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5 tips on making and saving more money in 2018

25th February 2018 Print

Money – we could all do with a bit more of it and could all do with using what we’ve got a little better. Yet, that’s easier said than done, right? Well, maybe not. Here are five top tips on making and saving more money that you should take on board for 2018:

Have a clear goal

Without a clear idea of what you’re saving for, your efforts are likely to drift along aimlessly. Set yourself a clear savings target for 2018 (you can then break this down into monthly or weekly figures if you wish) and inject a sense of purpose into your efforts. Have you just spent the gloomy post-Christmas days and weeks jealously poring over your friend’s fantastic holiday pictures? Start now, price up your own dream adventure and set that as your 2018 goal. Whether it’s a holiday, car, kitchen or new house you’ll feel much more motivated if you’re working towards a clear target.

Time to invest

Don’t just put your money into a savings account either. With inflation higher than the meagre interest rates offered by the majority of accounts, you’re actually – in real terms at least – losing money by letting it linger in a savings account. It’s time to search for ways to make more from your money. You shouldn’t launch into an investment without doing your homework – you’d need to fully research the London commodities market, for example, before you had the confidence to invest (and make) money in this. Still, with a wealth of online resources at your fingertips, there’s no excuse in not spending time looking into a form of investment that you’re comfortable with.

Kick the habit

We’ve all got our expensive habits. Whether it’s a takeaway cup of coffee, a magazine subscription, cinema tickets or anything else, spending money regularly on things like this can really add up over the course of 12 months (a £4 coffee a week adds up to more than £200 a year). Maybe you were one of the three million-plus people who signed up for Dry January? Why not keep up the good work and cut all – or some – of the booze to save some money? Take a look at what you’ve spent in the last few months by going through your bank statements. There’s bound to be something you could cut down on. Every pound you save could go straight towards your savings goal.

Make more in your spare time

These things should help you to save more – and stretch your savings further – but how about making some more money in the first place? Technology makes it simpler than ever to make a tidy sum of money outside of work for little effort. By choosing to rent out a spare room or a car parking space, for example, you can earn some cash to top up your salary by putting an empty driveway or bedroom to better use. You also have the option of selling things you no longer need or maybe even selling a skill using an online platform.

Earn a promotion…or ask for a pay rise

When was the last time you had a pay rise? Many workers have beavered away with little or no increase in their salary in recent years. While you might well not want to rock the boat, you shouldn’t be afraid of asking for more pay. Even a modest increase could make a big difference to your lifestyle over time and everyone should have the chance to ask (possibly during an annual performance review). 

Also, make 2018 the year when you put in that little bit extra effort and earn yourself a promotion. Sit down with your boss and ask for a clear set of goals to work towards to earn yourself a new role. Doing this can give you the challenge you need to breathe new life into your working life – at the same time as lifting your salary. If neither option is open to you, maybe that’s a good sign to consider a new role in 2018. Getting stuck in a job is bad for your bank balance and your sense of wellbeing.

By earning more in and out of work, investing smartly, cutting out bad habits and working towards clear goals you’ll be making and saving more in 2018 and feel a big benefit over the next 12 months.