Whatever your circumstances, it is never too late to improve your financial situation. The first step can be easier than you think and set you on a stronger financial path. Longer term the best way to enhance your savings is to make a realistic list of all your incomings and outgoings, set yourself a budget and implement a monthly savings plan. However, there are a few changes you can make today that will instantly save you money – let’s take a look at 7 realistic steps you can take to start saving money right now.
1) Use Credit Cards for Emergency Only
Credit cards create temptation – allowing you to build up debts by spending more than you earn. Make the decision today to only use credit cards for emergencies. If credit card spending can be avoided altogether you can avoid spending more than you should and this will lead to great savings both over the short and long term.
2) Set up Automatic Payments Today
A quick and easy step you can take today is to set up a number of automatic payments that will all help you to save more money. Firstly, an automatic payment that takes a fixed amount of money from your pay each month and places it in a savings account. Secondly, automatic payments for credit card and other bills will save you a lot of money because you will avoid paying interest and late fees.
3) Transfer Bank Accounts
Some current accounts charge a monthly fee – however many charge nothing at all. It is worth shopping around to see which bank has the best monthly fee, ideally zero, for your needs. You can save even more money if there are cash bonuses with your transfer. Banks frequently offer perks and advantages to new customers who transfer their accounts to them. Keep in mind the account opening process is often completed the same day as you request it. It is quick and simple, so it is worth the effort.
4) Sign up for Customer Rewards
We live in a time where retailers are constantly looking to reward customers with various deals and perks. In particular, look for rewards schemes at retailers that you shop at frequently, such as your supermarket. The points from spending can often add up to substantial savings. If you are worried about receiving too much junk mail from these retailers try setting up a separate email account for customer rewards alone. This will make them easier to manage.
5) Consolidate Debts
If you have a number of different debts – maybe a loan and a few credit cards, for example – it is a good idea to consolidate this debt into one account. By shopping around, you can often find 0% interest balance transfer deals that will mean you are not adding interest to your debt burden each month – saving you money immediately. You can save a lot of money by consolidating debts into one low-rate package – especially now because of current low interest rate levels.
6) Take Packed Lunches
Save yourself hundreds of pounds each year by skipping the takeaway coffees and lunches each day. If you save only £5 each workday from making this small change you will have saved over £1200 by the end of the year!
7) Set a Goal
One of the best steps that you can take today is to set yourself a savings goal. What do you want to save for? Money for a deposit on a house, a car and a holiday are popular savings goals. Keeping this target in mind will help keep you motivated and disciplined in the other areas of your spending and savings and this will help you build long term good habits.
By taking one small step today you will be moving in the right direction – towards increasing your savings and meeting your future goals.
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NOTE: This article is not an investment advice. Any references to historical price movements or levels is informational and based on external analysis and we do not warranty that any such movements or levels are likely to reoccur in the future.
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