Money isn’t the be-all and end-all, however, it certainly helps. From unexpected expenses, such as your vehicle requiring a new part, to booking a much-needed vacation, having savings in place is a great idea.
From banking to budgeting, there are many ways to save, none of which necessitate applying for three extra jobs.
So, if you’re looking to make a little extra cash without having to sacrifice your quality of life, read on.
- Set Budget Goals
There are many clever ways to save money. One of which includes setting budget goals. For example, instead of buying unnecessary or luxury shopping items, switch to supermarket own-brands.
You’re often paying for the packaging over the product, and a packet of pasta costing $1 is likely just as good as the pasta that costs $2.40.
- Recycle or Sell Clothes You Never Wear
Other ways you can budget include limiting the amount of new clothes you buy. The majority of us have more than we need. So why not dig out the pieces you’ve never worn and recycle them?
Alternatively, if you have a ton of clothes sitting in your wardrobe gathering dust, sell them online. Several apps make selling unwanted attire as easy as uploading a picture and setting a price.
- Stop Buying Things You Don’t Need
There are necessary items, then there are items we don’t need – such as multiple outfits for our dogs, or another pair of black shoes (when you already own several pairs).
Make a list of your necessities, such as petrol, rent, and the weekly grocery shop, and avoid spending over the norm.
Items such as daily coffees, lunches, parking, and taxis, although an enjoyable luxury, make a massive dent in your bank accounts. Swap these expenses for homemade beverages and lunches, and try walking or cycling to work now and again.
- Choose a Credit Card that Gives Back
Most credit card providers award customers points per dollar spent. These points can pay for groceries, hotels, rental cars, and plane tickets. Providing you pay the card off in full each month, you won’t get stung with interest rates. This is a great way to save whilst spending.
- Download a Finance Tracking App
There are various finance-tracking apps on the market, all of which showcase a visual barometer of specific goals. If you’re unsure of where your money disappears – these apps are great tools to invest in.
- Get Rid of Your Gym Membership
We’re not saying avoid working out. We’re simply suggesting you swap the gym for a more cost-effective option.
From YouTube workout videos that can be followed from the comfort of your home to running in your local park, cycling, and joining a local sports team, there are many free ways to stay fit.
- Unplug Electrical Items
Not many people know that electronic appliances consume electricity even when switched off. To avoid adding unnecessary charges to your electricity bills, unplug everything when not in use.
Another way to save energy and keep costs down? Swap traditional lightbulbs for LEDs. These tech-savvy bulbs use up to 75% less energy than halogen light bulbs and often last 5 to 10 times longer.
- Open a Savings Account
It’s hard not to spend the money we have in our current accounts. One way to avoid spending monthly paychecks in their entirety? Open a savings account.
You can set up a standing order to deposit a set sum from your wage every payday. Instead of just sitting in your current account, these savings will rack up interest. This will quickly mount up – allowing you extra cash to spend on the finer things in life.
If unsure of how to set up a standing order, pop into your local bank. They’ll advise you on the various savings accounts and current interest rates available.
- Cancel Unneeded Subscriptions
We’re all guilty of signing up for a monthly free trial and forgetting to cancel it. Similarly, many continue to pay for subscriptions they no longer use. Although these subscriptions may only cost a few dollars, this mounts up over time. There are likely some you’ve forgotten you’re even paying for!
- Settle High-Interest Debts
Debt payments with high interest rates can take a chunk out of your monthly budget. Using avalanche or snowball methods can help you pay these debts much quicker.
Using extra funds to pay off debts boasting the highest interest rates or minimum payments on all debt, beginning with the smallest, you can settle debts in a more efficient manner.
Instead of spending the money you save, place it into a savings account.
The Bottom Line
From expensive coffees to unnecessary gym memberships and jumping into taxis when you could walk, we’re all guilty of spending where we shouldn’t or don’t need to be.
Cutting out these inessential luxuries is a great way to save without sacrificing your quality of life. After all, homemade coffee is likely just as good as the one from your local deli, and cycling or walking to work will not only save on parking and transport fees, but it will ensure you’re upping your fitness game at the same time.
These simple, savvy ways to budget can make all the difference to your bank account. So, what are you waiting for? Start saving today!