Saving money can sometimes feel like an impossible task, particularly when you’ve got endless bills to pay, and not a huge income to play with. However, the truth is that anyone can get into a better financial situation, just by changing the way they approach money.
If you can trick yourself into making small money-saving changes to your routine every day, then you could end up with a more affordable lifestyle in no time. Today, we’re going to show you some simple hacks that you can use to make saving money as simple as possible.
1. Automate your Savings.
First things first, make your savings automatic. Start by looking at your budget to find out how much discretionary spending money you have left over out of your income when you’re done paying for all of your bills. Then, ask yourself how much you want to put towards saving. The amount of saving you do will depend on the time frame that you’ve given yourself to achieve your personal financial goals.
Once you know how much you can reasonably afford to save each month, set up a direct debit transfer between your current account and a separate savings account. When you can’t see the money that you don’t want to spend sitting in your account, it’s easier to ignore it.
2. Track your Spending.
While tracking your spending might not seem like it will save you money directly, it helps you to understand how you’re using your cash better. When you download an app that sends alerts to your phone every time you buy a coffee on the way to work or pay for lunch rather than taking your own food to the office, you become more aware of your spending.
These days, one of the biggest problems that many of us have with cash is that we don’t realise how much we’re spending. Becoming more aware of where your money goes each day will make it easier to stop spending in problem areas.
3. Refinance your Loans.
Loans are something that we all need at some time or another. You might get a loan from somewhere like MoneyWorld.co.uk to help you pay for your education so that you can eventually get a better job. Maybe you’ve taken out a loan that helps you to pay for the car that gets you to and from work. While these financial products are very helpful, they require close attention and regular management.
For instance, if you’ve been dealing with a student loan for a number of years now, there’s a good chance that your credit rating has improved. If that’s the case, then refinancing your loan could help you to get a better deal with lower interest rates.
4. Shop Through Cashback Sites.
Want a quick and easy way to save more money without even realising it? Whenever you shop for something online, use an affiliate link from a cashback website instead of going directly to the retailer. This is one of the easiest ways to ensure that you’re saving a small amount on every purchase. The chances are that you won’t notice the savings much at first, as you’ll only be earning a couple of pennies at a time. However, over the years, using cashback sites could gradually give you a regular source of extra income that you can add to your emergency funds and savings accounts.
Don’t forget, some cashback sites also come with special deals and days where you can earn more from certain companies. Keep an eye out for what kind of deals your cashback website provider is offering from one week to the next. Additionally, make sure that you keep an eye on the deals and sales that are being offered by the company that you’re buying from too!
5. Change How You Shop.
Finally, the next time you go shopping your weekly or monthly items, think about how you can adjust your shopping habits. Rather than automatically choosing the same brands that you always go for – regardless of price, try switching to a less expensive version of the same product. You can start this process slowly, just changing one item at a time whenever you go shopping.
Although the savings may be minimal at first, if you continue to replace expensive items on your list with more affordable ones, you’ll eventually end up saving a lot of cash on your everyday expenses, and you might find a few items that you’ve switched that you actually prefer over your traditional purchases.