Ways To Save Money

With the cost of living going up everyday and inflation on prices just being normal. It can be a struggle to figure out how to pay for things and sometimes you need to save money in order to provide for your family and yourself. I thought I'd share some tips on ways you can save money this summer. 

1. Budget

This is pretty obvious but budgeting is honestly key when it comes to saving money. Sometimes you may think that because you have money in the bank right now, you can spend it here and there but the truth is by the end of the month you find yourself short every time. Budgeting is really important for this as it makes you realise all your incomings and outgoings. Make a list of all your important outgoings like rent, utility bills, phone bills and roughly how much you spend on groceries. Next work out how much you get paid every month, it doesn't have to be the exact amount but an average of how much you get. Now take away the total amount of what you would spend on the important things and whatever is left over is what you have to spend on miscellaneous things each month. However, I have another tip that will help with these miscellaneous things. 

2. Have a savings account

One of the biggest ways to save money is to put money in a savings account because it means your money is kept safe and you're not going to easily spend it as most of the time it doesn't come with a card to use it with. Every month when I get paid, I take a significant amount and put it in my savings. I leave enough in my current account for bills and things but the rest is in my savings and honestly it feels good because it means I can budget around with what's in my current account and I know I have savings as a backup. Sometimes towards the end of the month I will dip into the savings but knowing it's there in case of an emergency is a nice feeling. Plus a huge recommendation is to keep the majority of your money in a savings account rather than your current account because in the worst case scenario that someone steals your bank card then can do a lot of damage especially with contactless payments and you'll be putting the money in your current account at risk. The safest place to put the majority of your money is in a savings account because it makes it harder for anyone else to access it so it's well protected. Trying to have more in your savings than in your current account just to be on the safe side. 

3. Online banking

I know the internet can be a very scary place. However, most banks are aware of how scary the internet is and that's why they've put in security measures to make sure when you use online banking that your money is secure. They have two step verifications whenever you log on in the form of your username and password plus your memorable word that only you know. Plus with the added special characters and numbers to your passwords it makes it even harder for criminals to hack into your accounts. A lot of the time banks will notice if there is an unusual activity for example if you've signed into your online banking from a different device you'll be sent an email or a text message straight away asking if this was you. If it was then fine but if it's not then that's your sign to change your password as someone may be trying to sign in who shouldn't be. Also a big tip is to not use the same password for everything you do. I know it's very hard to remember all your passwords but just think about if someone had access to your email and password then think about how many other places they could log into if you've used the same ones. Using online banking means you have access to your bank accounts 24/7 so you can easily check your balance, statements and as well as make payments. It's so convenient and it's a nice easy way to access your money. It can also save you a trip to the bank if it's too far away from where you live. You may be sick of people telling you to use online and mobile banking but it's becoming the new normal now especially with branches closing all the time. You may as well get used to it. Plus it is so easy to create a savings account through your banking. You don't need to do much if you're already signed into your current account. I would highly recommend doing online or mobile banking as it's a great way to manage your money. If you don't believe me or the bank that it's a good idea. Ask someone you know whether it's a family member or friend if they do online banking. Sometimes knowing other people are doing it and have had no problems can be a reassurance in itself. 

4. Go through your online subscriptions on a monthly basis

It may be convenient having subscriptions like Netflix, Spotify, YouTube premium etc. Yet you must ask yourself if you can actually afford them and how often you use them on a weekly basis. The more subscriptions you have means it puts a big dent into your outgoings and sometimes that money could have gone to somewhere useful like food. Make a tally chart for yourself of all your subscriptions at the beginning of the month and mark down whenever you use that particular subscription. If you find yourself not using it as often then maybe it's time to consider cancelling. The beauty is you can always reactivate your subscription but sometimes you may want to have a bit extra money for the month and if you're not using that subscription much then maybe it's time to cancel it. 

5. Spend less of luxuries

It could be tempting to get the odd takeaway or eat out at a restaurant but these days they cost a lot and it makes you realise you could have used that money for a week of groceries. Of course I'm not saying you're not allowed to have the odd treat here and there but maybe try to indulge once or twice a month whether that's having a takeaway or going out for a meal. I know it's very sad to limit these luxuries because they are very convenient but just think about the money you'll be saving. Same with when you're going grocery shopping. It may be tempting to put the odd treat and branded items in your trolley but sometimes that eventually adds up when you get to the till and it makes you realise you could have bought something cheaper and got more for your money. Sometimes you need to tighten your purse strings and not spend so much on things that could be considered a luxury. It's sad but you'll thank me in the long run when you realise you've saved money from doing it. 

There we have it. Those are my five ways on how to save money. Let me know if you have any money saving tips in the comments below, I would love to hear them. 

Thank you for reading my blog and I'll be back tomorrow with another post.

Megan x 

*This is not a sponsored post* 

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