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7 Essential Tips to Help You Save Money

Have you ever wondered where your money went? Guess what, you are not alone. Here are 7 tips to help you control your spending.

Image of a savings jar with a label which says "Tip", the jar has some money in it and the background in blurred.

The average person in the UK has £17,365 in savings thanks to the tips listed in this article, which only includes money-saving tactics that have been shown to be successful.

1. Set saving goals

Setting a goal is one of the best methods to save money. Consider what you would want to save for first, then calculate how much money you'll need and how long it might take you to save for it. By doing this, you can keep track of your finances and control your spending.

Having clear goals can help you stay motivated when you start to see the money you save add up. Without a goal, it's simple to lose motivation and continue to spend more money.

2. Stop paying for something you don't need

It's simple to sign up for various services and then forget about them, whether it's fitness or entertainment apps or magazine subscriptions.

Make a list of all the subscription services you are currently paying for; start by cancelling those that you are not using. After that, look through those you do use to see which ones you could cancel in favour of a free alternative or can live without.

3. Look for discounts when shopping

When shopping, look at the store's discounted aisle for products to buy at a cheaper price. This can help you avoid wasting money. Also, you can get your fresh and perishable goods from less expensive retailers like Lidl and Aldi, which frequently offer cheaper prices than Waitrose and Sainsburys.

Due to the simplicity, accessibility, and convenience of online shopping, things may quickly get out of hand, if you start liking every product you see. Search for numerous discounts and coupon codes before making a purchase, for example, this could include you signing up for a newsletter to get 15% off your purchase.

4. Try budgeting apps to track your spending

You are less likely to overspend if you are more aware of your spending. To keep track of all your accounts in one convenient place, use free budgeting tools like Money Dashboard.

For savers, a good financial strategy is essential. Your budget plan, in other words, should be your guide when it comes to your spending, income, your savings goals, and the specifics of any debts you may have.

Many budgeting tools are available in the applications of digital banks like Monzo and Starling, which are excellent at assisting people in controlling their expenditures.

5. Have a no-spend weekend once every month

It's quite simple to spend every day and exceed your budget in this day and age when we have instant access to digital money. The savings will quickly mount up, though, if you implement a strict no-spend weekend once a month.

By temporarily putting an end to your spending, you may identify your main financial vulnerabilities and create a plan to make future spending cuts in those areas. A no-spend weekend can help you break unhealthy spending patterns. For more tips on a successful no-spend day, click here.

6. Use reselling platforms to your advantage

Did you know that throughout a lifetime, an average British woman collects an estimated £22,000 worth of unworn clothing? Selling your unused clothes online on a resale site like eBay can bring in money for you. As previously indicated, this will greatly assist you in reaching your savings goals.

Reselling clothing items online as opposed to throwing them in the bin allows us to break the loop of constant consumption, which lowers the need to produce new things and, in turn, lowers the environmental impact such as climate change, read more about climate change here.

7. Reduce alcohol consumption

With the average night out costing Brits over £70, drinking may be an expensive habit. Over £3,500 could have been saved if you didn't go out drinking every weekend throughout the entire year. Try cutting back on your alcohol consumption to save money and gain health benefits as well such as preventing blood pressure, cirrhosis of the liver, depression, mouth, throat, stomach, liver, and breast cancers, among other conditions.

Final thoughts

I have only included tips that are simple to put into practise in this post; if you want to take it a step further, consider cycling instead of driving to save money on fuel. You should also aim to prepare most of your meals at home and look for restaurant deals when you want to treat yourself. Finally, look for free activities by using tools like community event calendars to locate free or inexpensive entertainment.

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