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Saving money is something that is important to everyone. Whether you are trying to save for a rainy day or you are trying to get out of debt, learning how to save money is key. In this guide, we will give you Money Saving Tips that will help you reduce your expenses and save more money each month.
Make a Budget
Another great Money Saving Tip is to make a budget and stick to it. When you have a budget, you will know exactly where your money is going and how much you can afford to spend. This will help you curb your spending and save more money each month.
You can use free tools like Google Sheets to setup a monthly expense spreadsheet to get a clear view, check out these free templates for budgeting your finances.
Split Up Your Salary Using Monzo Pots
If you have a Monzo account, you can use their ‘pots’ feature to help you save money. This is a great Money Saving Tip if you struggle to save because it allows you to automatically split up your salary into different ‘pots’ for different expenses.
For example, you could have a pot for rent, a pot for food shopping and a pot for savings. This Money Saving Tip will help you make sure that you always have enough money to cover your essential expenses while also saving money each month.
Save 10% of Your Wages
As a good rule of thumb saving 10% for yourself each month from your salary (Checkout The Richest Man in Babylon), whether that’s into a savings account, investments or even just paying off debt.
This Money Saving Tip will help you to make sure that you always have some money set aside each month so that you can cover unexpected expenses or save for something specific. This was a great tip shared with me to help start saving for a property.
Use Discount Websites for Shopping
The are loads of great websites out there that offer discounts and vouchers for all your favourite stores, including Amazon, ASOS, Missguided and more. Be sure to check them before you make any online purchases, as you could save yourself a lot of money!
You can also check out the below sites to save money when shopping:
- Ali Express – Same products that are sold on Amazon for a fraction of the price, you just have to wait longer for delivery as products come straight from China.
- Top Cash Back – You can enter a brand into their site and see if they offer any discounts, this will get added to your account which you can withdraw as cash later.
- Gumtree / Freecycle / Freegle – You can find loads of free items that people are throwing out, Freecycle has loads of local groups in the UK which will email you with new items.
- Groupon & Wowcher – Both great sites to find cheap days out and also for discounted shopping items.
- Honey Extension – A great extension for your browser to get up to date coupons, we have saved £1000’s with this plugin, they also allow you to collect gold and redeem vouchers to shop with.
- Ebay, Vinted & Shpock – All great sites/apps to get second-hand clothes and also a great way to help the environment by reducing waste.
- British Heart Foundation – This is one of the best charity shops for all items such as furniture, clothing, gifts and much more with your money going to a great cause.
- CEX – A great second-hand electronics shop in the UK, we buy loads of old PS2 games from here.
Sell Old & Unused Items Online
We all have stuff lying around the house that we never use, so why not make some money out of it by selling it online. This is a great way to declutter your home and make some extra cash.
- Ebay – A popular website for selling items online, you can sell pretty much anything on here.
- Preloved – Another great site for selling second-hand items, from clothes to furniture and everything in between.
- Facebook Marketplace – You can also sell items on Facebook, this is a great way to reach local people who are looking for what you’re selling.
- Gumtree – This site is more focused on the UK, loads of great local listings for second-hand items.
Get Rid of Unnecessary Expenses
Take a look at your monthly expenses and see what you can cut out. Do you really need that gym membership? Is that expensive cable TV package necessary? Could you switch to a cheaper phone contract? There are lots of small ways that you can save money each month, and it all adds up!
Check the Supermarket’s Reduced Aisle
This Money Saving Tip comes from many broke months living as a student! Whenever we went shopping, we always checked the reduced aisle in the supermarket first to see if there are any bargains to be had. You can often find some great food that’s about to go out of date which is perfect if you’re planning on eating it soon anyway.
Holland and Barrett often do a ‘one penny sale’ where you can get selected items for just one penny! This is a great way to stock up on your favourite supplements or healthy snacks. Be sure to check their website or in-store for when their next sale is happening.
Don’t Go Outside LOL
One of the best Money Saving Tips is to stay home. When you go out, you are more likely to spend money on things that you don’t need. If you can learn to entertain yourself at home, you will save a lot of money each month.
Maybe start a hobby such as art, painting and drawing are great to learn on a budget. You also look at getting into sports like football to help keep you fit and healthy as well as having fun for almost nothing. If you live in London it feels like you step outside and lose £20 for breathing the air LOL!
Stop Buying Coffee Every Day
If you’re buying coffee every day, it’s time to cut back. Make coffee at home and take it with you in a flask, or invest in a reusable cup that you can use when you need to buy coffee on the go. You’ll save money and help the environment too!
Use 0% Balance Transfers
Using 0% balance transfers is a great way to save money, if you can get 0% for 12 months or more, you can transfer your balance from one card to another and save money on the interest payments.
Move to a Cheaper Location
This one isn’t for everyone, but if you’re willing to move to a cheaper area then it can save you a lot of money which is easier said than done. Places like London can be extremely expensive, it may be cheaper to rent on the outskirts and commute.
Rent Out a Room
If you have an extra room in your house or apartment, why not rent it out? This is a great way to make some extra cash and meet new people. You could also look at using Airbnb to make some extra cash on the side.
Downsize Your Home
If you have a large home that you can’t afford, Downsizing is a great option. You can sell your current home and buy a smaller one, or even rent an apartment.
We hope this guide has helped you learn some new Money Saving Tips. Do you have any other tips on how to save money? Let us know in the comments. You can also follow us on Facebook and Twitter for more tips and tricks on how to save money. Thank you for reading!