There can be a lot of reasons why you want to save money. There might be something big like a wedding or a house deposit that you are hoping to save for. Saving for trips and holidays is a big reason that a lot of people save. Putting some aside for children is always a big priority too. You might just like to have some money set aside for emergencies like a car breaking down. Whatever the reason is, here are a few ways that you can save money.
Set Yourself a Budget
If you don’t use a budget at the moment, then you need to make sure that you do! It could be in a notebook or on a spreadsheet. However you do it, just make sure you have a clear idea of how much money you have coming in. Think about all avenues; income, tax credits or bank interest. Then when you know what you have coming in, you need to work out your outgoings. How much do you spend on the day to day things? A good idea is to keep receipts for a few months and then take an average of what you spend. So that is for general spending and things like the food shop. Include your utility bills and then work out what you have left over. Then you can work out a realistic amount that you can put aside each month or week.
Think About Things That You Can Swap
If you want to save some money, think about things that you can swap. Could you swap branded goods for supermarket own ones? Could you get a cheaper mobile phone bill? For example, do you need unlimited wifi on your phone, when you are at work a lot and can use the internet there? One of the big ways to save a few hundred pounds a year is to swap your energy provider. There are a lot of comparison sites online so do some research and see how much you could save.
Invest Money in a Pension Scheme
If you have an employer, then you should make sure that you are opted into a pension scheme. Your employer will match the amount that you pay in. It is pretty much a no-brainer as you can double your savings just by taking part. It is an easy way to save too. As it isn’t in your bank account, you can’t just dip into in every now and then. So it is perfect for when you retire. So you would have some money to be able to move to somewhere like a Churchill Retirement home if you wanted to.
The key thing to saving money is making sure that you put it to one side. It isn’t saving for the future or that dream wedding or holiday if you keep taking out some of your savings. You want to put it out of sight so that it can just gather interest and earn you even more!
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good points. I’ve recently started with a company pension and it all adds up!
Very true – it will make such a difference and it’s good that you can’t ‘touch’ it for a while
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