Recently we have all been hit with rising bill prices, along with petrol and general the cost of living, which is why it’s important now more than ever that we really learn how to get into money saving. Saving money is harder than its ever been because we can just about get by with what we have now.
I’m thankful that I grew up in an environment where I was taught to manage my money properly. I like having everything in order and knowing what comes out of my bank account and when.
Today I thought I would share some of the things I do to save money. I am by no means an expert, but what I do works for me so why not share it! So here are my top 5 money saving tips.
SET SAVINGS GOALS
When you’re figuring out your budget for the month, make sure to set aside some money for your savings account. Its always a good idea to have ‘back up’ money just incase you might need it. Who knows what could happen. Maybe your washing machine breaks, or you need to get some new clothes for work. Its having that security to lean on if and when you might need it.
I always set savings goals each month, and make sure that amount goes into a savings account which is separate from my other money. Even if it’s saving £50 a month, or even as little as £10 a week. It all will make a difference at the end of the year. Just remember to make the savings goal attainable. Don’t make it so impossible that you set yourself up for failure.
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KEEP TRACK OF YOUR SAVING AND SPENDING
It’s really important that you keep track of your finances. There are many great resources out there for us to use to help us do that. Check out Finance.co.nz! They have so many great resources on their webpage that can help with savings, applying for mortgages and so much more!
Not only to make sure you’re saving enough, but to check that you’re not spending too much. It’s easy to get caught up in the day to day life, buying new clothes and eating out at restaurants. All of that is great in moderation, but making sure that you’re on top of what money is going where can really help you to not over spend.
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EAT AT HOME MORE
Its sounds obvious but alot of people don’t realise how much money they spend eating out multiple times a week. Let’s say twice a week you are getting Uber eats. On average a meal for two, is around £35. Twice a week thats £70 and every month thats £280. And yearly thats an average of £3,360 thats spent on take away food.
Eating at home and buying groceries in bulk is a much better way to save your money. You can still have the yummy food that you love ordering online at home. Why not try to make your favourite take away meal at home instead? It will save you money!
If you do want to keep having your Uber eats every now at then, include the price of it into your monthly budget! You should always put money aside to enjoy the things you love in life.
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I know it’s hard to do, but cutting back can really aid in money saving. Recently I made a few changes myself recently and cut back on a few things I knew would save me a couple £ here and there. I changed my Netflix plan from £10.99 a month to £6.99 as they increased their prices. All It did was change the resolution of the screen, so I now have a 1080p resolution when watching instead of HD. To me the picture looks the exact same and I saved myself £4 a month.
Speak to your gas, electric and water suppliers too and see what they can do. I had a water meter installed at my house and it saved me around £20 a month and it was free to have it installed. There are always little things you can do to help aid reducing your bills each month. Which gives you more money to save.
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