Saving money isn’t always easy. Although we often start out with good intentions, our desire to save is often overridden by unexpected expenses, and a quest for convenience. When’s the last time that you decided that you would spend a little more and buy food at work just because you wanted to save time on packing a lunch at home, for instance?
The good news for those of you who struggle with saving is that you can start to change your relationship with money, and now’s the perfect time. The new year is just around the corner, which means that everyone is feeling a lot more confident about their ability to change. Here are some quick tips you can use to actually save more in 2020.
-
Don’t Auto-Renew Direct Debits
How many monthly bills do you have on your bank statement that you can’t totally define? One of those payments is your life insurance, another is pet insurance, another is your car tax and so on. Problems like this happen when we set up payments and leave them running on auto-pilot without thinking about them again. While for some expenses, like paying off your loans, a direct debit is a great idea, for others, it’s just an opportunity to waste more money.
Direct debits on auto-renew mean that you don’t check which providers can give you the best deal on things like your car insurance or your broadband. Every 6-12 months look at what you’re paying for each month and ask yourself whether it might be time to switch providers.
-
Change to a Sim-Only Phone
If you’re not tied into a contract with a phone provider already, then make sure that you don’t subject yourself to one unless you need to. While it’s tempting to opt for a contract phone when you want to get your hands on the latest phone, you can save a lot of money in the long-term by simply paying as you go for the money that you use.
See whether you can afford to buy a second-hand or refurbished version of the phone that you want online, then save yourself some serious cash in the long-term on the monthly repayments.
-
Change your Debts
Debts are something that most of us will have to deal with at some point during our lives. Even if you’re careful with your money, you might need to get a loan so you can afford things like a new car, or even education. However, if you’ve been dealing with the same loans for a while now, and the interest rates are piling up, then it could be a good time to switch your debts up.
Look into consolidating some of your loans into a different loan that has a lower interest rate. The less you have to pay on interest, the better off you’ll be in the long-term.
-
Update your Commute
One area that people often forget about when they’re looking to save money, is their morning commute. If you’re regularly getting to work by train, for instance, then you could find that buying a season ticket is the cheapest way to get around. If you haven’t already, you could ask your employer if they offer any discounts or pay-back options to help you afford getting to and from work on public transport too.
If you’re committing to work by car, then you could consider sharing the load with some of the colleagues that live closest to you. Carpooling with your colleagues isn’t just good for the environment, it saves everyone a fortune on fuel too. Remember, on those warm days when you don’t mind getting outdoors, you can always try walking or cycling to work too.
-
Use more Discounts
Make the most of the discounts! That’s what they’re there for. Don’t just shop around for the best price when you’re looking for a chance to save money on a new television or a piece of furniture, think about how you can save cash on your everyday expenses this way too. You could check for discounts on your food shopping by going to the grocery store’s website before you go and visit the aisles in person for instance.
While you’re at it, consider looking for items that are available for a discount that you can buy now and use later. We’re not just talking about food that you can freeze either, but Christmas gifts that you can put away for the future and birthday presents too!
