We all want to save more and spend less but doing that isn’t as easy as it sounds.
No matter what kind of life you lead, there’s a good chance that you’ve encountered numerous occasions when your finances have simply gotten on top of you. After all, we all have regular bills to pay and unexpected expenses to contend with. The good news is that you don’t have to resign yourself to a life of constantly struggling to make ends meet.
If you want to start saving more money today, we have a few quick tips that should help you to reach your goals as painlessly as possible.
1. Approach Loans with Caution
Sometimes, you’re going to need a little extra help to pay for the things you need most in life. Unless you’re incredibly lucky and you happen to have the extra cash you need to pay for things like a university education or a new house outright, then you’re going to have to deal with a loan at some point during your life.
While loans can be an incredibly useful way to spread your spending out, it’s important to make sure that you choose the right one if you want to get exceptional results. Choosing the right loan and comparing the different options available on the market ensures that you don’t overspend on things like interest and extra fees.
2. Separate Spending and Saving Money
Having all your cash lumped together in the same area can make managing your budget more difficult. After all, it’s tough to tell yourself that you can’t afford something you really want when you can see your savings sitting in the background of your current account.
To improve your chances of sticking to your goals, try isolating your everyday spending money from your savings cash. You can always put savings into a specific account if you like, as some will come with slightly higher interest rates than standard current accounts. This could mean that you get more out of your money in the long term.
3. Always Check to See if You Can Spend Less
One particularly useful way to reduce the amount you spend each month is to commit to a mindset of constantly looking for a better deal. For instance, before you click through to the checkout stage of a website, remind yourself to look for any coupons or voucher codes that you can get online. On the other hand, if you’re shopping in person, check on Facebook and other social media sites for possible discounts. You can also sign up for membership cards if that means getting a discount.
Additionally, with monthly expenses like utility bills, broadband, and more, remember that you can always compare suppliers online to ensure that you’re getting the best deals. You’ll be surprised how much you can save by switching.
4. Build a Spending Buffer
Although we all generally start off with good intentions when it comes to saving money – sometimes life gets in the way. You might decide to take advantage of a sale so that you can get ahead of your holiday shopping, or you could suddenly remember that you have a birthday to buy for. That’s why it’s so important to build a buffer into your spending habits.
A buffer can also act as an emergency spending net that you can use when something unexpected happens in your day to day life. For instance, you can use that extra money to pay for a repair to a washing machine or a car so that you don’t have to use the savings that you might be holding for something specific, like a family holiday.
5. Manage Mindfulness
Finally, a great way to improve your spending habits is to look for ways to incorporate financial mindfulness into your day. When you wake up in the morning, spend some time visualising your goals, and thinking about what you want to accomplish with your budget. Ask yourself what life would look like if you had absolute financial freedom.
It sounds strange, but simply having the right attitude towards saving can help to make your budgeting lifestyle a lot easier. Pushing yourself to stop spending in certain areas of your life isn’t easy, and with a mindful approach, you can sometimes find the extra motivation you need to keep going when things get tough. A little bit of mindfulness and some positive visualization can take you a long way!