It’s always a good idea to try and cut back some costs where you can. To give you a hand, we’ve put together our top tips to help you save money!
Tip One – Decide a budget and stick to it
A top tip to avoid overspending is to create a budget. A budget helps you to visualise all of your outgoings so you can work out where the savings can be made. If you need help creating a budget, download our monthly budget planner here.
Tip Two – Set up a savings account
If you keep all of your money together, it’s much harder to resist spending your savings. Setting up a savings account is easy to do and will make it much easier to save. Look online to find out which savings account will be most beneficial for you. You can also usually set up a standing order from your current account to your savings account to make sure you save the amount you need every month.
Tip Three – Ditch the bad habits
There are not only health benefits for stopping certain habits, such as smoking, but financial benefits too! The Mirror found that someone who smokes 20 cigarettes a day, at a cost of £9.60 a pack is spending £3,494.40 a year on smoking. Why not try to cut the cigarettes and put £3,494.40 towards your savings?
Tip Four – Shop around
It’s hard to know if a deal you have been offered is the best one for you without comparing it. Before you sign up for a new deal or make a purchase, use a comparison website. Comparison websites can compare a range of products and prices so you can check you’re getting the best deal. If you are looking for finance, use a broker like Freedom Finance. They can compare deals from a range of lenders to suit your individual circumstances.
Tip Five – Switch your Mortgage
If you’re a homeowner, it’s worth checking whether you are eligible to switch your mortgage to a lower rate. It’s helpful to use a finance broker like Freedom Mortgages, who can compare multiple lenders to help find the best rate for you based on your circumstances. A lower rate could mean lower monthly payments. If you are considering switching, speak to one of our fully qualified mortgage advisors at Freedom Mortgages.
Tip Six – Try DIY
Is a friend’s Birthday coming up soon? Rather than breaking the bank to buy them a present, why not make them a gift yourself? Sometimes a homemade present can be much more meaningful. If you’re looking for something easy and cost effective, you could create a scrapbook of your memories together.
Tip Seven – Consolidate your debts
If you have multiple debts to different lenders you could consider consolidating your debts. Debt consolidation can lead to savings if the rate you are offered is lower than your current rates. To find out more about debt consolidation, visit: Debt Consolidation Loans.
Tip Eight – Try home workouts
Losing weight and getting fit is a great idea, but gyms can often be expensive. To save on your gym membership, why not try to work out at home? The NHS has a great choice of home workouts.
The above post does not constitute as financial advice and is intended to be informative.
Think carefully before securing other debts against your home. your home may be repossessed if you do not keep up repayments on your mortgage.