Advice on How to Save Money

Saving money is at the top of many peoples’ lists of goals. While this is admirable, not many people actually end up achieving this goal however. 

When you are thinking of how to save money, you should keep in mind that there are various ways to get the most from your money.

More tips on how to save money:

Record your expenses and create a budget. This will help you keep track of how much you’re spending and where exactly your money is going.

Review your home loan and make sure that the loan that you use to finance your home is the best available. Keep in mind that if you can make overpayments, you can make massive savings.

Clear your credit card debt. The rule of thumb when considering how to save money is to clear your most expensive debts first.

Another way of saving money is by moving bank accounts. Do your research and move bank accounts to take advantage of perks and earn more interest. You should review your bank charges annually, to see where you can save more.

Shop smartly. By planning your shopping in a very structured way you can save more. For instance, buy non-perishable items in bulk. When you shop for clothes, buy them out of season.

Avoid spending money on fast food daily. By doing something as simple as packing a lunch to work or school, you could save a considerable amount of money.

Review your insurance annually or every six months. By increasing excess on your insurance you can reduce your premiums significantly. Another way to save money on insurance costs is by combining your home and car insurance. You can also pay your premiums annually to save money.

Take advantage of technology by using financial apps for your budgeting and money management.

Buying a one-year-old car can save you nearly 30% of the costs of a new car.

Leave a Reply