In this article, we will look at brilliant money-saving tips.
As everyone knows, nowadays it is tough to save money and generate a budget for any fun activities such as going out with family or friends.
This article will provide you with some brilliant hints and tips for reducing your expenditure so that you can have more money in the future.
Let’s get started.
Top 10 Brilliant Money-Saving Tips
Here is a list of the top 10 brilliant money-saving tips:
1. Automate your savings with an app
These days, many apps aim to help you save money. One of these apps is called Qapital, and it allows you to set rules so that every time you do something, say go shopping or purchase a coffee, the app rounds up the cost and transfers this amount into your savings account.
This works well because people will often spend money without realizing it, which will help you save money. The app also allows you to transfer sums of money regularly, which is part of the budgeting process.
2. Create a budget
One of the brilliant money-saving tips that have been around for a long time is to create a budget. One of the best ways to do this is by using an excel spreadsheet.
The key thing about budgeting is that it allows you to see where your money goes each month and helps you make sure that there is no excess spending on any item.
Here is how to start a budget:
- Track all your finances for 30 days. You can do this on excel, or you can use your online banking. You will need to know how much money you make each month, your bills, and any other expenses you incur.
- Work out how much income you have left over after all these expenses (your surplus)
- Create two new columns on the spreadsheet. The first column is for your bills, and the second one is for your excess income.
- Once you have this information, allocate the excess money to each category as below:
- If there isn’t enough money left over after bills and savings (an emergency fund), consider how much less you could spend on things like entertainment or eating out.
3. Automate payments for bills
If you have a steady salary, it is a good idea to automate your bills and payments. If you miss one of the payments, there will be late fees and penalties, which could end up with you losing thousands of pounds of interest.
It is possible to set up all of your regular automatic payments on most online banking sites. You can also get texts to let you know when payments are due.
4. Sell unwanted items
If you have many items in your house that are going unused, it is a good idea to sell them in a car boot sale or on a popular online marketplace. This will allow you to make some quick cash and also declutter your home.
Make sure when doing this that you take high-quality photos and write descriptions for them. This will make all the difference for potential buyers.
5. Purchase in bulk
If you want to save money on consumable items, buying in bulk is usually a good idea. This is because manufacturers know buyers want to get the best value for their money, so they offer large packs which are more economical.
However, if you will not finish or use all of your items before they expire, sell them for profit. Not only will this help you make some money, but it will also help the planet by reducing the amount of waste used.
6. Use cash instead of a card
Another brilliant money-saving tip is to use cash instead of your credit/debit cards. If you want to watch your spending, carrying around wads of money is the best way to do so because this will stop you from overspending and racking up interest on purchases.
7. Put a spending limit on your card
We all know the feeling of getting the post and finding that we have received a new credit card or high spending limit. While this can seem like good news, it usually ends up with people blowing their budget because they are unaware of their spending.
A brilliant way to curb your spending is by limiting how much you can spend on your card and recording this amount in the notes section. This will not only help you to stop overspending, but it will also give you a reality check when you see how much you have been spending each month.
8. Do something productive instead of shopping
One of the best ways to save money is to do something productive with your downtime instead of spending money. You can use this free time for several things, such as starting up a small business, writing an eBook, or even learning how to garden or build model planes.
9 Share bills and expenses
If you live with flatmates or family members, splitting your bills and other expenses is reasonable. This is because it will make things a lot easier when working out what each person owes.
It is also possible to share any unused bills such as gas and electricity, but be sure that everyone agrees on this before doing so. If not, your bills will not go down by as much as they should, which could lead to a lot of fighting.
10. Don’t settle for what you have
Another brilliant money-saving tip is always to be open-minded about new opportunities that come your way, especially when it comes to job hunting or starting a small business. If something sounds too good to be true, it probably is, as people often use it to advantage others. However, if something seems reasonable and it will help you make money, then go for it!
These are only some brilliant money-saving tips you can save money, but there are hundreds more out there waiting to be discovered. So, keep an eye out for new bargains, and you might wonder where all your money went!