We all wish we had more saved away, don’t we? Sadly, the younger generations are having a harder time saving money than previous generations. We’re living in consumer culture where people are spending willynilly and not thinking of tomorrow. Fortunately, for those of you prepared to make a few changes, there are some easy ways to save money regularly which we will detail in this post.
1) Always Compare Insurance Renewals
One of the simplest ways to save money is by using compare websites to ensure you’re getting the best deals available. Through laziness or absentmindedness, millions of people let their renewals for things like car insurance auto-renewal. The truth is it’s almost always better to switch as renewal prices are never massively better than the previous year. To avoid them auto-renewing, we recommend you take note of when your renewal is due and setting reminders on your phone. This will ensure you have a few weeks in advance to look around and find a cheaper deal.
2] Budget Properly
Budgeting the right way isn’t just about setting it up once and forgetting about it. Things like fuel and food vary month to month so you need to budget properly. The only way to do this correctly is to use spreadsheet software like Excel. This is not a new innovation exclusively for accountants. Lots of industries, you can find hotel, shopkeeper and even poker excel templates online.
3] Limit Takeaways
I challenge you to calculate the average price of a meal when cooked at home and compare to your normal takeaway. The difference is almost certainly large, particularly if you extrapolate over the course of a year. One of the biggest ways to save money is to limit the number of takeaways you have. It may taste a little nicer and convenient but it’s bad for your health and takeaway apps are expensive.
4] Setup a Bank Account and Standing Order
Finally, we come to a new bank account standing order. An easy way to save money is to just have a standing order every month that pays a separate account. The key is that it must be a new bank account with a different bank. Again, it’s wise to compare bank accounts before opening as you may be able to get extra perks like better interest. By doing this you will have money going elsewhere that you should just forget about.
This money should be captured in your budget as you won’t ever have reason to touch it needlessly. After a year or two you can check this other account and be surprised how much you’ve saved. I’ve heard stories of people doing this and able to fund holidays as a result, it’s a neat way to save and best of all – effective.