Do you find it difficult to hold on to your cash?
I do 🙁 Deep down I’m hoping writing this post will some how drum these money saving tips into my subconcious and make me an epic money saver over night. 🙂
You may find it extremely difficult to save money and even if you manage, you may find it tricky not to dip into it. These money-saving ideas are a great way to be able to save money without it being a chore. A few of them are fun, informative and eye-opening. I’ve always struggled to save money, being a mother of three as there are always valid (at the time) reasons to spend.
That’s my big problem, we all have things we need and want but somewhere along the line, I put the things I wanted into the bracket of needed. So inevitability I spent a lot of money on unnecessary items. A prime example of this is my children’s toy room. They don’t play with over half of the stuff in there but at some point, I thought it was vital for them to have it, but not anymore. They don’t ‘need’ it!
Some of these money saving ideas may help you to notice the ‘want’ items you’re putting into your ‘need’ category and hopefully give you loads of other advice about some really good techniques to save money, then you can see your savings grow.
Track your spending
Keep a record of all your spending for 30 days, nothing is too small, write it all down. Include all outgoings, from your mortgage/rent to your daily coffee on the go. It’s easy for that daily coffee, cookie or cinnamon bun to add up financially over a month. This will help you to see where every penny of your hard earned money is going. Hopefully, by the 30th day, you will see what you’ve frivolously spent your money on and you can start making financially healthy changes.
I’ve created a spending log and a totals sheets, so at the end of the month you can total everything up into categories and see how much you’re spending on each category separately.
Download my Free Printable Spending Log & Totals Sheets below.
At the end of the day put all your loose change into a tin. Some days you might not have much but then others you may be surprised how much you’ve got to put in. Over a month this can really build up. I’ve done this before but we dipped into it for bread, milk or parking fees. I found the best way for this to work is to buy a money tin that you have to use a tin opener to get to the money. They don’t cost much but it will make you twice about dipping into your savings.
Once you’ve bought something that is frivolous (a want item not a need item) put the cost of it into a savings account too. Since every frivolous item is going to double in price, this might make you think about your spending on non-essential items. On the upside, if you still see that frivolous item as a must in your life, your savings will grow very fast.
Set up an Automatic Transfer to a Savings Account
Set up a savings account at a bank, ideally with a bank where you don’t have other accounts, so it’s harder to access it. Also, don’t register for online banking and don’t even apply for a card, you want to make it as difficult as possible to access this money. Next, decide how much and how often you want to have money going into this account. You can speak to the bank about this too, as a few have special accounts for this and pay a little higher interest. This one is relatively easy because once you’ve set it up, all the hard work is done.
52 Week Saving Challenge
This one is very simple but extremely effective. On the 1st week save £1, the 2nd week save £2 and the 3rd week save £3. Keep this up for a year. Once you get to the 52nd week and put £52 into your tin or savings account, you will of saved an astonishing £1,378.
365 Day Challenge
If the 52 Week Challenge is a bit of a stretch, this one will be a bit easier. Save a penny a day. On the 1st day save 1p, the 2nd day save 2p and on the 3rd day save 3p. Keep increasing this by 1p every day, by the end of the challenge you would have saved an impressive £667.95.
Save 10% of all money that comes into your account. Transfer the money into an ISA and you will be surprised how fast it builds over a year. An ISA is also a tax-free savings accounts. Win Win.
Use Comparison Websites
You can compare Broadband & Tv, Mobiles, Gas & Electricity, Car, Life, Home and Health Insurance, Credit Cards, Loans, Mortgages, Current Accounts. It’s a great way to make sure you will get the best deal available.
Switch your Current Account
Some banks offer to pay you to transfer your current account. The best part is that they actually do all the hard work.
Haggle with Service Providers
Before calling your service provider to look around for better deals. Phone your service provider and tell them about this great deal you’ve seen and that you might consider leaving because that deal is just too good to pass up. I did this with my Tv package, I now pay £50 for a service that should be costing me £110. I then tried this with my mobile phone provider and they lowered my bill. Shockingly I tried it with my breakdown cover and they also lowered my monthly bill.
Get Cashback for Shopping Online
Cashback sites like Topcashback and Quidco offer cashback for you to shop online. You will receive a percentage of the value of your shopping as cashback. I had to buy a new mattress a year ago and used Quidco, I was shocked but I got £30 cashback.
Buy Second Hand
Join sales groups in your area on Facebook, Search GumTree, open an account with eBay, you can ask to collect local items to save even more money on postage. Visit local Carboot sales in your area. Charity shops are a great resource too.
Save the Change
Every time you buy something or a bill goes out of your bank account, round it up to the nearest pound and save that amount. This is an effective way to save a little at a time but help the savings pot grow.
The Big Ban
Ban frivolous shopping for 30 days. Only buy things or pay bills that are a must. This one is very extreme but after the 30 days, you might be surprised by what you can actually live without.
Look out for your favourite items on offer and start a little stockpile. I’ve done this loads of times, it makes you smile when you see that exact same item back at full price the next week.
Check with your local water provider. I am with Anglian Water in Norwich, they cap your water bill if you have three children under the age of 19. This has helped us save so much money over the years.
National Debt Line and Step Change are FREE to use debt advice services. They may be able to help you to control your debt and help you save money.
Plan your meals, this will help to stop you having to throw food away.
Grow your Own
If you have some garden space try growing your own food. This is a great way to save money as you can grow an array of produce.
Birthdays & Christmas
Buy for Birthdays and Christmas all year round. I’ve made the mistake of buying my kids their presents a month before but if you shop a lot sooner for the desired gifts, you might be able to find them on offer and end up saving you a lot of money.
Check to see what deals your energy provider has, you may be able to lock in your prices and save some money.
Look out for free stuff websites. At www.Latestfreestuff.co.uk you can search and find free stuff and free samples. www.Preloved.co.uk has a category for free stuff. If you type in ‘free stuff’ on Google and see what comes up in your area.
Don’t buy just because something is hugely reduced but if you were already looking for that certain item, this day could be a great day for you. Some places have huge discounts, so put this day in your diary.
The £1 Shop
This is one of my favourite shops. I love making lists and to do that I need a lot of pads. I buy very good quality lined pads from the Pound shop. They do have great and very cheap things on offer, so remember this one the next time you’re in town.