How to save money this year

Whether you start today or tomorrow, deciding to save money is never going to be a decision which you later regret. As UK consumers it is believed that as little as 30% of us commit to a regular and monthly based saving scheme. When planning for secure futures of any nature or manner, it is only sensible to ensure that an effective and relatively adequate savings plan is part of this plan. Often when it comes to planning our finances our commitment to savings will be the first element to be cut, should we wish to increase the amount we deem as spare each month. Whilst there are undoubtedly times when allocating an amount to savings is simply not possible, say when for example an emergency bill presents itself, it all other instances prioritising savings will only ever produce dividends in our futures. Where many of us struggle to save lays in the simple fact that proper and pre-planned savings simply never takes place and this then results in an ability to ‘do’ the things we wish either now or in the future. With all of this in mind, today, we will look at some sure-fire ways to save money starting right now.

Primarily, it’s important to face the reality of your current financial circumstances. This means getting to grips with your existing finances and in particular this means your current debt levels. Whether existing loans, credit cards or store cards for example, the point here is that reducing your debts must be your first port-of-call. Many UK consumers continue to pay so-called ‘minimum payments’ towards the likes of credit cards and store cards and are completely unaware of when the resource will be repaid as a result. In many cases only paying the minimum monthly repayment can result in the source of credit taking many years to repay. Instead contact each supplier and discuss your desire to reduce the total amount outstanding ask what monthly payment would be recommended to do so. In many instances it may be that only a small adjust needs to be made to achieve this and the action of doing so will considerably reduce the period of repayment as a whole. 

Whilst considering your budget, monthly expenses, such as your existing credit as discussed above, it is next important to consider if now is the time to switch up your bank account. Many consumers stick with their original bank all of their adult lives and in doing so may be missing out on great money saving opportunities. Whilst changing your bank account can appear an inconvenience, modern day services designed to assist with this, such as USwitch, can help ensure this is a simple and easy process. The reason why it may be worthwhile changing accounts is actually very simple; changing your account can result in you earning money for doing so. Recently HSBC offered £200.00 for switching to their current account and they are not the only bank to offer this type of promotion on a regular basis. The best piece of advice here is to research what is available and then make an informed decision regarding which new account could be best suited to your needs.

Next up once your budget and current account has been fully addressed and tackled accordingly to make savings, why not consider your current and future spending habits. In our internet driven world there are plenty of methods of saving money each and every day. First up if you are considering joining a gym perhaps you shouldn’t. There are several resources online which allow you to join a gym without agreeing to a minimum monthly contract. One such example is payasugym.com which gives you options for your local area based on providing a postcode. This allows you gym access without having to make a pre-agreed period of financial commitment. Your gym membership is not the only on-going cost which could be easily reduced, there are lots of Smart phone enabled applications which can prompt money saving opportunities or cashback offers for any and every purchase you make. Using either the iTunes or Android Store will open your eyes to a host of such applications easily and with little fuss.

For more useful information concerning ways you can save money starting today please refer to a recent discussion on the Telegraph website. Listing 22 pointers in total, each one has its uses in most UK households and all require very little effort to start using right now. 

 

Warning: Late repayment can cause you serious money problems - For help, go to moneyadviceservice.org.uk

This article is not intended to contain information about, or advertise, products offered by us but is intended to contain information, give opinions or discuss generally available products/services.

Author: Internal Customer Services Agent

 

 

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