Top tips on saving money on your outgoings
Posted: Thursday October 3 2019
By: Guest Bloggers
Top tips on saving money. We all know how much easier it is to spend money than save it, but there are lots of simple ways to save money without it having to be a huge sacrifice. Many of us waste money without giving it a second thought. Set a goal and try these simple changes to grow your savings without feeling you’re missing out:
Top tips on saving money
By Polly Ker – Optimum Financial Solutions
Work out how much money you are wasting.
Top tips on saving money. Monitor your spending for a month on non-essential items like coffee on the way to work, buying lunch, a magazine or drinks after work. Add it up and you will be surprised how much you are frittering away. With the average coffee costing around £3 a go, one per day, 5 days a week is a minimum of £60 a month. Find out where your money is going and then alter your routine to allow your spare cash to be saved. You could buy a plastic coffee cup and make yourself a drink before you leave the house or take lunch to work with you instead of buying it every day.
Which direct debits can you reduce or cancel?
Gym memberships are a big one that people pay out for but rarely use. Even if you are going to the gym twice a week and membership is £60 a month that’s £7.50 per session. Try cancelling the membership and go running on the streets or do a gym class using YouTube for free!
Are you paying twice?
Check for mobile phone insurance no longer needed, or that can be consolidated into your home or business insurance. In fact, you may have many items like this covered by both home and business insurance – make sure you are not paying out for things twice!
Do you pay out for debt such as credit cards and loans?
If so maybe consolidating your debt will save you money on a monthly basis. You’ll save on the interest and potentially bank fees if you have ever been hit with admin fees. Reviewing your mortgage could also save you a lot of money too of course. It feels like a traumatic process because we often roll it into the memory of moving house – it’s really not that stressful, especially with the right advice to navigate you through the different deals.
Earn more – are there any extra hours available at work?
Could you pay someone to do jobs for you to enable you to earn more money? For example, a cleaner takes some of the domestic duties, allowing you to work a little longer. You could also consider a second job, perhaps one an evening or weekends, or one where you can work from home, and put this money straight into your savings pot.