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Tips for saving money

The last two years have seen us manoeuvre the challenges that came hand in hand with a global pandemic.  

And, despite many of the restrictions ending, it would seem that we aren’t in for an easy ride just yet, as skyrocketing gas and electric prices and higher grocery prices are just some of the inflation hits that we all have to face.

And with experts predicting that the cost of living crisis will deteriorate even further in the coming months, we all must do what we can to gain a tight hold of our finances.

Thankfully there are ways you can save money each month. Here are some helpful tips.

Find the best savings account, but don’t lock-in

First and foremost, if you want to kick-starting your savings, you should look for the best savings account but make sure that you don’t lock-in. Why? The increase in interest rates is yet to be passed on to consumers. With this in mind, invest your cash in the highest paying, easy access account instead.

Record your expenses

Many of us reach the end of the month and wonder where our money has gone, right? So, the first step to start saving money is figuring out how much you spend and where your money is going.

You can do this by keeping track of all your expenses and reviewing them at the end of the month to identify where you can cut back. For example, do you really need that coffee you buy every morning? Or can you save money by swapping recognised brands for supermarket-own brands? You’ll be amazed at how much money you can save by making savvy swaps.

Cut your spending

There are many ways to cut your spending without compromising your quality of life!

Here are just some of them:

  • Look for free activities to enjoy in your spare time
  • Explore your local beauty spots
  • Pack a picnic rather than eating out
  • Cut out non-essentials
  • Wait before you buy
  • Use vouchers – don’t just bin them; there are big savings to be made

Look to save money on fixed monthly expenses

With monthly living costs continuing to soar, it can feel overwhelming and scary for many.

But remember, many suppliers are happy to reduce your monthly payments if you stay with them, so don’t be afraid to contact your supplier and discuss a reduction in your bills. Of course, if you are in debt with any utility bill supplier, many are happy to set up repayment plans to help you better manage your money during these challenging times.

Set saving goals

Finally, if you’re trying to put money away in savings each month, make sure you set goals. Think about what you want to save money for, whether that’s a rainy day or something you’ve wanted to buy for a long time.

Then estimate how much money you’ll need and how long it might take you to save it. Remember, set achievable targets.