Want to survive until payday for the rest of January? Here are five top tips to save money from a savings expert.
Lucinda O’Brien, savings expert at financial comparison website money.co.uk, said: “As much as we may try to put it to the back of our minds, money is something that can be a major source of stress, especially in the current economic climate.
“However, sticking to a budget in order to consistently save money could be a lot easier than you think.”
It’s not too late to start New Year’s resolutions, so Lucinda gave these top five tips:
- Get cash savvy – withdraw the same amount of cash you use for weekly spending at the beginning of each week and leave your debit card at home (or deactivate google/apple pay if you use that). This will help you avoid making unnecessary purchases.
- Open up about your goals – sharing financial goals with friends or family can help you stay on track with your savings journey.
- Kick the bad habits – try combining your new year’s resolutions to your effort; for example, if you wanted to quit swearing then make a swear jar.
- Try a no-spend weekend – try finding less expensive ways to spend your time like free museum trips, going hiking, or having a games night.
- Switch up to discounted items – be savvy when shopping and keep a keen eye for discounted or reduced items when doing your weekly shopping, for example give ‘wonky’ vegetables a chance.
Lucinda said: “When building yourself a savings plan, the first thing to consider is what this money will be going towards. If it is for a first-time house deposit or retirement, then opening a Lifetime ISA is a good option to consider.
“The 50-30-20 saving method can also be useful. This method involves allocating 50% of your monthly salary to needs (housing, food, bills), 30% to wants (gifts, dinners out, socialising), and 20% to your savings.”
