Five Easy Tips for Saving Money

, Finance

There are a lot of reasons why you might want to put some money aside. It could be for a vacation, a new car, or some re-modelling for the house. Here are a handful of tips for how to save money, so hopefully you’ll watch that rainy-day fund grow.

Save on your energy suppliers

Knowing where to shave money off your bills is something everyone needs to learn how to do and switching energy suppliers is a great way to start. Don’t be afraid to switch when you spot a better deal elsewhere. Even if you don’t really want to move, you should still shop around towards the end of your contract; if you find a better rate, you have a bargaining tool to approach your current provider.

Have a target

You should always have a target in mind for whatever amount you need to save, and that will depend on what you’re saving for. If it’s something small like a birthday party for the kids, then you can set a weekly target so that by the end of the month you’ll have your spare cash.

Or it could be a much larger target, like a deposit for a new home. In this instance, using online tools like mortgage calculators will be able to help you figure out how much your monthly payments would be, and so how much of a deposit percentage you need to save.

Learn how to shop

Learning new ways to shop online will help you in your money saving quest. Look for sites that sell things in bulk so that you can get a higher discount, look for new registered customer offers, and always consider sites like eBay for those big ticket items. Buying things which are second hand doesn’t mean they’re in bad condition, and it can often be the best way to bag a bargain and pocket the extra cash.

Stick to your budgets

From shopping lists to monthly outgoings, you should create consistent limitations on your spending. When you create your monthly budget, set aside your savings goal first, and build the rest of your budget around that. Doing it in this way means that you’re guaranteed to hit your target every month, but also that you can compensate for things like day trips with the kids. Instead of going to a costly theme park, go for a picnic that you can put together yourself.

Give up an unhealthy habit

Have you ever given up something for a short amount of time? Well, giving up something on a more permanent basis can help keep your wallet a little fuller. Whether it’s smoking or too much chocolate, pocket the savings you make from it, and it should give you a sizeable saving at the end of the month, as well as a healthier lifestyle.

Hopefully you will find these top five tips useful – please share your own tips in the comments section!

This is a collaborative post.