It’s hard to cover the costs of daily life at the best of times, but trying to find extra to tuck away safely is even harder. However, no matter how tight your budget, you can find some money to save quickly.
1. Set up a savings account
Having a secure place to bank your savings might sound stupid if you don’t have much to put away, but having a proper savings account feels great. You can watch the money build-up, which is, in itself, a rewarding experience. You’ll also have somewhere secure to add any unexpected surprises, like that birthday gift from an aunt.
2. Go through your monthly budget
Grab a pen and paper and jot down all your expenses. Be honest with yourself about what’s really essential and cut out anything that isn’t. You don’t need money to have fun, and if your car is costing you a fortune, re-evaluate whether you really need it or not. Public transport gets better every day, and swapping your car for the bicycles you never use is a great way to save money.
3. Pick the right bank
Do your research before putting your money in the bank. Every bank is different and not all of them are right for you. For example, some banks are excellent in terms of racial equality in banking, but others fall down on things like this. You may want to check interest rates or use comparison sites to find the best deals.
4. Sort out your grocery budget
Cooking on a budget doesn’t have to be unhealthy, or taste awful. It can help to keep detailed lists of what you’re spending on food, as this raises your awareness of waste or unnecessary purchases. It’s also helpful to manage your food waste carefully and find creative ways to use up food that’s on its way out.
5. Reduce car miles
If running a car is costing you too much money, find journeys you can cut, or consider carpooling with friends. Instead of driving the kids to school, try walking. It’ll burn off some steam before school starts, and they’ll get some fresh air before being shut in the classroom all morning. You can also try getting the bus to the grocery store, or the town center, instead of taking the car.
6. Thin out any business or side hustle expenses
If you’re running a business, self-employed, or if you have a side hustle, don’t forget to check your business expenses for things you can cut. Try researching cheaper suppliers for items you can’t live without, or find alternatives for more expensive items. You can also consider teaming up with a friend to share similar supplies.
It’s really easy to save money in a hurry. All you need to start is some scrap paper, a pen, and your mobile banking app. Budgeting and keeping track of expenses is crucial to saving money. Bookmark this list, and you’ll never be short of useful money-saving tips. Good luck, and don’t forget to wrangle that grocery budget too!
