How to save money fast – our 7 top tips!
We’ve created some simple tips to help you reach your saving and financial goals without breaking a sweat! Saving money and budgeting your finances can be stressful but once you have a fixed goal in sight, it can help you focus and calm that storm.
Visualising the future such as welcoming your first child into the world, moving into your very first home or finally owning that dream car, can be the biggest motivation of all.
1. Learn to budget and understand your income and expenditure
Our first and most important tip for saving money is coming to grips with your cash flow. This means understanding exactly how much money comes into your bank account each month versus all of your outgoings. Did you know that at The Money Partnership we offer completely free Spend and Save Planners so you can speak with an Independent Financial Advisor to carry out a budget plan tailored specifically for you!
2. Get out of debt
Before you start saving, it’s wise to commit to repaying outstanding balances on any existing debt. The longer you delay paying off that credit card, the larger the balance grows. Interest builds up over time, and unfortunately this is the price you pay for borrowing money.
3. Create a designated savings account
To save money fast, you need to separate the money you spend on your daily needs away from money you intend to save. By doing this, you minimise the risk of dipping into your savings and this will in return, help you to prioritise purchases. It will force you to ask yourself if you really need that new gadget or pair of shoes! Why not try a savings account that doesn’t have an online banking app to stop you simply logging in on your phone and transferring money out?
4. Automate your savings
If you have a fixed monthly income, we recommend having a regular standing order set up to move your money from your everyday banking account, to that designated separate account. This way your money leaves your account straight after pay day and you learn to live without it.
5. Put a spending limit on your card
A great tip for saving money fast? Set a monthly limit on how much you can spend on your credit or debit cards. Most mobile banking apps allow you to do this and will encourage you to reassess your daily expenditures in advance.
6. Cancel any unused subscriptions
Have a look through your direct debits and standing orders and establish if you really need Netflix, Prime, Disney +, BT Sport AND Sky TV. Perhaps you only need one. Ditch the subscriptions and free up more income!
7. Put cash aside each week for your food shopping
If you can cut back on your weekly food shop, you will be amazed by how much you can save. We recommend withdrawing cash at the start of each week and setting yourself a weekly budget. If your supermarket has the ‘scan and go’ service, this is the perfect way to ensure you stick to budget and when you get to the till, you know you have enough cash to cover the bill. Once the money is gone for that week, then its gone. Use up the food in your cupboards and freezer until it’s a new week.
Consider going meat-free a few times a week and buying own-brand rather than the more expensive branded labels.
Did you know that supermarkets put their most expensive products at eye-level to encourage you to spend more, so make sure you look at those bottom shelves, where the cheaper items will be placed.
Free Spend and Save Planner
As mentioned above, if you would like to take advantage of our free Spend and Save Planning appointments and get serious about your finances, you can do so by choosing a time, date and channel to chat to one of our advisors today - https://calendly.com/themoneypartnership
The Money Partnership
