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How to save money? Spend less than you earn – simple, right? So, why is it so hard to get started? Given that 8/10 of us have some sort of debt, and 22% of us have less than £100 in savings, you are by no means alone if you’re struggling to save!
Today, we are going to be counting down my top 10 savings tips to get you started and sharing some frugal living habits to help you start living your life debt free and working towards those savings goals you might have.
Top 10 Savings Tips
30 Day Rule.
This is the foundation of spending intentionally. Waiting 30 days to buy something stops the impulse and makes us really consider whether we actually really need the item that we want to buy. After the 30 days, or even just sleeping on it, if you still love the thing and want to go ahead then you know you’ve really thought about how this will enrich your life or bring you joy. Removing the haste to buy something as soon as you see it will save you a fortune over the year.
Meal planning is the key to saving money on food & one of the biggest savings tips we will cover – which just so happens to be the 2nd biggest outgoing we all normally have. Not only does it save you time & money, but it also removes the stress of not being organised with what you’re going to eat every day as well as reducing your food waste. There are lots of meal planning videos covering this money saving tip over on my YouTube channel.
Filling up your petrol tank unfortunately isn’t negotiable if you want to use your car, however, getting your fuel from Esso can save you money two-fold. Firstly, they give a long term offer of 5p off per litre when you swap 300 Nectar points at the till, but you can also then use those Nectar points you’ll earn to pay for days out or free meals, which will also save you money and still enjoy some fun time with friends and family! Additionally, filling up your car with quality petrol from Esso also helps to clean and protect your engine, thanks to additives. Clean engines are more fuel efficient and need less maintenance, your car and your wallet will thank you for it!
Deep Dive into statements
This is a really helpful one of these savings tips; to get a full understanding of what your financial situation is, and especially so if you tend to bury your head in the sand over any debts you might have. This can be a powerful process when you can see in black and white just how much money you spent shopping or on your favourite coffees! Keeping a close tab on every penny which comes out of your bank account every single month can really help you cut down on unnecessary spending and help save money.
Make a habit of it.
If you find saving money a bit of a chore and you don’t really want to have to think about it too much, then I’d always recommend setting up a direct debit to save whatever you can at the beginning of each month and get it transferred into your savings pots before you have the chance to spend it. Paying yourself first is a great way of making sure you can put aside that money before it’s wasted on those online deliveries landing on your doorstep!
Asking yourself “can I afford it” is a great habit to get into. If that new top you saw on someone’s Instagram is going to mean you’re an extra month away from paying off that debt, or paying towards a holiday, then is it really worth it? Adopting a budgeting method is a great way of saving money and making sure you have different amounts set aside for each area such as food, accommodation, bills, savings and giving. Grab your savings trackers for free over in the shop.
Quantify the purchase.
How many hours do you need to work to buy the new bag you wanted? Quantifying the time it will take you to earn the money might be enough to stop yourself from making the purchase and help you save money.
Know your triggers.
Spending habits vary. It could be that you’re an emotional spender – you might feel that buying things when you’re low makes you feel better. Or perhaps you’re a boredom spender – there’s nothing on the TV so you find yourself opening up the shopping apps on your phone. Or perhaps you’re a bedtime scroller – a huge proportion of spending occurs from those bedtime scrolls before you go to sleep. Understanding your triggers is the key to stopping the habit. Finding a new hobby to keep you from your boredom or perhaps practicing meditation if you’re feeling emotional will help you take control of your spending unintentionally and help you save money in the process! Understanding your spending triggers could be on of the best savings tips you’ll find.
Know your why.
Setting your goal and pinning it up somewhere you will see each day like the fridge, or your phone lock screen will keep you on track. Keeping that goal in your head and congratulating yourself at each milestone of saving will really help motivate you to keep going. Sharing this with loved ones can really help to, so that they can understand when you say you can’t come out for drinks, or you might not be able to take that trip with them that your other friends are doing. Having this goal in mind will help you see that there is an end in sight and this won’t be forever!
You won’t regret starting.
The last of my savings tips is to just get started! You won’t regret starting to save money, but you might regret spending money! I did a no buy year in 2019 and I cannot tell you how much I wished I had started sooner – so if you have any concerns about starting I can tell you wholeheartedly that it might just be the best thing you’ve ever done for your future self.