Everyone wants to save money and make their wages go a little bit further.
However, setting cash aside so you can bolster your savings while also ensuring you have enough to spend during the month (on things such as food, rent, and leisure) is not always a simple process.
With that in mind, here are three money hacks which could help you save a little bit more and get a better handle on your finances.
If you’re interested in investing some of your loose change and potentially building up your savings over a few years, then there are apps available to help you do that.
Moneybox, for example, links to your bank account and then rounds up purchases to the nearest pound. Therefore, if you buy a coffee which costs £2.30, 70p will automatically be added to your investments.
This is a fantastic way of setting aside money because very little interaction is required and only small increments are taken. Hopefully, you can save money without even noticing that you are doing it.
Another benefit of Moneybox and similar apps is that you can select the level of investment risk you are willing to embrace. If you want steady but small gains, low risk is probably the best for you. However, if you are willing to bet your funds on more volatile but potentially lucrative markets, you can take a higher-risk approach.
One of the best ways to save money is to switch mobile contracts or utility suppliers every so often. This may feel like a hassle, but it can actually ensure that you save a lot of money. Not only that, but you may find that it takes a lot less time than you initially thought.
There are a number of websites which can help you switch suppliers and also highlight the best deals available at the time. Often all you will need in terms of personal information is your postcode, your current supplier, and the name of the tariff you are using. You will then be able to compare with other deals which could save you hundreds of pounds each month.
This may seem like an obvious thing to do, but many people don’t actually have a firm understanding of their debt situation. By understanding the types of debt you have and how much you owe, you can concentrate on eradicating the more crippling debts, and therefore give yourself more money to put towards savings, investments, or fun times.
If you’re looking for an expert who really understands your situation, get in touch today. We might be able to put you on the path to saving even more.