Saving is an all-essential part of establishing a comfortable and stable future. Yet when you are constantly bombarded with advertising for new products, it can be difficult to do. Many of us tend to live in the moment and spend whatever we’ve got to enjoy the present.
If you’re just one unfortunate event away from going into debt, you should consider building a safety net. We have provided 10 simple ways you can increase your everyday savings.
Monitor your spending habits
To improve your savings it’s important to understand your spending habits. Tracking your expenses will help you discover and cut down on wasteful spending.
Change electricity providers
If you’ve subscribed to the same energy plan for the last few years, it is likely that you are not getting the best value for money. Use a reliable comparison service to compare electricity plans available in your area and find the most competitively priced option for your home.
Saving goals
Establish a saving strategy with achievable goals that you can work towards. Set a certain amount that you can comfortably save every month and hold yourself accountable to this goal.
Automate savings
If you struggle to stick to a savings goal, consider automating your savings. Several banks allow you to set an automated savings transfer from your checking to savings accounts. You can also apply daily spending limits on your credit cards.
Opt for generic
Avoid purchasing brand labels for your pantry or wardrobe, as they tend to be the more expensive choice. Generic items are usually of a similar or equal quality to branded products. Many generic products are made in the same factories and by the same workers as name labels.
Home Cooking
Eating out or ordering takeaway is an expensive habit. Start cooking at home and packing your lunch for work. Cooking your own meals also allows you to monitor your nutrition intake and ensure you are eating a balanced diet.
Home entertainment
Rather than spending money on activities for entertainment, consider sourcing free entertainment from home. Host a game or movie night for your friends, or borrow a book from the library.
Smart shopping
Pay attention to salesand promotional offers before purchasing anything. There are Chrome extensions and other online tools that can alert you when there is a price drop or discount.
Energy efficiency
From switching off lights when leaving a room to taking cold showers, there are several ways you can lower your utility bills. Consider buying energy-efficient lights and appliances and avoid using appliances during peak hours.
Cancel memberships
Monitor the number of streaming services and memberships you are signed up to. If you haven’t been to the gym in months or watched Netflix in a while, you should consider cancelling your subscription
Monitor and improve your spending habits with these helpful tricks and watch your savings grow.
