The increasing cost of living in the UK doesn’t seem to be going away anytime soon. People are
desperate to find ways they can save money for several different reasons.
Whether you’re hoping to go on a family holiday next year or you’re trying to save for a mortgage
deposit and build your credit history while renting, our handy guide will outline some of the best
saving methods.
Cancel subscriptions
It’s good to get into the habit of knowing exactly where your money is going every month. Take
some time out to go through your bank statements and cancel any unnecessary subscriptions that
you no longer need or use.
Do you only watch Netflix once a week? Have you cut down your shopping habits and now no longer
need your Amazon Prime subscription? Don’t pay for services you’re not getting the most out of –
instead, be strict with yourself and you’ll be sure to save some extra cash.
Start a side hustle
Perhaps you could look at ways to make some additional money on top of your monthly income.
Side hustles are becoming incredibly popular, especially with everyone needing some extra support
as people start to tighten their belts.
There are a number of ways to create a second income. You could sell your old clothing, pick up
some freelance work, become an online coach or make products you can sell online – the list is
endless!
Have a low-spend week/month
If you’re looking to save more money quickly, consider having a low-spend week or month to build
up your savings or emergency fund.
Challenge yourself to only spend money on the essentials, cutting out takeaways, coffees and meals
out with friends. Picking a month like January to do this is a great idea, as many people are still
feeling the effects of Christmas and the expensive celebrations.
Goals are key
Setting yourself a savings goal is crucial, ensuring you have something in place that you can work
towards. Start to think of what it is you’re saving for and work out how you’d like to get there.
Having both short-term and long-term goals is important. Setting small, achievable goals means
you’re more likely to reach them, allowing you to tick this off while giving you a boost. You can enjoy
the reward you’ve saved for, giving you more motivation to reach your bigger goals.
