Savings can help provide financial stability by providing a buffer that can help you feel more in control of your money. This buffer can take years – even a lifetime – to build, so its understandable that you may not want to dip into your savings if life throws you a financial curveball. Here we take a look at some ideas that might help you quickly save money so you can protect the savings you’ve worked hard to build.
Could you halt some outgoings?
Every little helps and cutting back on life’s little luxuries can help you save money without too much effort. Your morning coffee? Netflix account? Gym membership? Spotify Premium? Take a look at your bank transactions over the past few months; are there any apps you pay for monthly but scarcely use? You may find that you’re paying for unnecessary outgoings each month. Why not put these services on pause and set aside the money you save?
Could you switch utilities providers?
Taking the time to shop around for the best deals is a worthwhile investment for every household. From annual travel insurance to electricity and heating, there are many outgoings that you might be overpaying for. It may seem like a complicated affair, but you might be surprised by just how much you could save by filling in a couple of forms or sitting on the phone a little. Which? Switch and Confused.com are both places where you can complete online comparisons.
Could you make extra money?
One of the best ways to save money quickly is to earn more of it. Have you considered turning a hobby into a sideline job? Could you pick up evening or weekend work temporarily?
Bringing in extra income can enable you to save quickly, particularly if you were to consider transferring all surplus money into a saving account.
Could you cut your food bill?
Dubbed a foodie nation, the UK is a melting pot of cultures and with this comes a plethora of cusine. Cooking and eating out are two of our favourite pastimes and whether it’s a carbonara or chicken tikka masala, we aren’t afraid to spend when it comes to satisfying our appetites.
The Money Advice Service reported that the average household spends £60.60 on groceries in a week. Factor in eating out and takeaways and this skyrockets costs. Could you go takeaway and restaurant free for 12 weeks? Would you consider meal planning or purchasing supermarket own brand products only? If you are considering saving some money, cutting back on your food spend could be a clever way to put money aside.