It’s always wise to put away some savings for a rainy day, but sometimes you might need the money more immediately if you’re planning to make a large purchase or your circumstances change. Even with the best intentions, it can be harder to make those savings than you might think, so if you’re worried about your financial position, below are four fool-proof money-saving tips that you should try.
1. Go Through Your Transactions
The first step to saving more money is by identifying where you need to make cutbacks. Even if you think you aren’t frivolous with your spending, you’d be surprised at how much money you’re probably wasting on the small stuff, such as buying a cup of coffee from your favorite coffee shop on the way to work or even getting meal deals for your lunch. If you want to get serious about saving, start by going through your bank transactions and highlighting all of the non-essential purchases you make each month. This will help you see exactly how much you’re spending and where you can make cutbacks.
2. Use Coupons and Discount Codes
Coupons and discount codes are brilliant if you want to make further savings each month, whether it’s for purchasing basic household items and groceries or when you’re going out for dinner or days out. There are millions of deals you can make the most of and plenty of dedicated websites where you can find these discounts for all of your favorite brands and beyond.
3. Get Separate Bank Accounts
Another great way to manage your finances more effectively is by opening separate bank accounts for your savings and your monthly bills. As soon as you get paid each month, take out the right amount to cover your living expenses, and then put however much you want to save each month directly into your savings account. This way you will see exactly how much money you have left over to spend on other things like going out with friends, clothes, food, etc. You should also be realistic about how much money you can afford to save each month, as if you are trying to be too ambitious, you’ll only end up dipping into your savings to make ends meet, which can be frustrating.
4. Plan Your Meals
One of the things you might be wasting a lot of money on is your grocery shopping. It’s very easy to buy things that you never use, resulting in food going out of date in your fridge, which is wasteful from an environmental point of view, not just financially. Deciding what you’re going to have for your meals each week will result in your buying only what you need for those recipes, rather than spending money on things you don’t need. Batch cooking meals that can be frozen is also useful and could keep you going for over a week, depending on how big the batches are.
If you want to save more money, try these fool-proof tips and watch those pennies stack up fast!