Saving money can be tough, especially in the current economic climate. However it is important to save for the future, even if you can only save a small amount each week. Here are 15 useful money saving tips to get started.
- Set financial goals. Having specific financial goals will help you stay motivated to save money. Do you want to save for a down payment on a house? A new car? Retirement? Once you know what you’re saving for, it will be easier to stick to your budget.
- Set a budget. The first step to saving money is to know where your money is going. Create a budget to track your income and expenses. This will help you identify areas where you can cut back.
- Track your progress. Keep track of your savings progress each month. This will help you see how far you’ve come and stay motivated to keep saving.
- Pay yourself first. As soon as you get paid, set aside some money for savings. Even if it’s just a small amount, it will add up over time. Join Thamesbank’s Salary Saving Scheme to get started.
- Automate your savings. Set up a direct debit from your current account to your savings account. This way, you’ll save money without even having to think about it.
- Reduce your bills. Look for ways to reduce your monthly bills, such as switching energy providers or cancelling unused subscriptions.
- Cook at home more often. Eating out can be expensive. Save money by cooking at home more often. There are plenty of easy and affordable recipes available online and in cookbooks. Also, by cooking meals from scratch is often cheaper than buying pre-made meals or eating out.
- Shop around for bargains. Compare prices before you buy anything. You can use online price comparison websites or simply check different shops to find the best deals.
Buy in bulk. If you have the space, buying in bulk can save you money on items that you use regularly.
- Use coupons and vouchers. There are many ways to find coupons and vouchers, such as online, in newspapers, and in magazines.
- Avoid impulse purchases. Only buy things that you need and that you can afford. in fact, wait 24 hours before making a major purchase. This will help you avoid impulse buying and make sure that you really want the item.
- Sell unwanted items. If you have unwanted items, sell them online or at a garage sale. This is a great way to make some extra cash and declutter your home at the same time.
- Get a side hustle. If you have spare time, consider getting a side hustle to earn extra money. There are many different ways to make money on the side, such as freelancing, tutoring, or driving for a ride-sharing company.
- Cut back on unnecessary expenses. Do you really need that daily latte or that new outfit? Take a close look at your spending habits and identify areas where you can cut back.
- Shop at thrift stores and charity shops. You can find great deals on clothes, furniture, and other items at thrift stores and charity shops.
- Don’t give up. Saving money takes time and effort. But it’s important to stay motivated and keep at it. Even if you can only save a small amount each week, it will add up over time.
Why save with Thamesbank Credit Union?
Credit unions are not-for-profit financial institutions that are owned and controlled by their members. This means that they can offer their members better rates and services than traditional banks.
If you’re looking for a place to save money, consider opening a savings account with Thamesbank Credit Union. You’ll benefit from competitive rates, excellent customer service, and the security of knowing that your savings are protected by the Financial Services Compensation Scheme.
Bonus money saving tips:
Automate your savings. Set up a standing order from your current account to your savings account each month. This way, you’ll save money without even having to think about it.
Round up your purchases. When you pay with your debit or credit card, round up your purchase to the nearest pound and transfer the difference to your savings account. This is a great way to save money without even noticing.
Take advantage of free and low-cost activities. There are many things you can do for free or for a low cost, such as going for walks, visiting parks, and attending library events.
Use public transportation or walk whenever possible. Driving can be expensive, so save money by using public transportation or walking whenever possible.
Borrow items from friends and family. If you need something, ask to borrow it from a friend or family member instead of buying it.