Photo Credit: cottonbro via www.pexels.com
We all wish that we were a little better at saving a little more, but the same thing happens every month. We get to the last week before payday, look at our bank balance and say to ourselves “this month, I’m going to be more organised and give myself more of a cushion.” But what happens next month? The exact same thing. If you don’t have a plan in place for how you can start making those cuts and finding those little ways to earn a more, then of course you are going to find yourself in the exact same position.
What you need is a strategy. It is all very well having good intentions, but if you do not have a plan in place for how you can achieve your goals, you are setting yourself up to fall at the first hurdle. We do not need to tell you that things are tough out there right now, but we have put together a list of some small changes that you can start making which will help you to have a healthier bank balance at the end of each month.
Start Keeping Track Of Where Your Money Is Going
If you find that you are having to look back at your bank account every month to figure out where you have been spending your money, then it is time to start getting proactive. We tend to use the phrase “impulse spending” when we are talking about splurging on big purchases, but the fact is that all those cups of coffee, treat pastries or nights out with friends do add up. If you want to get a better idea of where your money is going, keep a record of everything that you spend money on this month.
Look For Small Cuts That You Can Make
Savings are not all about those big sweeping cuts. Sometimes it’s all about looking at how you can make little changes to your routine to save some money. Take your meals, for example. So many of us are guilty of waiting until we are on the way home from work until we think about what we’re going to have for dinner. We would rather pick up a sandwich and a coffee on our lunchbreak than take something in.
With a little planning, we can start to make some real savings. Think about putting together a meal plan to help you buy what you need. We in the UK are still ordering an awful lot of takeaway and delivery food, and those costs add up. This does not mean that you need to make more boring choices. Indeed, it could free you up to try some more ambitious recipes by planning ahead of time. And no one is saying that you need you to stop treating yourself to the occasional coffee out. But turning it from a habit to a treat is a great way of saving a few pounds every day.
Look For Bonuses And Incentives
We all know at least one person who is always finding the signing up bonuses, the person who always has a voucher for whatever the occasion involves, whether it’s a night at the movies or getting a takeaway. There’s a reason why they do it: it does lead to real savings. Obviously, there is a big difference between buying something just because you have a voucher for it and finding a good deal that comes with a signing on bonus.
For example, one of the biggest monthly expenses that a lot of us have is our mobile phone plans. We either pay too much on a monthly basis because we are worried about going over our limit, or we opt for a cheaper deal and spend the whole month panicking that we are going to in for some heavy fees at the end of it. Lebara offers a SIM-only plan that also gives you a way to earn cash online. If you refer a friend, you can earn up to £50 per referral and they get 50% off their deals. You can learn more about how to refer and earn with Lebara and browse their plans.
Don’t Be Afraid To Look For A Better Deal
Many of us end up sticking with the contracts and providers we have got because we tell ourselves that it is going to be more of a hassle to look for a better deal. However, with rising energy prices and plenty of other concerns coming to play havoc with our monthly budget, this is a good time for you to think about rolling up your sleeves and having a shop around.
The grass may not always be greener on the other side, but it is well worth having a look to see if you could get a better deal elsewhere. Do not be afraid to play the “I’m thinking of changing providers” with your current provider, either, as they may throw you a better offer to keep you around.
Think About What You Are Actually Using
Over the last eighteen months or so, we all signed up to a lot of subscription services. Whether it was to try something new, to distract ourselves from the boredom of lockdown, or just because our friend told us it was good, we signed up to a legion of streaming services, wellness and education apps, and fresh food delivery schemes. Now, if you know that you are still getting a lot of use out of these subscriptions, then this point does not apply to you.
However, if reading this has reminded you that you haven’t watched anything on that streaming service since 2020, or that you still have some root vegetables going rotten in the back of the cupboard, or that you have not matched your daily target on that language learning app in months, then it is time to ask yourself if it’s still worth the money you’re paying for it. Similarly, this is a good time to look at those standing orders for non-pandemic-purchases that you are not getting enough use out of. Cinema memberships, gym memberships and so on do really add up.