being more prepared, you can save money – it’s really not difficult!