The Best Ways to Save Money

by Josh Biggs in Finance on 30th July 2019

No matter what your financial journey is, you should know that anyone can turn their life around and start saving. It may be that you’ve previously struggled with saving or you’re just starting, and so it’s always best to know some tips on how to save money. While none of these tactics seems life-changing on their own, they can make quite the difference if you stick to them all the time, and being able to implement them in your life will mean you see positive changes. Many people think that saving money is difficult, but sometimes it’s about setting goals and being determined over anything else.

Set a savings goal

When you have a specific savings goal, you’re more likely to achieve it. This is down to being determined to succeed. Someone who isn’t great at saving will find it helpful to have a monthly goal. It may mean you have to cut back on certain aspects of life, especially luxuries. However, this will be all worth it when you get the amount saved that you need. Sometimes people have certain things or occasions they want to save up for (such as a holiday or wedding), so it’s recommended you allow yourself a long time to save up. If you can afford it, save between £50 to £100 per month and before you know it, you’ll have a significant amount saved up.

Open a fixed or regular savings account

Unfortunately, interest rates are lower than they’ve ever been. However, if you can commit to a regular savings account, then you will be able to make money back by directly depositing cash into your account every month. Beware that you need to be able to afford whatever amount your fixed account is set to. If you’re unsure of the amount you can afford, start with a lower amount and ask to change it if you find you can save more. Saving up doesn’t mean you have to completely cut back on basics, just anything you typically don’t need.

Invest your current savings

Those of you who already have savings gathering dust in a savings account may find it useful to invest. If you’ve considered investing before but didn’t want to take the risk, property investment may be ideal for you. Unlike stocks and shares, property lacks the same risks as it’s a reliable and safe market. Companies like RW Invest can help anyone looking into property investment. They help first-time and experienced investors find a dream buy to let property that produces high rental yields as they’re in high demand.

Use price comparison websites

While you’re not necessarily saving your own money in an account, using online sites can save you money in terms of your bills and virtually any service you use. If you think you’re paying above the odds for your water or gas bills from a particular provider, input your details into the comparison site. It will tell you if there are any cheaper and more affordable options out there. Compare the Market is a great website that offers users the ability to change their providers within a few clicks. Whether you’re looking for a travel insurance comparison or want a better credit card deal, you can find it on their website.

Categories: Finance