Everyone would like to save some extra money. Whether you’re saving for a new car, a bucket list travel destination or your very first home, there are a few simple changes you can make to save more money every single day.
Here are a few great tips to help you save an extra £1000 towards your goals every year.
If you don’t have a budget, you’re asking for trouble. Without a budget, you have no way to track your spending and this means you’re likely to be overspending in a few different areas of life. Don’t let this happen!
Instead, write down all of your planned outgoings on paper (or use a spreadsheet) at the start of the month. Look for areas you can cut down on spending to save a little extra money. Also, note down your saving goal for that particular month.
Once you have this info on paper, stick to t! Record all your spending over the next month and make sure it aligns with your budget plan. This takes discipline but it certainly delivers results.
Prioritise Your Spending
What are you actually spending money on? Let’s be real, you don’t really need that brand new pair of trainers or that Saturday takeaway pizza. Think about the bigger picture and keep saving goals in mind.
If you can cut spending in any areas of your life, do it! That money will be better off elsewhere anyway…
Sell Your Stuff (And Then Sell Other People’s Stuff)
You probably have lots of potential cash just sitting around! Think about old gangsters like phones or IPads. Maybe you have some old furniture in the garage or power tools that have seen better days.
Anything that’s not in use is money waiting to be made. Most people have at least £100-£200 just sitting around their home. Once you’ve sold your first batch of old items, use that money to buy and sell other secondhand goods!
You can use apps like Shpock and sites like eBay to pick up cheap items in your area. Choosing products you enjoy or products in an area of interest will definitely help, as you’ll have a better idea of pricing. Then it’s just business basics – buy low and sell high! A couple hours of work a week can have a nice impact on your income.
Set Saving Goals
Do you actually have any saving goals? You’ll be much more motivated to save money if you have a clear idea of what that money is actually going towards. Set goals of how much you’d like to save each month and how long it will take to achieve your target amount.
This will provide the motivation you need to say no to an expensive coffee or opt for the cheaper supermarket for your weekly shop. When you buy anything you should always be thinking ‘do I really need to buy this today?’.
Ask For The Raise You Deserve
A lot of us work hard but don’t seem to get the reward we deserve for this dedication. It’s time to get a raise! The best way to approach this is to ask your boss exactly what’s needed for you to move up the ladder and get a salary bump.
Once you have this on paperwork to fulfill all those requirements. Once you’re working over and above your pay grade, it’s time to ask your manager for that payrise. If they decline, simply ask what else is needed and fulfill that too. If your boss won’t budge it might be time to look elsewhere…
Save On Payday
Don’t save at the end of the month, save at the start! Too many people resort to just saving the remainder of their bank account after a full month of spending. Instead, put some cash away as soon as you’re paid so you can’t even think about spending that cash.
Putting barriers between you and your savings can sometimes be a good thing, we all have weak moments.
When’s the last time you did a comparison check for things like your internet provider or car insurance? Get online now and make sure you’re getting the best deal! Better yet, call your current supplier and start negotiating.
Usually you can get a discount from your current providers just by calling in and telling a sales rep that you’ve seen better deals elsewhere. Imagine what a £50-£100 decrease on bills could do for your savings.
Build Your Income
This is probably the best and most powerful option. If you aren’t saving enough then you probably aren’t making enough! Can you offer your skills as a service? Sites like Fiverr and Upwork have made this easier than ever. Simply create some freelance profiles on these sites and start selling!
There are plenty of other ways to increase your income. Part-time jobs are an option but the internet is an incredible invention and holds plenty of money making opportunities. Why not start blogging or vlogging!
Is your current savings sat away gathering dust? Or maybe it’s currently in a savings account that has dier interest rates. If you have a good level of cash already saved, investing could be a great idea.
You don’t have to turn to the stock market, although that is a great option. You can also invest in classic cars or even property if you have that ability. The stock market is almost always going to give you a better interest rate than a savings account in the long run. You could also consider buying a pre-made money making website on Flippa.
Those are some of the top ways you can save an extra £1000 or more a year! What are your saving tactics for the year? Hopefully this guide gives you some extra inspiration to achieve your money goals.