There is always at least one good reason to put away some savings, whether it’s for a holiday, a new car, or just as a ‘rainy day’ fund to help you out in emergencies. Most people do manage to put away savings each month, but this isn’t always easy to do. Between paying for rent, bills, food, and other general living expenses, it’s not uncommon to find yourself with depleted funds by the end of the month as you wait for your next paycheck. If you have been struggling to save and want to change that, here are a few useful tips that might help you achieve this:
1. Buy Stores Own Brand
How much do you spend on your grocery shopping each week? You might find that you can reduce your spending by choosing to purchase the store's own-brand products rather than bigger, flashier brands they stock. These are usually much cheaper than big name brands and could end up saving you a lot each month on shopping for the basics like food, cleaning products, toiletries, and so on.
2. Use Discount Codes
As well as choosing to buy cheaper products, take the time to search for discount codes and vouchers online. This way, you can still treat yourself to the bigger brands you love, but without the higher cost. You could also use them to save even more on your grocery shopping or when you’re buying the necessities for your home as well. Some discount codes providers can even offer you the opportunity to win real money, so you can get a cash bonus while you save!
3. Keep Track of Your Spending
Another good way to make sure you’re managing your finances better is to keep track of your spending. It’s easy to purchase items without thinking about it all adding up, especially if the things you’re buying aren’t expensive individually. However, even a few dollars here and there can quickly add up and make a big dent in your monthly budget. Make a note of your purchases by going through your previous bank statements and see where you can make some cutbacks.
4. Keep Your Savings Separate
If you don’t already have a dedicated savings account, you should get one as soon as possible. Keeping your savings separate from your current account will make keeping track of your spending much easier and will help you avoid accidentally spending the money you wanted to save. You should double-check what kind of interest rates are available with your bank's saving account options to make the most out of your money.
5. Set Goals
Finally, if you want to make sure you’re staying on track when it comes to saving money, set yourself realistic goals to work towards. You need to work out your monthly expenses and see how much you have leftover from your paycheck after you have deducted them. Then decide how much of that leftover money you want/can afford to put into savings so that you don’t end up dipping into them at the end of each month to make ends meet. If you are saving for something in particular, give yourself a time frame for when you need to have a certain amount of money saved, as this will help to keep you motivated as well.
Saving money isn’t always easy, but it’s important to have something set aside in case you need it in the future. Use these five simple tips to help you to get started.