Tips On How To Save Money
It's the start of the new year, and most of us will have made resolutions.If I'm being honest, I don't think that I have ever stuck to a new years resolution before, however this year I insist will be different as it is something that is very important to me.
Me and my partner are currently renting a house, however my dream is to get our own mortgage on a house that we can really make our own. Because we're currently renting, there isn't much point us doing anything major to the house as it's not ours at the end of it.
If any of your new years resolutions or goals include saving some money, then I have some tips for you that will hopefully help you along the way.
Have A Goal
One of the most important parts of saving is to have an end goal, if you do not have this then unfortunately you won't have the motivation to save much at all. You will need to work out an end figure of what you want to achieve, and from that you will need to work out exactly how much you need to save every week/month in order to achieve that end figure.
You will need to sit down and work out every outgoing that you have each month. Once you have the sum of your total outgoings, you then need to take this figure away from your total monthly income. This will leave you with the amount of disposable income that you have left for that month. So, with my figure of disposable income, I need to take into consideration petrol and food shopping costs. Once I have done this, I work out how much I am able to save each month.
Go through each direct debit that you have each month and make sure that you're not still paying off anything that you shouldn't. It is very unlikely that you are, but there's no harm in checking. On top of that, if you wanted to you could make sure that you're not paying for anything that isn't necessary. For example, I was subscribed to 'My Little Box' which was about £15 a month. However I decided to cancel this as it isn't a necessity and it would be an extra £180 saving a year.
When I first moved into our house, I used to spent a horrendous amount of money on food shopping, maybe even £500/£600. I know, I know, all of the wasted money. When I realised that enough was enough, I gave myself a limit of £200 a month to spend on food shopping, and so far so good. In order for myself to do this, I use MySupermarket which enables me to add what I want into the basket and they compare each basket price between the supermarkets to make sure I'm always getting the cheapest price. I also found that when I started shopping online, I spent a lot less. Because when I go food shopping, all of the deals catch my eye and I think that I'm saving money by buying them when in fact I'm not, because I have now spent more than I needed to.
Save Your Change
If I ever have any change in my purse, I always put all of it into my savings pot. I have one of those ones that you cannot open, which is very handy I must say. I only put £2, £1, 50p, and 20p's in there in order to save room for the bigger pennies. And I use a separate money pot for the smaller pennies. I started doing this about a year ago, and it is already nearly full so it definitely counts to save your change!
If you have any unwanted items, sell them! I sold an old dressing table with a matching stool and a pair of converse on eBay and made an extra £45! I am also saving up any old clothes and bric-a-brac and putting them all in my loft for a big bootfair this summer in order to make a few extra £'s. You can also use site's such as Depop, Gumtree and Fatbrain.
Unfortunately, we all need to make sacrifices to be where we want to be in life. For myself, I have been buying a lot of make up and beauty products recently, and I mean a lot of products! However now it is the new year, I am finally going to cut down, seeing as I definitely have lots of things to see me through haha. As mentioned previously, setting yourself limits will really help as it will give you a budget on what you can spend. So if you like buying beauty products for example and can't quite give it up, give yourself a reasonable monthly budget to spend on those products. It can be anything from £10-£100, it all depends on what you can afford.
I really hope that this has helped if you are looking to start saving, as I know that these have really helped me. What's your favourite tip for saving your pennies?