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9 Easy Ways to Save Money (without you even trying)

Are you wanting to start saving money, but aren’t sure where to start?

If you are struggling to manage your outgoings or on a low income, regularly saving money can be difficult.

According to the Money Charity, there is a rise of UK households with no cash savings. There are almost 10 million households who have no savings and an additional 3.26 million have savings under £1,500. Whether it is saving for a big event such as a wedding or just wanting to be prepared for a potential rainy day. There is no better time to get started than the present.

Check out these 9 saving techniques to help you to start saving money.

Keep Track of your Spending.

One way to monitor your spending, is by keeping track of them!

Take a not of ALL your outgoings, Food, Drink, Clothes, Travel; everything you can think of. This way, you’ll be able to see where your money is going and how you are overspending. This way, you will find yourself less likely to overspend. Writing it down will highlight any problem areas.

Have a no-spend day, week, or month…

What’s the best way to save money?  By not Spending it.

Give yourself a challenge and aim to not spend any money for a specific amount of time. It could be for a day, or two. Maybe a week? Or even the whole month if you can! The No-spend challenge forces you to reassess your own spending habits. When you’re not allowed to spend anything, you will realise how much temptation is out there as well as considering how un-necessary those ‘necessary’ purchases were. There are obvious exclusions to this (you’ll still need to eat and pay your rent/mortgage) and so before you begin, make sure you’re prepared and make the challenge align with your own objectives.

Need a helping hand?

Take a look at our guide on how to challenge yourself to a no-spend day, week or month to get started.

Even out your bank balance

This trick really is a useful one, with very little effort on your part. Get into the habit of evening out your bank balance by transferring the excess into a savings account.

For example, if you have 62.05 in the bank, transfer over the £2.05. Even if it is 20p, making regular, small contributions to your savings will help make you aware of how much you have, as well as saving without really noticing!

Bring back the piggybank!

What do you currently do with your loose change now? Leave it in random places, like your bag, or down the side of the sofa? You are not alone! Recognize the old saying, look after the pennies and the pounds will look after themselves? There is truth in it. Begin the habit of popping your few pence change in a jar and (without even noticing the loss) it will turn into a nice pot of savings. Alternatively, you could use your penny change in another way…

Put away a Penny a Day!

Heard of the 1p challenge?

It’s a great saving scheme where you put 1p a day way for 365 days, increasing the number daily. On day one its 1p, day 2, its 2p and so on until you reach day 365, where you will put away £3.65. At the end of the year, you will have saved £667.95.

This is good to start at the beginning of the year, as it’s easy to remember when you started, and it works out as an easy way to save for Christmas. However, you don’t need to wait until January 1st to become a saving whizz – start today!

But what if you don’t have the correct amount of change to hand?  Or some days you want to ‘save more’ than others? The penny challenge doesn’t have to be chronological. So long as each amount is put aside, you can complete the penny challenge in any order you like.

Take note of your disposable income

Hands up who actually knows how much money they have leftover after bills?

Some people find it easier to save when their money is budgeted into weekly (or even daily) allowances. Rather than giving yourself a monthly budget, spending it all on payday weekend and scrimping through the rest of the month, work out how much you have to spend each week. It’ll be much easier to stay on top of things.

This is easier on a salary, as your incomings are (pretty much) set. If you’re on a salary:

Minus all your outgoing bills from your monthly take-home pay: rent, council tax, electric bills etc.

Don’t forget about smaller ones, like Netflix, Spotify and your mobile phone bill.

What’s left over is your disposable income.

Once you know how much you have to spend each week, you’ll begin to realise which purchases are necessary (and which are not). Plus, you can set some aside each week for savings – no matter how small.

Become a super savvy shopper

For most people, the weekly food shop is their biggest outgoing (after regular bills). Because food is a necessity, it’s easy to assume there’s no way around it: money must be spent, week after week. However, there are lots of small steps you can take to reduce your food bill, without much effort or you even noticing.

Switching to a budget supermarket is a simple way to reduce your weekly food shop, and you won’t notice a difference in the quality of produce. When it comes to clothes shopping, don’t overlook the humble charity shop. Make it a habit to stop by your local to see what’s new and avoid online shopping. You’ll be surprised at the bargains you can snap up, all the while donating to a good cause.

However…

Splurge on quality (occasionally!)

This may seem counter-intuitive to saving money but…

Quality items are an investment, as they’ll last longer than their cheaper alternatives. For items that will last season after season, consider investing in a good quality item that will last. Coats, boots, LBDs – these are all items that will never go out of style and are worth spending a little bit more on. 

Sell, don’t spend

Get into the habit of selling on your unwanted things, rather than letting them gather dust in your wardrobe (or boot of your car).

There are loads of second-hand selling websites and apps to get you started, including eBay, Preloved, GumTree, DePop and more.

For some items, the payout might not be much, but every little helps (especially when it comes to saving). And if an item won’t budge and is in a decent condition, donate it to a charity shop.

Hopefully, these techniques will help you develop regular saving habits, giving your savings a gentle boost throughout the year. Good luck! And let me know how you get on.

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