We all want to be able to save money. This is a given. At the end of the day, having savings provides you with a rainy day fund. If things go wrong, you’ll have something to fall back on and you’ll be able to get by without having to plunge into debt. Saving can also give us exciting prospects to look forward to. They could allow you to put a deposit down on a house. They could allow you to buy a car. They could let you go on an extravagant holiday you’ve been dreaming of for years. Savings are also good for security in old age. So, how can you start saving on a day to day basis? Here are a few tips and tricks that can help to get you started on the right path!
Budget
The first step that you need to take when looking to save money is to make sure you’re managing your basic finances well in the first place. A budget is absolute essential when it comes to saving money. Why? Well, if you know your income and you know your outgoings, you’ll know how much you have left to play with or save and you won’t find yourself overspending on non-essentials. Not only will it prevent you from falling into debt, but it will also allow for saving as best possible. This goes for everyone – no matter how much you earn or how much your outgoings may be. When you create a budget, you’ll take a look at how much you earn, how much of that sum you will take home (as you’ll know how much you need to pay out in taxes and other necessary fees), how much you need to fork out for bills and other obligatory payments and how much is left over as “disposable income”. Your disposable income is the exciting part here, especially if you’re looking to save. By managing your disposable income well, you’ll be able to put as much of it as you want to or can into your savings account and to work towards your end goal. If you’re struggling to come up with a quick budget, you can use one of many budgeting calculators that are available for free online.
Clear Debt
Of course, it’s important to mention that you should clear any debts you may owe before you start to save. You need to start your saving from a clean slate. After all, debts tend to have interest attached and you’ll only find yourself spending more and more to clear it off the longer you leave it. Clearing debt is simple once you’ve created your budget. Put simply, after you’ve paid your essentials and you’re left with your disposable income, you should do your utmost to spend as much of this disposable income on chipping off your debt. Sure, you might want a small treat here or there. But you should put the bulk of your disposable income off your debt. When we’re talking about debt here, we’re generally talking about credit cards, loans, and finance plans. There are some debts that you might not want to focus all of your disposable income on clearing, as they’re long term and you can clear them with gradual payments. Examples could be a mortgage or your student loan debts.
Use Vouchers and Promo Codes
Now let’s look at ways to save when you make your day to day purchases! A great place to start out is to use vouchers and promo codes whenever possible. Sometimes you’ll have physical coupons that can be used in physical stores. Whenever you receive these, cut them out and keep them in your purse at all times. Then, they’ll be there whenever you need them. When it comes to shopping online, you don’t even necessarily have to already have a coupon code to benefit from them. There are plenty of ways to get your hands on those that are available. First, take a look to see whether you can get a discount from your first order, or some other perk like free postage, by signing up to the company’s mailing list. If you hate marketing emails, you can always unsubscribe once you’ve completed your purchase. It’s also worth using search engines to look for online voucher codes or on sites that publish free promo codes. These can be put in at the checkout! Even if it’s only a small saving, it’s more than worth it!
Save On Your Energy Bills
Now, there are certain costs that you can’t opt-out of. Essentials that you need to get by. A good example is energy bills. You need gas or electricity to run your house and complete all sorts of basic chores and tasks. The energy heats your home, allows you to cook, lets you shower or bathe, keeps the lights on at night and is used for all sorts of other things. But chances are you can save on your energy bills. Just look at different providers and the different policies they’re offering! Price comparison sites are great for this. Just fill in a few details and they’ll find the best deals from the best providers on the market. Switch to a tariff that is cheaper than your current deal as soon as you are able to. There’s no point staying loyal to a company that is overcharging you and switching is often straightforward and simple.
Save on Food Shopping
Groceries can be pretty costly. Especially if you’re feeding a big family. Of course, food is necessary so it’s not something you should cut down on or limit. But there are ways to save still! Just be savvy when it comes to your food shopping! Rather than buying branded products, why not try some own brand or unbranded products. Generally speaking, branding is a marketing technique to encourage you to favor certain products whether you genuinely prefer them or not. In blind taste tests, most people really can’t tell the difference! You should also stock on favorites with a long shelf life when they are on offer!
Use an Accountant
If you’re self employed and deal with your own taxes, it’s a good idea to use an accountant to deal with your tax return. Not only will they be able to ensure that you’re paying the right amount at the end of the fiscal year (saving you any negative repercussions), but they also know the ins and outs of the system, so could save you a lot of money by filing your expenses properly too!
Use a Financial Advisor
Another professional you could seriously benefit from working with is a professional financial advisor. These individuals know everything there is to know about money management. They can help you with your budget. They can recommend the best savings accounts to help you get the best interest rates possible. They can make suggestions when it comes to your spending, investments, and much more. So, give their services a try and see how you can benefit from a quick consultation!
These are just a few different ways that you can save money on a day-to-day basis. There are, of course, plenty more out there. But these can get you off to a good start and can guide you on the right path towards your savings goals! So, implement them into your lifestyle as soon as possible!
Photo Credit – https://www.lesfinances.ca/
