Do you find that you want to save money but you can never quite get a handle on actually saving money? Well, this post is exactly for you. I will give you practical tips on what you can do right now to start saving money and I will also give you a bonus tip on how you can make some money.
Now, I have said this before and I will keep saying it, the first and most important thing you need to do in order to start saving money is to understand your finances. If you do not know what money is coming in and out of your account then lets’ be real, how can you realistically expect to save money. So, if you need some help with budgeting and tracking your money, check out my blog post on the five essential steps to managing your money better. That aside, let’s get started.
1. To save money, you have to be real
The first practical way to save money right now is to be real, like seriously real. Simply put, you need to be honest with yourself about what you can and can’t afford, so you need to know exactly how much money you earn and exactly how much you spend on your expenses.
If you don’t know how to be honest with yourself, start by differentiating between your necessities and your luxury items. Until you start cracking down on the reality of your financial situation, you can’t begin to start saving money because you won’t even know if there is any money to save. If you need some more help with figuring out how your money moves in and out of your account, you can download my budget planner which can be found at the bottom of my blog post, the five essential steps to managing your money better.
This isn’t to say you shouldn’t treat yourself with your hard earned money but do it in moderation and do it within your financial capabilities which should be in-line with your financial goals. For example, if you budget a certain amount a month for going out/eating out and you find that 3 weeks in (with 1 week left) you have blown the whole budget and your friends invite you to go out. What should you do? STAY IN YOUR HOUSE !! 😂 or eat at home before you go out, but either way, you need to start taking active control of how you spend your money if you really want to start saving money.
2. Start cooking your own food to save money
Yes guys, it really is that simple, if you want to save money, cook your own food. Not only do you have a better chance of eating more healthy food, but it does work out cheaper than eating out. According to data from the Office of National Statistics, the average UK household spends £1,581 on restaurants and takeaways every year. GUYS!!!!! Even if you were to treat yourself every so often within your financial capabilities (let’s even say £500 for the whole year), you could potentially save £1000 a year just on eating in, using those statistics.
I know what you are going to say, your busy schedule doesn’t give you the time to cook your own meals, but what master chef recipes are you cooking 😃. You can cook simple delicious meals and for your more complicated meals, you just have to find the time if you really want to eat it. The point here is that the change starts with you, if you want to save money, you have to be conscious of what you are spending your money on and stop bad money spending habits.
Now, this isn’t to say you shouldn’t enjoy what you eat just because you want to save money. I mean, I have even lost weight just by eating the foods.
3. Want to save money? Keep an eye on your subscriptions
Over time, your subscriptions can add up and cost you a lot of money. So things like your TV, phone contact, car insurance, gym membership etc all add up and cutting back or even keeping an eye out for the best deals will help you save money.
To save money with your subscriptions, it is vital that you keep an eye on your usage (so how often you actually use the service) and the renewal dates because the reality is that most companies won’t end unused or underused subscriptions and neither would they rummage through the internet for you to offer you the best deal at the end of your contract.
So evaluate, do you really need ALL those subscriptions? For example, in terms of a gym membership, we have all been in lock-down for the last few months now and the gyms have not been open. But guess what, you have found alternative ways to stay active and fit, so do you really need to keep paying that much for a gym membership? I am not saying stop going to the gym, but think about your financial goals and start getting creative if you want to save money.
So, think about it guys, what do you actually watch on TV, do you even drive your car that often, is your phone contract up for renewal, do you need to switch you car insurance company, I could go on. If there is no longer any value with continuing the subscriptions, CANCEL IT or if it is time to jump ship to another provider who offers you a better deal, DO IT.
Want to make money and not just save money?
Then the best thing you can do to make some extra cash is to DECLUTTER, so the things that you don’t use at all or you haven’t used in ages, sell them or donate them, it is your choice but guys, if you don’t use it, let it go 😃
Additionally, if we are being really honest there are things we have received as gifts that we just haven’t got round to using because we don’t need it, 😃 LET IT GO! You can make some good money just by looking at what you already have in your own home to sell and there are so many different places you can sell your items, ebay, amazon, shpock, etc. So guys, get on with it.
Have you read this and thought to yourself, yes, I am ready to start saving money but you still don’t quite know where to start because you need help with actually managing your money? Well, go check out my blog post on the five essential steps to managing your money better in case you missed it.
I hope this post about the 3 simple ways to start saving money now was helpful and if you want more information, please contact me and don’t forget to subscribe to my blog for all the latest posts, information, freebies and much more sent straight to your inbox.