3 Genuine Ways of Saving Money Each Month

March 6, 2018 4:18 pm Published by Debt Free Life

The above title reads like clickbait nonsense. There are thousands of articles on the internet either trying to trick you or just pointing out the obvious. This article is neither of those.

Here are three ways which, with a little dedication, can help you shave some extra money off of your spending every month to put towards paying off debt or anything else.

1. How to track your spending
In this age of technology, it has never been easier to track exactly how much money is coming in and going out. There are countless tools where you can either input what you’re spending manually, or have it done automatically.
Apps like ‘Money Manager Expense & Budget’, or ‘Spendee’ are great ways of keeping track of your finances and seeing exactly how much is coming in and out in black and white. With a little work, you’ll be able to see unnecessary expenses staring you in the face, and be able to come up with a budget which they can help you stick to.
Another way of tracking your spending is getting a Monzo card. Monzo is a relatively new service, aiming to change how we bank forever. The benefits of signing up for a free card are vast, you can use it fee-free abroad, transfer money to friends more easily than ever, and freeze it if you think you’ve lost it to stop anyone else using it. For our purposes, though, it’s the money-tracking feature that make it so useful.
Monzo automatically tracks every purchase you make, and with the advent of contactless spending, a friendly little reminder that you are actually spending money can be a great way of keeping purchases to a minimum.

2. Check your energy provider
In recent years energy prices have started to soar. They’re becoming an increasingly significant cost in our monthly expenditures. If you haven’t had a price comparison recently, it may be worth getting quotes from other companies to see if you can save any money.
Websites like comparethemarket.com or moneysupermarket.com can be a good way of doing this, helping to find the best deal for your location and circumstances.
If you do find a cheaper deal, switching providers is fairly painless. It’s simply a case of applying to your new provider, which can be done in a quick online application, and they will usually take care of everything else ensuring a seamless transition.
Switching provider can save you hundreds of pounds over the year.

3. Master money-saving at the supermarket
Supermarkets take billions of pounds from Britons every year. There is no getting around the fact that we all need to eat. However, there are some simple tips and tricks to spend as little as possible.
Firstly, make a list and stick to it rigidly. It’s easy to go to the supermarket and be over-indulgent (especially if you go when you’re hungry!) so making a sensible list can stop you from buying those extra snacks and sweets you don’t need, but just want.
Secondly, find the cheapest supermarket you can. Not all supermarkets are created equal. Avoid shopping in Sainsbury’s when possible, and make use of budget supermarkets like Aldi and Lidl whenever you can. Their products really are quite good, try replacing as much branded stuff as possible with their budget equivalents. They are often actually better, and the money you will save can be quite substantial.
Lastly, check what supermarket deals are on and plan your meals according to them. Supermarkets can offer really fantastic deals on a weekly or fortnightly basis, and it’s best to make use of them as much as possible. Try and revolve your meals around what you can get cheaply at the supermarket, rather than just what you usually have. Not only will you start saving money, but you might try some new things too!

We aren’t claiming these are quick ways of saving hundreds of pounds every month, but with a little work these tips, tools and techniques can release a significant amount of your income to be spent elsewhere. Give them a try and see how you get on!

If you are finding that your money troubles require more help than some tips on how to look after the pennies, then don’t hesitate to give us a call on 0800 808 5124. Our team are committed to helping anyone who needs some assistance in starting their debt free life, and we have a number of tools at our disposal to make that happen.

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