We're not the first to say saving money isn't easy, but it's not totally impossible. Whether you have bad shopping habits, compare your lifestyle to others or don't have any financial saving goals, saving money is just as important as living your version of the highlife. If you're in need of some cash fast, consider short-term loans online
. Short-term loans are great for those who find themselves in an emergency or need some extra cash to last them until payday. Better yet, they are designed for you to pay back over a short period of time comfortable for you. Find out how you can save money below.
- Set yourself savings goals
Those who set themselves saving goals tend to save money faster than those who avoid mapping out their expenses. Set your goals by identifying what you want to save for, whether it is the deposit for your dream home or holiday. Start by setting yourself small goals by working out how much you want to save each month. This will vary depending on the cost of your goal but can be divided into multiple months depending on your financial stability and want. For example, if you want to save for a laptop costing £300, you could either save £100 a month for three months or £50 a month for six.
- Eat out less
Eating out is by no means cheap. Most people pay as little as £23 per head for the average meal. Some even splash up to £50 per person! Even if you eat out once a week, that’s up to £200 spent on just four meals. The average weekly grocery cost for two people is £50 to £80. That times four is the same cost as four meals out, for a whole month’s worth of food!
Eating out less also has many health benefits. Although more restaurants offer nutritious menus these days, choices are still limited. Most foods served at a restaurant are full of fat and calories which can have negative health affects if consumed on a regular basis.
- Stop smoking
The average smoker will spend over £7,000 per year on cigarettes. What would you do with that extra cash sitting in your bank? The options are quite literally endless within reason. Stop smoking, save money.
- Pack your own lunch
You might think you’re getting the best deal at lunch by your meal deal from Boots, Sainsbury’s or Tesco’s but really, the weekly cost of a meal deal can cost as much as £17.50. That’s £70 per month wasted on southern fried chicken wraps and a packet of Walkers. When you buy your own lunch, you’ll spend less money and time choosing between the BLT sandwich and spicy pasta.
- Switch bank
You could earn up to £200 by simply switching banks. Many banks reply on fee cash offers to attract new customers. But the most popular reason people switch bank is to get a higher interest rate. Beware when switching that some rates come with conditions. You’ll often notice there is a cap on how much money you can earn interest on, so consider the long-term effect this could have on your savings.
- Change energy suppliers
It really is true that changing your energy supplier can save you hundreds of pounds. If you want to stay with your current provider, pay by direct debit. Direct debit is usually a cheaper payment method and means you won’t miss any payments – it’s a win-win situation!
Emergency cash might not be of use to you yet, but it’ll certainly help you out in the future. Everyone should prepare for sudden scenarios that may require costly expenses. You don’t have to set unrealistic goals either. If you increase your monthly savings every payday, you won’t even realise it’s gone. Happy saving!