8 Money Saving Techniques You Can Implement Starting Today

One of the biggest challenges in life is in regards to your finances. Whether that’s understanding your money, or trying to figure out how to lower expenses, whilst keeping your income high. It can be difficult to know how you can save money to make your dreams come true, but the reality is that it takes work and smart thinking. Throughout this article, you will learn a variety of saving techniques that you may not have considered before.

Reducing Your Monthly Bills

There will be expenses that you simply need to pay each month, such as rent payments, mortgages and utility bills. Some of these will be locked in, however your utility bills may have more flexibility, which is why you should contact your providers to find options. If you are planning on changing providers to lower the cost and expenses, you may find your current provider offers you a lower deal to keep your custom.

Using More Discounts And Promotions

One of the most effective ways in which you can save money, is by using more discounts and promotions wherever possible. You’ll be surprised at just how common discounts are, especially if you’re a new customer. You may even find that your employer offers discounts and promotions through partnerships with local businesses.

Making Changes To Your Lifestyle

You will also be able to save money by looking at your lifestyle. This could be to do with you limiting the amount of alcohol you purchase, which can be a costly expense if you go out often. It can also relate to eating out and engaging with takeaways in general. The more you go out, the more money you are likely to spend, so cut down and enjoy the treats more when they come around.

Borrow Money In The Short Term

Something that you may not have considered as a viable option for you to save money in the long term, is to borrow money in the short term. That’s because there are lenders and brokers alike who will work with you to pay you money the same day, to help cover emergency payments or to give you an instant cashflow for whatever reason you see fit.

Of course, you will have to repay the money back, but you will be aware of the time you have to repay, so that you have an understanding of what you’re getting into ahead of time. In some cases, you may enter a financial deal which sees you pay off the money over a few months, rather than one off lump repayment.

There are a variety of reasons as to why you could need a service such as this, and why you would want to. Firstly, it allows you to pay off any bills without using your direct finances. This means you won’t be left without money for the rest of the month so you can afford basics such as food.

If you want to go down this route, then you should do your research and due diligence so that you know what you’re getting into. Consider looking into brands you can trust, such as Payday UK, who work as a broker, offering loans from £50 to £5000. This can help you afford short term payments and bills, until you can repay the money after you’ve been paid, for example.

Whilst this may seem like an unorthodox way of saving money, you will find that it impacts your actual finances a lot less than using your money way before you get paid. It’s worth looking into, or you could also borrow money from family or friends, if possible, as long as you’re sure you will be able to repay them eventually.

Create A Savings Goal

A savings goal, much like anything in life, can help give you direction and motivation. This means you could set a weekly, monthly or even yearly savings goal, which gives you freedom to save in a variety of ways you see fit, as long as you know where you want to be with it.

You will find that there are multiple ways in which you can set a savings goal, from naming the goal, to working out how much you could potentially be saving each month. What you could consider doing, is creating a standing order with your bank, so that a specific amount is set to your savings account via direct debit.

This way, you will be aware of how much money you’re sending out each month, and can steadily build towards a goal that you’ve set. This option may not be best for those who aren’t sure of their future finances, which is why being more flexible may be an option for you.

Try The Week Saving Challenge

One effective way of saving money in small amounts is to try the week saving challenge. This can work in a number of different ways, but one of the most effective ways comes in the following format.

On Monday, you put £1 into your savings account. The next day, you put £2 in, with £3 going in on the Wednesday. This continues in this pattern up to Sunday, where the final £7 is put in, before going back to £1 on the Monday. This may seem insignificant, but it helps you put away £28 a week, around £112 a month and £1456 a year.

Suddenly, that number doesn’t seem as small as you’d think, and you can actually make serious saving plans. That money set aside for a few years could pay for your deposit for a first home, or even give you a big holiday each year. The possibilities are endless and under your control.

Stick To Payment Dates

Whilst no one likes to think about debt, it’s important to be aware of the causes surrounding it, and how you can stay ahead of it. For example, you may not be aware of just how important it is to stick to payment and repayment dates for your credit agreements, or even debits.

That’s because if you fall behind one month on a payment, then that will mean you will have to not only pay that in the following month, but also the payment for that month. This can cause a detrimental cycle, that sees you lose more money as each month comes, which Is a vicious circle to get out of.

Not only that, but regularly missing payment dates can heavily impact your credit score. A low credit score can lead to higher interest rated loans and mortgages further down the line, as well as preventing you from entering into some credit deals in general.

Purchase Transport Seasonal Tickets

If you’re someone who travels a lot for work or your personal life, then you will find yourself saving money by looking into seasonal tickets. The cost of a one-off purchase will be more in the long run for more journeys you take. That’s why transport providers offer tickets that are valid for an entire day, week, month or even year.

That means once you’ve paid for the ticket for the time you need, you don’t need to worry about other expenses further down the line. The cost of these tickets will also be better value for money for you, if you plan on having quite a lot of trips. They will work for trains, busses and even planes.