You can start to cut back right now.
Reducing spend and cutting cost could create some serious opportunities for you to start doing the things you want in life with the budget that you have. You might think that there is no room for manoeuvre in the income that you have but that’s never entirely the case. If you want to save money then there are some simple ways to do it which will reduce your reliance on short term lending, bad credit loans or have you looking for guarantor loans.
- Pay your bills on time
If you want to seriously waste your money then just ignore those red letters as they land on the doorstep. Missing payments and avoiding bill deadlines provide a fast track to wasting money. Fees and charges alone can leave your funds seriously depleted and that unpredictable spending can mess up all future budgets. So, start as you mean to go on with bills that are paid as they come in – set up a direct debit or a reminder in your calendar but make sure the deadlines are met.
- Borrow and share
Buying new from a store isn’t the only option if you need a new dress or you’re looking for a power tool for a single job. Thanks to apps and websites there are now many different ways in which you can get what you need without having to pay a full, new price. For example, if you need an outfit for a one off event you can save money by renting from a site like Girl Meets Dress. You could borrow from a neighbour or – for something like kid’s clothes or furniture – local trading sites or car boot sales could help you to save big.
- Plan all your food in advance
Have you ever noticed that if you go hungry to the supermarket your bills are much higher? Spontaneous food shopping can blow a serious hole in any budget and you may end up with products you didn’t really want. If you’re keen to start saving cash then begin with an essential like food. Plan everything in advance, cost it up and work out whether you’ll have leftovers for the next day. Hit the supermarket with a very specific list and don’t buy anything that’s not on there.
- Switch to cycling
Transport costs are pretty high these days, whether you’re commuting by car or you’re taking the train. Cycling is a great option if you want to save money – and it also gives you the opportunity to get fit at the same time. You can pick up a bike for next to nothing if you avoid the top of the range racers. Get some safety gear so that you can be seen in the dark and then start saving every time you commute.
- Don’t impulse buy
Impulse buying is one of the fastest ways to waste money. So, introduce a new rule that you wait to make a purchase until you’re sure about it. You could make that waiting period 24 hours or you could make it a month. The pause for thought that you’ll give yourself by making yourself wait could allow you to realise that you didn’t really need that impulse purchase, saving you that wasted cash.