Are you having trouble keeping your budget on track? Are you always waiting for pay day? Struggling to make ends meet? If you can relate to any of this, our team have put together some simple money saving tips which might help take the strain out of your budgeting.
If you’re finding money a bit tight, it might be worth reviewing what you’re spending money on. Start writing down everything you’re spending for at least a couple of weeks, if not a month. This will help you to identify any unnecessary spending and save money to help pay for the essential costs.
When you have a list of all your expenses, you may realise that you’re paying subscriptions for things you’re no longer using. These could include streaming services, software tools or the one lots of us are guilty of – gym membership! Even small, monthly payments add up over time and can put a significant strain on your budget. Cancel the culprits immediately – many services make it easy to unsubscribe online and some will even offer refunds if you haven’t used the service recently.
Along a similar theme, although frees trials can be useful for “trying before you buy”, they often turn into paid subscriptions if you forget to cancel them. Set a reminder to cancel trials before they take a payment. By the way, you can take advantage of Budget Pro’s 30 day free trial, without providing any card details. No unexpected charges here!
Auto-renewal of payments can be convenient but it often leads to overpaying on things like home, car and travel insurance. When you allow policies to renew automatically, you might miss out on better deals or fail to notice price increases. Earlier this year, our car insurance would have increased by over 50% had we allowed it to automatically renew. So to avoid falling into this trap, set reminders to review policies before they expire and use comparison websites to help you shop around for better deals.
For non-perishable items or things you use on a regular basis, buying in bulk can often reduce the cost per unit. Just make sure you compare prices, check online and avoid waste. As my Dad would say, “Don’t go broke saving!” – in other words, don’t just buy for the sake of it and it’s only a bargain if you need it!
Before making a non-essential purchase, wait 30 days. If you still want it after that time – go ahead but often the urge will pass, saving you money and reducing impulse buys. reducing impulse buys. If you’re shopping online and put things in your basket or wish list, the retailer will often notify you if the item gets reduced – again saving you money.
If you don’t have a plan for what you eat, you’re likely to shop more often for food and end up spending more money. Create a weekly meal plan and make a shopping list to avoid over-spending and waste.
You don’t have to spend money to enjoy life. If you have school-age kids, the school holidays can often put a strain on finances but look out for free local festivals, workshops and activities that won’t hurt your bank balance! Many libraries host free workshops and museums often have free entry days so keep your eyes peeled!
If you are committed to building up savings, set up a standing order to move money into savings on pay day. When you do this automatically, you’re more likely to stay consistent and that’s the key to growing your savings long-term. Even a small amount like £10 a week adds up over time and develops the good habit of saving money.
By using Budget Pro, you’ll be able to track your spending and then identify how much you can afford to save each month. You’ve got nothing to lose by trying our 30 day free trial.