Best money saving tips for you as right now every penny counts.
If you could save an extra £500 a month, that will help you pay for the bills or put towards activities.
Afterall, we need to live our lives not just survive. So having that bit of extra helps you to keep living.
Don’t forget to check out these 5 budgeting tips financial success.
But lets just dig into the 10 best money saving tips that’ll help you with your household budget right now.
5 Best Money Saving Tips
Have A Budgeting Plan
If you fail to plan your budget, you’re planning to fail.
Failure at budgeting can only result in you drowning in debt or not got enough money for the essentials.
Use the 50:30:20 rule to create a budget.
With this rule 50% of your money goes on the essentials (bills and food), 30% is for fun activities, and the 20% is for the future plans.
For example, you get paid £2000 a month: £1000 is for essentials, £600 for fun, and £400 for future plans.
If these percentages don’t work for you adjust the ratios.
Adjust the ratios for what works for your situation. There is no one size fits all approach.
Everyones circumstances are different at differing times.
Transfer Your Credit Card Debt To Not Pay The Interest
Got a heap of credit card debt, transfer it.
One of the best money saving tips I have for anyone with credit card debt is find a 0% interest credit card, sign up, and transfer.
There are of course a couple of caveats to this:
- Check for a fee for a balnce transfer
- Set up a direct debit so you pay the debt of in the time you have the 0% interest
- Don’t make any purchases on the new credit card – it’s only there to pay off the debt
Once you’ve removed that debt a large dark grey cloud is removed from your soldiers.
Don’t Go Mad On Payday
It’s easy to do, you see your hard earned cash in your bank account and you want to go shopping.
But wait, before you head into the shops, think.
What money do you really have to spluge on shopping?
This is truly one of the best money saving tips I knew in my younger years getting my first pay checks.
Consider what money you need for your bills and day to day living.
Nobody wants to get in the situation of not having enough money to pay their living costs.
Not enough and asking for money from friends and family.
Create A Rainy Day Fund
You never know when the next storm is coming!
Stormy days due to a recession or something happens in your life.
It could be something as simple as your kitchen appliances breaking, car needs repairing, or an expensive school trip.
You need some money stashed away to cover any unexpected costs.
To help you with this money saving tip, it’s best to look at what you can put away in savings.
I’m not going to tell you now about the 50 30 20 money saving rule.
Just stash away whatever money you can.
Take a look at
- Monthly outgoings
- See if there’s anything you can sacrifice in order to save a bit more
Add together what money you can save and set up a system.
A system so you transfer that money to a savings account.
Be Skeptical About BOGOF’s
Sometimes they are not what they seem.
BOGOF’s if you don’t know what they are, here’s a simple explation.
BOGOF is the acronym for ‘Buy One Get One Free’. Typically, these are seen in grocery stores in an attempt to gt you to buy more of a specific product.
But are they really a great offer?
When you go around your preferred grocery store and see the BOGOF offers, put your critical thinking hat on.
Instead of thinking that’s a great offer, stop and look.
Look at the pricing tag and see if it’s a good offer.
On a pricing tag you’ll find the price broken down into price per piece or weight.
Compare these prices to like for like or smaller packs of the same brand.
Now are you really getting a great offer?
If you are, great go ahead and take the BOGOF offer, if not take the best offer for you.
In A Nutshell,
Use these best money saving tips and you’ll soon find yourself with a bit of extra money to live your life, not just survive. If you’ve got an extra bit of spare time to earn some money, check out these apps to make money.