Most people would love to have a little extra in their savings pot, but finding ways to save more money can often feel a little tricky if you feel like you’re living month to month or too easily spending any spare cash.
Improving your savings starts with small and beneficial habits, and you might be surprised how much you can actually save when you put your mind to it.
Here are seven saving hacks to get you started.
Create a Separate Account for Savings
Excessive spending is easily done when you have all your payments in one account. You can’t properly organize what amount of money is for bills and what amount you can comfortably spend when it’s all pooled together.
Having a designated savings account is the first good step to getting into better money habits. It’s a good idea to have one account for bills only and distribute the rest into accounts for savings or spending money.
Have a Physical Money Pot for Loose Change
Loose change always adds up, and it’s much better to have in a designated savings pot than dropped down the back of the couch or tossed into the car cup holder. Choose a tin, bottle, or official savings jar, ready for any loose change.
Save First, Spend Later
If you’re leaving saving until the very end of the month, you’re more likely to overspend or have nothing left to save. By treating saving as an outgoing that needs to be paid for as soon as payday hits, you can better manage your money for the rest of the month, knowing that your saving has already been accomplished. It’s a good idea to set up a standing order for a certain amount to be transferred directly to your savings account as soon as you have been paid.
Use Discounts Whenever You Can
Discounts and promotions are going to guarantee extra savings, so use them where you can. You can find great promo deals on retail stores and shops like a Walmart promo code to save on a large variety of lifestyle items.
You can use discount codes both on item purchases and experiences, too, such as discount deals on restaurants or social events.
Re-evaluate Your Outgoings
Take a good, hard look at everything you’re paying for, and be brutally honest about what you actually need. Do you need every single streaming subscription, or can you drop one? Are you signed up for anything you didn’t even know about, like a gym membership from ten years ago? Cancel anything you don’t need and save up the money instead.
Create a Savings Goal
Saving is much easier when you have a specific goal. This could be a certain amount, an emergency fund, a vacation, or a new car, anything which provides you with a specific figure and which you can gain satisfaction from aiming towards.
A lot of money is going to be wasted on repaying debt and extra interest over time. Try to avoid debt as much as possible. As tempting as it is to buy something on your credit card, don’t buy anything unless you can comfortably afford it.
Any of these seven savings hacks you can start today and watch your money grow.