15 Practical Ways to Save Money
15 Practical Ways to Save Money
Unless you are ultra wealthy, there are going to be plenty of times in your life when you need to find ways to save money. It’s easy to spend money without being fully aware of how much you are paying out. This causes problems when your finances start to look unhealthy. So, how can you save money and relieve some of your financial worries? Here are 15 practical money saving ideas, for inspiration.
1. Know how much you are spending
The most important part of saving money around the home is knowing how much you are actually spending in the first place. You need to measure your spending over a couple of months. Count every penny that you spend, and be honest with yourself. You will probably be surprised, and maybe horrified, at the results. Once your have the figures, you can start to see where changes can be made.
2. Never buy on impulse
One change that many people need to make is to never buy on impulse. Always make a list of what you need to buy and never just spend time window shopping. If you want to save money on shopping it should always be a necessity and not just a pleasure trip.
3. Try food shopping in different places
Many of us are guilty of always shopping in the same supermarket because we are used to it. While it’s comforting to know which aisle the milk is on, or where the meat freezer is located, you may not be getting the best deal by always going to the same place. Shop around to get the best bargains.
4. Host a movie night instead of going out
Going out is a great way of catching up with friends but it can also be expensive. One of the best ways to save money on socialising is to invite your friends round for the evening. Use your TV or Netflix package to choose some movies to watch and ask everyone to bring some food or drink with them.
5. Learn how to say no to your kids
This is one way that most parents can be certain to save money. If you live a busy life, sometimes it seems easy to just say yes to that new tablet game, but you could be heading for problems down the line. All these ‘must haves’ add up and you can end up spending a fortune. The best option is to say no, on many occasions.
6. Have a clear out and sell items on
Having a clear out is a great way of making space in your home, and it can also save you money. Get rid of clothes and household items that you do not use any more, by selling them on auction sites such as eBay. Doing so means that you can use the money you make to buy new clothes and items of furniture.
7. Learn about the Latter factor
The Latter Factor refers to the fact that even something as seemingly inexpensive as buying a latte can add up, if you do it on a regular basis. You need to make a list of all those ‘little’ expenses and work out which of them you can do without.
8. Cook from scratch instead of relying on fast food
You can buy vegetables and other food items for pennies at the supermarket, so it makes sense to cook from scratch, rather than pay out for fast and processed food. Fresh food is also a lot healthier as it’s not packed full of preservatives. If you are pressed for time during the week, cook at weekends and freeze the food to be used each evening.
9. Turn off lights and electrical goods
This is a really simple way of saving money in the home. It’s amazing how many times people simply leave the light on in a room, even when it’s not in use for hours. Electrical goods are also left switched on, or on standby. Turning lights and electrical goods off can help you save money on energy bills over time.
10. Remember that cheapest is not always best
When you are shopping for a new fridge, or even simply for winter clothing, it’s important to remember that the cheapest item is not always the best choice. The cheap price sometimes accompanies a lack of quality, meaning that the item has to be replaced more quickly. Always take a look at product reviews before you buy.
11. Check out the charity shops
Taking a trip around local charity shops can be fun and you can get some great bargains. It’s also a good way of taking care of the environment as the clothes, and other goods, are being recycled. Of course, there is also the added plus that it’s less likely that you will end up wearing the same outfit as someone else, for a party.
12. Shop for Christmas right after Christmas
This may sound a bit strange but it’s actually the best thing to do. Items like Christmas cards and wrapping paper are cheapest at this time. You can also buy presents at great prices, while the sales are on. The worst thing you can do is leave your Christmas shopping until the last minute as you usually end up spending more because you are desperate.
13. Check for online discount codes and vouchers
Always look for voucher codes and deals online, before you make your purchases as you can save money by getting some great discounts. Remember to read the small print and information as there may be restrictions in place.
14. Do not use heating ‘for the sake of it’
It’s easy to get used to having the heating on, even when the weather starts to be less cold. It’s not good to live in an artificially heated environment all the time, so turning the heating off can be good for your health as well as saving you money.
15. Learn how to use a a sewing machine
Sewing is a skill that is always useful to have. Being able to sew means that you can mend clothes instead of throwing them away. If you develop enough skill, you can even start to make clothes for you are your family.
These ways to save money can all make a big difference. You will end up having more spare cash at the end of the month, and you can start to build your savings.
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If you are considering a loan please make sure you can afford to repay it back in time. Late repayments can cause you serious money problems. For help please go to moneyadviceservice.org.uk