Wednesday, 17 August 2016

5 Tips for Saving Money


Money. That dreaded word. Working so hard, paying your bills and having what feels like a tiny amount left to spend for the month and still have some to save for the rainy day.

I myself definitely have a love hate relationship with spending and saving - I’m great at the saving part but also great at the spending part and sometimes it’s hard to know when to keep my wallet closed.


Like everybody, I want nice things but I’m always very aware of how much money is in both my bank and my savings account. I constantly hear things like ‘When are you going to spend it?’ or 'You can’t take it with you when you’re gone’ - how touching. But whether I want to save it for a holiday, a bag or adult things like a new dishwasher, I just like having it there.

So, today I’m going to share with you my top saving tips that will help with your money habits and give you a little insight into what I like to do to help manage my money.

1. Know Your Budget

At the beginning of each month, I fill out a budget spreadsheet kindly created by my dear friend Bethan. I add in all of my outgoings for that month and it deducts them from my salary - clever little spreadsheet. That way then as the month goes on, I can see where I need to cut back and then by the time payday hits, I know exactly how much money I have left over to spend.

2. Live Within Your Means

Following on from the first point, it's so important to live within the budget you have. By this I mean don't plan a major shopping spree when you know you have £100 to last you for two weeks. Side note - If you have a credit card PLEASE don't use it like a debit card (I have been so guilty of this in the past!). In the end, you have a huge balance - probably with added interest - that you'll then have to factor into your budget for the next months. Vicious cycle, spend wisely.

3. Save Your Change

When I was younger I never really cared about change and just put it aside. Now, I put all of my change into one of those money pots that counts it as you go and by the time I next go on holiday, I have enough to pay for the taxi to the airport. This is definitely something I would recommend doing.

4. Set Up A Savings Account

This may sound like common sense but so many of my friends don't have savings accounts. ISAs are a great option if you have a long term goal. You can choose to not access it for a length of time and set up a direct debit - Think of the money you'd have after a year. Adulting like a pro! Alternatively, I choose to work out how much I can afford to save after my major outgoings and transfer it each month. I also make a note of my 'Days Since Withdrawal' because I know how difficult it is to not withdraw.

5. Set Goals

Following on from the above, it's so motivating to set goals. Whether it's a new bag or a deposit on an apartment it's so much easier to save when you have something to work towards. Before my trip to Las Vegas I worked so hard to save my money and it really paid off when I knew I could go on the trip money-worry free.

So there you have it. I hope you enjoyed this post and together we can conquer this whole adulting thing. If you have any savings tips, I'd love to hear them!

5 Tips For Saving Money

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15 comments

  1. I definitely need to take note of these tips!! Thank you :-) xo

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  2. This is such a helpful post, thanks so much for sharing this lovely x

    www.anacelinelabod.com

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    1. Thank you, I'm glad you found it helpful! X

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  3. Great post! So many people struggle to not overspend or save. This is awesome!

    S .x ramblingsofayoungprgirl.blogspot.com

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    1. Exactly!It's so difficult to find a balance - I don't feel you should work to just pay bills but then it's so important to have some money behind you! X

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  4. Live within your means is definitely a rule to live by. My personal mantra whenever I'm out shopping is deciding whether something I've picked up is a 'need' or a 'want' item. If it's just something I want then I have to force myself to walk away and see whether I forget about it or not. If I forget about it then it clearly wasn't that big a deal, and if I don't, I save for it.

    In theory... It doesn't always work for me. Oops! :-)

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    1. I always try to live within my means but it doesn't always work when I leave food shopping for 5 days on purpose haha! I've really started to have the 'need' 'want' debate with myself especially with online shopping. I add everything I want into my basket, leave it for a few hours and come back to hopefully condense it down! .. Doesn't always work though :') X

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  5. If I'm trying to watch the pennies I withdraw some actual money & leave my cards behind - that way you've literally only got what's in ur purse & you can't over spend!
    http://happywiseowl.com


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    1. That is such a good idea especially when heading on a shopping trip or a night out. I'm the type of person that withdraws money but still take two cards for back up just in case. Discipline is key and I'm definitely going to try this! X

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  6. As a big saver myself, I'm always advocating making saving your money automatic by standing order - so that it your savings come out at the same time as bills, etc. It's harder to spend what's not there! I definitely know what you mean about 'just having it there' though, it's comforting!

    Marc x
    http://marcandrew.co.uk/

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    1. Exactly, I make sure I put my savings away before I've even managed to touch it. Definitely a comfort blanket! X

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  7. Love posts on saving money :) I too save my change and I totally agree with living within your means! Great point! If you buy a bag and then you have to give up eating for a month, is it really worth it?!
    XO
    Jen
    Beautylifemom.com

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  8. These are some great tips that I need to keep in mind. I am so bad at saving money!

    http://www.eleaanormay.com

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    1. I'm definitely getting better as I get older. Set small goals, it helps in the first instance 🤓 X

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