Saving money is a marathon, not a sprint. It is essential to make saving money a habit that you stick with for the long haul. There are things you can tweak in your lifestyle to help you save money without compromising on the things you love the most.
It can take some time to work out the right habits for you. It’s a good idea to track your expenses and know exactly what comes in and goes out of your bank account. Keeping a diary of expenses can be a great way to help you do this. Once you have a good grasp on your financial health, you can start identifying areas for improvement. Here are some of the best ways to do that while still living your best life.
Take A Cooking Class
You might be surprised to find that a significant number of people in the UK eat the same six meals on repeat. People may do this for a range of reasons, but it can also result from not having enough confidence in their cooking skills.
Taking a cooking class may be a little pricy, but it can be invaluable for providing you with a wider range of delicious meals every day – and will reduce the amount you spend on takeaway in turn. You could look for a local class with a favourite restaurant or check out some of the fantastic online courses.
Shop Around For Utilities And Insurance
It can be easy to fall into the habit of choosing the first decently priced provider you come across and then auto-renewing every time your contract is up. It is much better to shop around thoroughly to find the deal that will really give you the best savings. Many utility and insurance providers offer welcome rewards and discounts to entice customers, so switching providers can be very beneficial.
Consolidate Your Debt
If you have a lot of debt, it can be advantageous to consolidate this down into one or two low-interest payments. This could be on a credit card or as a loan. You could consider talking to your bank about the options available. Lumping debts together can help reduce the amount you pay on interest over time and make it easier to keep track of your debt levels.
Cut Down On Subscriptions
Most people have several monthly subscription services. These can offer a range of benefits, including on-demand TV and film streaming, next day delivery and meal kits. It is vital to ensure that you use these subscriptions; otherwise, they’re just a monthly drain on your income. You could make a list of all your subscriptions and make a note whenever you use them. At the end of a month, consider cancelling the two subscriptions you use the least.
Save Money On Your Mobile Phone Bill
Many people choose a phone plan that comes with a phone. This is often seen as an affordable way to get the latest model of your favourite smartphone, but with lengthy contracts, it may not be worth your money overall. It can often be cheaper to save up and buy a new phone upfront and look at SIM only deals. SIM only deals also offer greater flexibility without compromising the quality of service. For some of the best offers on the market, Lebara offer SIM only deals to suit any requirement.
Open A High-Interest Savings Account
Ideally, it is best to have at least six months of your average monthly income saved. If you have a good cushion of savings, opening up a high-interest savings account can be invaluable to help you make the most of your money. The more you put into a high-interest account, the more you’ll get back without having to lift a finger.
Leave The Car At Home
Operating a car can be expensive. There’s tax, insurance, petrol and maintenance to consider and over time it can add up. You could consider walking or cycling to your destination when possible. This will save you money on fuel, and a car used less frequently will often need less maintenance. You could even sell off your vehicle if you find that you hardly ever use it anymore.
Invest In A Coffeemaker
If you’re a coffee lover and the thought of going without your daily order is too much to bear, you could invest in a coffeemaker instead. While this will be a big initial expense, it will more than pay for itself over time. It may help to work out how much you can expect to save using your coffeemaker by adding up how much one bought coffee per day works out over a month.
Sign Up For Loyalty Schemes
Identify the shops you use the most and find out about their loyalty schemes. Most major supermarkets offer some type of loyalty card that gives you cash back or other bonuses when you shop with them. This can be the ideal way to ensure you get something back every time you shop for the essentials. Make sure you fully understand the terms of the rewards and make the best use of offers and discounts when you get them.
Set Goals
Setting savings goals can help you keep on track and keep you motivated. You could make your goal a certain amount to save, a deposit on a house, or a dream holiday. When you’re tempted to buy something you don’t really need, you can think about your goals and weigh up if it really is worth it.
Try Out DIY Spa Treatments
Getting pampered is something we all like to do once in a while. If you like to regularly get a facial or your nails done, you could consider doing these things at home. You can get fantastic mani-pedi kits online that will save you a lot on salon manicures over time. You can also find ways to make some gorgeous at-home spa treatments using basic ingredients you can find in most kitchens.
Do Online Exercise Videos
While there are many advantages to exercising in a gym or studio, it can be much cheaper to try working out from home. There are plenty of online tutorials to help with exercises like yoga, Pilates and HIIT being popular and easy to do at home.
