Savings and Finance

How To Save Money This Year In Four Easy Steps

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Think back to the 31st December 2015. Drinks were flowing, conversations took place, and you may have uttered the fateful words “New Years Resolutions”. You may have set yourself a goal to lose weight. Maybe you want to climb the career ladder. Or did you promise yourself that this was the year you would save money? Sound familiar?


Back to today, as we fast approach spring, for some of us those new year’s resolutions haven’t manifested into anything concrete. Don’t panic, almost 41% of people who make them don’t stick to them according to a recent years survey.


If you want to lose weight, progress in your career or anything else to do with self-improvement then that requires willpower. However saving money could be achieved with just a few changes and observations. You might want to improve your home, or save for a family holiday. By taking these four easy steps, you will be well on your way to making some great savings this year.


Step One – Check all your outgoings

Just by checking your bank statement you may be able to unearth some potential savings. Many people today have set up regular payments in the past and forgotten all about them. It could be a gym membership that hasn’t been used, magazine or other subscriptions sites.


Although they may seem small and insignificant amounts, over time they can add up. If you add them all together, you may find a monthly savings amount you never knew existed. If you are having any trouble cancelling regular payments you no longer need, then speak to your account provider.


Step Two – You have to spend money to save money

It’s difficult to predict what will happen over the coming year. Sometimes there will be expenses we didn’t expect. It’s the unexpected finances that can damage any savings. For example, a phone or gadget could become damaged when a child drops it. Replacing it can cause a little financial pain. Making sure all your assets are insured can avoid any heartache in the future. Even things like mobiles and gadgets can be covered by


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Step Three – Save little and often

It may seem like a difficult thing to do, but saving money each day could be a lot easier than a monthly lump sum. Checking over your outgoings once again to see what you can afford to save each month and then divide that by the year to work out a daily amount. The amount may end up being something like £1 a day. It would also be recommended to use a lockable savings tin to add your daily amounts. Over the year ahead these savings could be used for Christmas or holiday spending money. The regular saving allows you to put away the same amount you would normally save a month. Other people choose to empty their change into a pot each day, and these amounts can vary but equally add up over time.


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Step Four – What can you do without?

Do you buy a coffee each day from an expensive coffee shop? Do you always buy your lunch on work days? Making a few changes could provide huge savings. Investing in a portable coffee cup and taking your lunch into work could provide savings of up to £10 a day, maybe more. Try it for a month and see how much you save. You may even find alternative ways to save money here and there.


Good luck with your money saving journey.

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