There could be a multitude of reasons why you need to save money. Maybe, you want to save towards a deposit for your first home, planning a dream vacation, or maybe you just want to get some extra capital behind you. Luckily, if you are feeling the need to tighten the purse strings, there is nearly always somewhere in your life where you can save money. Take a read through our guide on how to reduce your spending so you can save money for the things you truly want…all without giving up your weekly brunch obsession, avocado toast:
- Comb through your bank statement and cancel any unnecessary services
Sit down and really go through your bank statement. Are you paying out any direct debits or standing orders towards services that you don’t really use? Do you have an expensive gym membership for instance or do you maybe make monthly payments for a photo editing app you barely use? Really consider everything that goes out of your account to understand if it is truly essential, if not, cancel the payment and put the money that you usually spend on things that aren’t necessary into a savings account each month.
- See if you can share any services with friends/family e.g. Netflix
You could save yourself some money by sharing services with friends or family. Streaming services such as Netflix for instance, only require you to sign into an account so they can be quite easily shared. Whilst we are on the subject of pooling resources, why not read our guide to the best budgeting apps for couples and see if we can help you save money together.
Don’t forget, you can also share Amazon Prime with someone!
- Consider consolidating your loan repayments into one manageable debt plan
If you have a few different loans or credit cards, why not consolidate them all into one loan? Doing so can often save you money in the long run as monthly repayments are often cheaper and it can also help you pay debts off quicker. Of course, consolidating debt works better if you commit to not picking up more debt.
Have a look at some plans and see if debt consolidation might be an option for you.
- Check if you are in surplus with any suppliers and request a rebate
Utility bills such as gas or electricity often build up a surplus of credit without us really knowing, especially when you pay by monthly direct debit. It’s easy to just keep on paying every month and never really check the bills. Take a look at yours and if you are in credit contact your supplier for a rebate. They will often cut your monthly payments too if you are consistently overpaying.
- Always get alternative quotes when any contract is coming up for renewal
Make a habit of really questioning every contract that comes up for renewal. Consider whether you actually need to renew or if you could cancel the service. You should also question the price. Often providers will offer a discount if you call them up and try and negotiate. If it is the key to signing you up for another year, they will usually cut the price.
How do you go about saving money? Let us know in the comments below!