January always seems like a very long month especially when it comes to money. It feels like you got paid a long time ago and you are wondering how your money will last until the January pay day. Well, we have some top tips below to help you save money.
Many people find it hard to save but having a pot of money set aside for emergencies is essential for your finances as well as your mental health.
According to MoneySuperMarket, an average of 15% more money was saved in 2021 compared to the previous year. Our tips below can help you achieve this in 2022.
Take a look at your utility bills
Many of us don’t take the time to shop around for a better deal when it comes to gas and electric bills, car insurance and mobile phone contracts. Do this could help you save money straight away.
Switching your bank account
There are some deals on the market that encourage the public to switch their bank account and some banks will pay you to do this! For example, Nationwide are offering £125 for existing customers or £100 for new customers to move to their FlexDirect account.
Evaluate your spending habits
Take the time to evaluate your spending habits and cancel unnecessary commitments such as streaming services like Netflix or Amazon Prime if you don’t need them anymore. Some providers may even offer you a cheaper deal if they know you want to cancel your subscription.
Transfer your debt to a 0% deal
Switch your credit card debt with a 0% balance-transfer deal. This can help save money because they won’t charge you any interest on your transferred credit card debt for a certain period of time.
Start a side hustle
Start a side hustle that can earn you a bit of income on the side. This needs to fit comfortably into your daily life and might consist of online surveys, or tutoring.
Try a low-spend week or month
During this week or month, you only spend on the essentials ruling out things such as takeaways, coffees or drinks with friends. The easiest way to monitor this is to set up a budget to see exactly where your money is spent.
Cut back on your grocery spend
Maybe swap to a budget supermarket, or simply write a list and have a meal plan. This will mean you spend less when you shop in store. Cooking in bulk can also help save money and time in the long run.
Hit the charity shops
Donations to charity shops during the pandemic has increased dramatically as people had the time to sort through their wardrobes. This means there are plenty of bargains to be had.
For high-end bargains, charity shops in Chelsea in London, Alderley Edge in Cheshire, Bath, Oxford and St Andrews in Scotland are the places to go. The online version for this would be the shopping app Depop.
Try a free night out
Free nights out do exist, you just need to find the right mailing lists. You can find tickets for The Graham Norton Show, Live at the Apollo etc through SRO. The BBC has a mailing list offering free concerts all around the UK as well.
Quit bad habits
Smoking is the first bad habit to quit because not only is it bad for your health, it also isn’t great for your wallet either. A ten-a-day smoking habit can easily cost you £1,825 a year. Over 30 years that is almost £55,000. Cutting down on alcohol consumption can also save money. Cutting out two glasses of wine or pints of beer at the pub a week, costing £4.50 could save you £469 a year.
If you would like to speak to us to get more advice on how to save money for your future, then please get in touch.