Whether you are in your early 20s or late 60s, saving money is and always will be something you should be doing – after all, you never know what might be around the corner. The more money you save, the more secure you will be financial should something go wrong. And when something goes wrong, you want to be able to fix it without having to stress about the costs – your car may break down, and you need to source Mitsubishi replacement parts, or your dishwasher stops working, and you need to replace a pipe.
Alternatively, savings can help you make big purchases, such as buying your first car, a property deposit, a new laptop, etc. Either way, savings can help you, so we have put together these top tips to help you save some extra money.
#1: Open a high-interest account
When saving money, you want to make the most out of it. The best way to do this is to save your money in an account that gives you something back in return. When doing your research, you’ll find a whole plethora of accounts that will pay you some interest back on the money you save. The amount they pay back will vary depending on the account you are opening. Some will pay you 5% interest on your savings whilst others only 2%, but they will have other offers like home insurance, etc.
#2: Set saving goals
When discussing saving money, it’s essential to set a saving goal and make it real when setting it. Set a goal that you can quickly achieve each month which over a year adds up to a healthy amount in your bank. You can always over-save if you have some money in the bank left over at the end of the money, but by making it realistic, you make it achievable and don’t feel downhearted if you don’t achieve it. There are many online apps that you can download that will help you effectively save money.
#3: Reduce your monthly bills
A big trap many of us fall into is having high monthly bills that we do not need. When you look at your monthly payments, do you need all the subscriptions that you currently have? You may be paying for Netflix, Now TV, Amazon, and Disney, which is a lot, and chances are you only use one or two at a time. Maybe you have a cider subscription and a beer subscription but only need one of them? Take a moment to review your payments and see if you can save money by cutting down one or two. You may have a few that you pay for that you didn’t realize you did and completely forgot about.
What tips do you have for saving money? Are there any tips we haven’t included that you think we should? Is there anything you would like to share that will benefit our readers? Let us know in the comment box below. We would love to hear from you.