6 Simple Money-Saving Tips That Actually Work
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The easiest way to start saving money is simply to begin! These money-saving tips will help you do exactly that. Whether saving for an emergency fund, a big purchase, or simply to invest more, here are a few simple things you can do to get started.
1. Start saving in a separate bank account
It may sound simple, but it truly makes a big difference! By separating your savings from your spending money, it’s much easier to avoid overspending since you’re not constantly reminded of your full balance. I opened a 32-day notice account for my savings, so any withdrawal request takes 32 days to process and reach my checking account. This delay makes impulsive decisions to spend my savings inconvenient and helps me stay intentional with my spending throughout the month.
If you’re really not a fan of using two accounts, some banks allow you to separate your savings and spending money within a single account. For example, Monzo offers “pots” where you can set aside savings without them appearing in your total balance, and you can even lock these pots until a specific date.
2. Start paying yourself first
Darling, you are your number one priority so why aren’t you paying yourself first?!
When I first started using a separate savings account, I’d only transfer whatever money was left at the end of the month. Unsurprisingly, this was always less than I’d hoped to save, as (again) it was too easy to dip into what was meant to be my savings. So, when I switched to paying myself first it really changed the game!
Start transferring a fixed sum to your savings at the beginning of each month, so you can focus on what you truly have available to spend, separate from your savings. Choose a realistic amount that allows you to comfortably cover your bills and living expenses with the remaining money. With a little discipline, you should hopefully find reaching your saving goals a little easier too.
3. Start tracking your daily expense
Tracking your daily expenses will help you identify your bad spending habits and set realistic future spending goals. When I decided to take control of my finances, I used an expense tracker to log exactly where my money was going each month. Every morning, I’d check my bank account and record the previous day’s spending. A few months in, I was shocked at how much I’d carelessly spent on things I didn’t really want nor need, and how quickly these small purchases added up.
I decided to become much more intentional about how I spend my money, and gradually began saving more as a result. When I do treat myself, it’s usually pre-planned, within budget, and on something that truly makes me happy. So, if you’re unsure where all your money goes each month, start tracking your expenses! This will not only give you answers but also highlight areas where you can cut back.
4. Start using cashback websites when shopping online
If you’re a regular online shopper like me, you need to start using cashback websites! These websites allow you to earn back a percentage of your spending as cash when you make purchases through their affiliate links. This percentage may initially seem small, but over time, the savings definitely do add up!
The two cashback websites I use are Quidco and Top Cashback. I always make sure I’m getting the best cashback offer by comparing deals on different websites before choosing which affiliate link to use. Some of the brands I’ve saved on include Shein, Nike, Boots, and Argos. Signing up is completely free, so why not start saving today?
5. Start planning regular ‘no spend weekends’
You shouldn’t be surprised at how much money you can save by spending absolutely nothing. The weekends have always been when I spend the most money on activities like clothes shopping, eating out, and going to events, so planning at least one ‘no spend’ weekend a month has really helped me save.
A no spend weekend doesn’t have to be boring as there’s lots of enjoyable things you can do for free, both at home, away from home, alone or with friends. For me, this can look like canvas painting, trying out new makeup looks, inviting friends round for a movie night, listening to music on a run, taking pictures of myself looking cute and spending time in the park.
Understandably, a ‘no spend weekend’ won’t be possible every month, but any opportunity you have to take one you should. And trust me – you could end up saving a lot!
6. Start cancelling the subscriptions and memberships you don’t use
No, seriously, cancel them! I wasted so much money on a monthly membership for a gym I never attended. I told myself “it’s fine, I’ll go next month” for 11 months, instead of cancelling my membership until I was ready to start again.
Evaluate your subscriptions on a regular basis to make sure your regular payments are justified. If you haven’t used the service or product in more than 3 months, just cancel it, sis! You’ll be surprised at how much money this could save you, and you can always reapply at a later date if need be!
