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Top 3 financial savings tips

15th October 2021 Print

Are you struggling to save money? Do you find yourself getting to the end of the financial month without any left-over cash? Fear not, there are plenty of things you can do to make sure you have some savings before your next payday. Read on to see our top three financial saving tips, so you can manage your cash when you need it most.

Don’t Bite Off More Than Your Can Chew

Although it may seem obvious, spending more than you earn is a trap that many individuals fall into. Make sure you know your earnings, weighing up your income and outgoings per month and establish a financial plan based upon this. No matter how little you are paid, avoid spending more than your monthly income. This may involve cost-cutting to some degree, which can be easily implemented if you play the game right. Big sacrifices aren’t always essential either. Many people have direct debits going out on a monthly basis that they simply don’t need. Review your bank statement and see where you are spending unnecessarily. A great way to stay on top of this is checking your monthly statement regularly. Do you really need that subscription to that app you haven’t use d in 6 months? Cancel all the unnecessary and stick to the essentials to watch your savings grow. 

Compare, Compare, Compare

Using price comparison websites can allow you to save hundreds of pounds. Whether you are looking to buy insurance, a broadband package, or credit cards, make sure the rates are right for you. Many individuals who are struggling financially also take out payday loans in the UK. The same goes here. If you are looking to borrow money online, there are various direct lenders who offer more reasonable rates. It’s all about research. Spend some time comparing rates and save a lot of money in the long term.  

Bulk Buy When Possible

Buying in bulk is an excellent way of saving cash. When you find yourself short on cash, think to yourself, how can I buy my essentials at a reduced rate? Whether it is BOGOF offers, or simply buying your dried goods in bulk online, bulk buying is a sure-fire way of saving cash., If you aren’t particularly internet savvy, there are also many supermarkets who offer bulk buy deals. Try and stick to the larger stores as the smaller franchise owned supermarkets often charge a higher rate for the same products. Additionally, many supermarkets offer club card or point-based options, where you can earn as your buy, resulting in big savings over a monthly period. 

Browse online and find out who the best and worst supermarkets are when it comes to price, and you can shop like a boss.

By following these steps, you can begin to watch your money pot grow, but always ensure you set any money you are able to save aside. The temptation is often to spend away, but if you want to benefit from these techniques, put your cash into a locked account and watch it develop.