In this post I’ll be sharing some money saving tips for beginners who are just starting out on their frugal journey in 2022. My passion is to give you tools to help you make your money; which you have been working hard to save, work for you. As you may know, we’ve been saving and saving for years for our goal, these things take a lot of time and even with 2 incomes and strict saving practices it still takes a lot of time to save for things.
Switch Bank Accounts
In terms of how much money you have in your account banks like HSBC are offering £150 to switch bank accounts. This is free money, and if you do it strategically for your whole family, hundreds of pounds could be up for grabs. The best thing is they do all the work for you, but make sure you don’t do this too often as it will show up on your credit rating as moving around too often.
Set up a direct debit.
Set up a direct debit so that a fixed amount will be deducted from your account every month before you have a chance to spend it. After paying all your bills and essentials, whatever is left is for you to spend, save or invest. It is about paying yourself first and not in the end when there is hardly any money left.
Set up a stocks and shares ISA
This will result in tax-free savings of roughly £20,000 every year. This is not trading but long-term investment and everyone in the family, if you have the money, can put it into stocks and shares ISA. You can even withdraw the money whenever you need to.
Unsubscribe from marketing emails
Stay away from the temptation by simply unsubscribing from marketing emails, this is one of the easier money saving tips for beginners. Make sure all of your bills are paid on time on the same date every month. This will keep you organised and help you keep track of your money and ensure there are no naughty surprises waiting for you.
Start saving for Christmas
I know, I know – It’s only just been New Years?! Christmas may be 12 months away, but if you set aside £10 each week you will have 0ver £500 saved for the big day! The key is to start early with this one to create an impact when the time comes if you wish to, without any panic.
Sell things you don’t use
Look around your house to check which things don’t serve any purpose. The charity shops haven’t seemed to catch up yet since they were closed and often turn me away so selling on marketplace or eBay is a way of making money from your unwanted things. People are looking online for second-hand items, so use this time to sell what you don’t need and pick up something you want for a double whammy.
Know your net worth
This will be a great tool to work out your timeline and your money-saving goals by knowing how much money is coming in and how much is going out.
Set up an investment platform
There are platforms available online like Freetrade and others who will give you a free share worth up to £200 and make investing very simple. I am not a financial advisor so do your own research, but I use these investment platforms for long-term wealth gain and to make my money work for me. Saving £200 a month, which obviously may be not always be possible, could turn into £250,000 in thirty years by using some of the key guidance I’ve shared in my investing videos and lots of other videos and websites which will give information on how to invest.
Put your phone away after 9 pm
Apart from health benefits, there are wealth benefits by shutting your phone after 9 pm. This is because one tends to spend more money in the evening by shopping habitually or out of boredom. So just put your phone away to avoid impulsive purchases from that scrolling!
Remove the auto-saved payment details
Make purchases harder than just clicking a button by removing your payment details so you have to actually go off and find your bank card and type it all in when making a purchase, amazing how much difference this can make!
Get paid to do surveys
There are so many websites which pay you to do surveys, such as Swagbucks which gives you money for doing surveys or simply watching videos to promote products etc. It is small money but definitely, over time it adds up. (this link is my referral where we both get a bonus if you sign up)
Put bad transactions behind you
Draw a line on any bad financial decisions you may have made as it will only add to your financial anxiety. Debt and remorse go hand in hand. So just forget about past bad deals and move forward with your goals and good habits.
Spend intentionally
Income is what you have, but wealth is what you have saved. So spend intentionally for things that bring you value as these habits are linked together when it comes to building wealth. Finally don’t forget you are more than what you own and more than what you earn, so it is not about material things! I hope these money saving tips have been helpful; more to come soon!
What do you think?