Amazing ways you can save a little more this month
|Published: 10th June 2021 21:27|
The tug of war between our savings and our spending is a constant struggle. And while most of us cling to the hope of reaching our savings goals, in reality, many of us battle to make it to the end of the month.
There’s something about the idea of saving for the future that just seems so out of reach for many people today, however, the more you learn about saving and ways you can put more money away the better position you’ll be in to preserve your financial future.
The battle between saving and spending doesn’t have to rage on! Read on for some amazing ways you can save a little more this month.
Consider a different way to save
Is the money you manage to put away each month sitting in a traditional savings account? If so, you could be missing out on potential interest and the opportunity to make your money work even harder for you. Individual savings accounts, like these ISAs available at Wealthify, allow you to save or invest up to £20K each year without having to pay tax on your contributions. The sign-up process is easy and you’ll be in better control of your money as you watch it grow. Making money on your savings has never been easier or more accessible.
Take a closer look at your debt
We all have some sort of debt, and it’s nothing to be ashamed of, whether it’s student loans, credit cards, store cards or even payday loans. However, it’s how we manage these debts that can really make a difference. When it comes to debt, it’s all too easy to stick our heads in the sand and pay it off little by little, but unfortunately, when high-interest rates come into play, you could end up paying back more than you initially borrowed.
Take a closer look at your debts and prioritise them. If consolidating your debts into one monthly payment is an option, then it’s also worth considering. And if you’re struggling to pay your debts, don’t panic – reach out to your credit provider and ask for help. The better control you have of your debts, the more money you’ll be able to save for the future.
Cut out those monthly subscriptions
Streaming services, online newspapers, magazines, even gym and club memberships - if you’re serious about saving for the future, consider cutting out as many of these monthly subscriptions as possible. It might only be a few coins here and there, but multiple subscriptions can quickly add up. We’re all guilty of having subscription services we don’t need!
Save money on food
The amount of money we spend on food and drink has sky-rocketed in recent years. Therefore keeping your food spends as low as possible can help you save money and have better control over your finances. Start by creating a weekly food menu – and sticking to it. Avoid heading to the supermarket without a list or a plan, as this can tempt you into making unnecessary purchases.
Saving a little more money each month is easy when you know-how. Consider these points above to get started.