How to Save Money: 8 Ways to Boost Your Savings in 2021
It’s been a tough time for countless reasons lately and for many of us money makes that high on that list. With the cost of the coronavirus growing by the day, it’s likely to get tougher before it gets any better. It won’t be long until the ‘We’re all in it together’ and ‘Tighten our belts’ lines started to get repeated. As infuriating as that is coming from millionaires, it’s also going to be necessary for the majority of us. That’s why we’ve crunched the numbers and come up with the easiest ways to save money, without affecting our lifestyle too much.
Setting goals at the start of any self-improvement journey is vital. They give you a benchmark to measure yourself against, something to aim at, and when broken into increments, they give you confidence boosting wins on the way. This is true whether your talking about fitness, education, and yes, saving money.
You need to find a balance between achievable and challenging. It’s no good setting yourself a demotivating and impossible to reach goal, but equally, too easy and you’ll get nothing from it. Aiming for a holiday is an excellent example. It is a large enough expense to be broken down into individual payments and be a significant challenge. And once you’re done, and you’ve got your tan, you’ll have developed good money habits that will see you save more in the long run.
If you want to save on your reward trip, make sure you checkout our upcoming guide to saving money on travel. It’s packed full of advice that will help get your bags packed.
The rise of subscription services has been swift, and they’ve changed the way we consume everything from entertainment to food forever. The subscription model is perfect for saving money, but for most people they pile on the expenses. That’s because they’re relatively inexpensive. Sounds counter intuitive, doesn’t it? Well, all those ‘only a fiver’ subscriptions add up fast and research from Barclaycard confirms that the average Brit is spending £46 per month on subscriptions services. That’s a wince inducing £552 a year.
Think about how many you have right now? Do you need them all at once? This is the essence of making the Subscription model work for you. They tell you about it in their sales pitch, but people rarely take advantage. They are contact free, and you are free to come and go as you please. With a little bit of effort, you can easily save money and stay entertained. All you have to do is stick to one a month. Watch all the Bridgerton you can handle in May, then switch to Amazon Prime and binge Marvellous Mrs Maisel. Once your subscription spiral is under control, all you have to do is not start a new subscription while you’re signed up to another. And ignore the clingy ex, beg for you back emails they all send. Easy.
Switching providers is a sure-fire way to make sure you save money. It’s also one of the most commonly neglected money management tasks. Whether it’s too much hassle or we simply don’t think about it, millions of us a paying more than we need to on their energy supply.
According to research, the biggest energy firms have all raised their prices to go right to the limit of the government’s price cap. That means you are likely paying more than you should right now and switching will save you £200 or more a year.
Switching isn’t limited to energy suppliers either. If you’ve been with your TV or broadband supplier for more than a year, you’ll likely find a better deal out there that will save money on the little luxuries that are essential for most of us.
Shopping around works for just about everything. Sometimes the big chains can offer the best prices, and sometimes a small independent store has an incredible deal. If you go back to the same stores because they are familiar, you’re missing out on saving money.
Whether you’re talking about a weekly shop or a new TV, hunting around for the best prices is a must. It can take a bit of time, but all you need is the laptop and a glass of red in the evening and you’ll be on the road to savings. Google is your friend and don’t be afraid to go past page one in search of a good deal.
Stick to Budget
Budgeting is all about keeping track of your money and staying on top of your outgoings. Making a list of all your outgoings and visualising where your money is going is a superb way of spotting areas that could be cut back. The trick is to differentiate between essential and luxuries. Mortgage/ rent, bills, food shops and taxes are in the essential pile. They’ve got to be paid no matter what, but there are always extras that can be trimmed.
If your outgoings look good, you can work out your disposable income and a monthly or weekly budget. If you shave a little off each week, the savings will start to rack up without you noticing it. This is down to you and your ability to stick to your budget. It can be hard at first, but you’ll want to stick to it once you see the results. Watching a personal savings pot grow is a satisfying thing.
No Spend Days
No spend days are exactly what the sound like, days set aside to spend no money at all. Spending unnecessary money is a habit that needs to be broken. How many times do you stop for a coffee on the way to work? Or stop on the way home for a chippie tea? No spend days aim to cut out the impulse spending because they are usually the ones that can afford to go.
That doesn’t mean you’ve given up takeaways. Treat days are important to keep on track with anything. But setting aside whole days when your bankcard stays at home is a fabulous way to save money. Like a fitness routine, this is about having the discipline to stick to it. Once you start seeing the results, you’ll push yourself to save more.
Start by not spending on a Tuesday and up the stakes as soon as you get comfortable. If you can get just three days a week when you can leave the bank card at home, you’ll soon see your savings balance start to rise. But maybe keep a little cash on you, emergencies can happen after all.
Fix Issues Promptly
When you’re committed to saving money, it is easy to ignore little issues to come up because they’ll make a dent in your savings. We’ve all been there and no matter how tempting it is to put off getting the car looked, just until you hit the next savings goal, it’s a bad idea.
Niggling issues might seem insignificant, but they are usually a precursor to something more serious. Leaving them will inevitably cost you more in the long run. We know it hurts handing over 80 quid to the slightly sketchy mechanic that rocked up for five minutes and tightened one bolt, but it’s a necessary evil. Swallow the lump in your throat and get the work done before it spirals.
There are loads of ways to find yourself a discount on pretty much everything that is being sold today. Obviously, we’d recommend checking out MyVoucherCodes every time you shop because we source exclusive deals and discount codes that will save you money. But there are other sites that offer similar, albeit inferior, services.
Before you checkout, take a minute or two to take a look around the internet and see if you can grab yourself an extra saving that the store may not be shouting about. Retailers use affiliate sites to draw in new customers, and that means they offer savings that are often are more attractive than what you’ll find on the direct site.
How to Save Money?
Like everything in life, to get the most out of it, you need to put in some time. We’re not talking obsessive levels of discount hunting but spending a bit of time each month to keep you money matters running efficiently is the best way to save money. Many people miss out on obvious savings simply because they don’t bother. But if you’re willing to put in a little effort, you’ll soon start to save more and watch you bank balance grow.
If you’re shopping around for a better deal, this is our suggested shopping list:
Virgin Media – https://www.myvouchercodes.co.uk/virgin-media
Vodafone – https://www.myvouchercodes.co.uk/vodafone
Euro Car Parts – https://www.myvouchercodes.co.uk/euro-car-parts