Everyone wants to find new ways that they can save money. Just putting that little bit away every year can make the world of difference, but it’s easier said than done. That’s why we’ve put together our best advice on investing with 7 tips that will help you save more money this year.
Make a budget – stick to it!
We know how hard budgeting can be but the truth is one of the best ways to invest savings is by making a plan and sticking to it. Determine how much money you have coming in and out each month and set a goal for how much you want to save each month.
Save automatically
Fortunately, online banking makes it easier to save than ever. You can set up automatic transfers, like direct debits, to your savings account from your checking account automatically, which prevents you from having to manually transfer money each week or month. This ensures you never forget to move money into your savings account.
Cut unnecessary expenses
When saving, it’s important to prioritise the essentials. Prioritise what you need to spend money on - the non-negotiables such as rent and food. Then reserve yourself some for things you want to do that month but try and cut down on unnecessary purchases. This can be subscriptions you no longer need, coffees you can make at home etc.
Shop around for the best deals
Look around when it comes to shopping – play the field! Compare deals at supermarkets and see which ones offer the best value for money that is suited to your weekly food shop. Find the cheapest deals on clothes, food and more just by using money comparative sites or taking the time to compare.
Use cash instead of credit
Paying with cash can help you stick to your budget. Spending with credit can often make us feel like we’ve got unlimited funds which we all know to be misleading. Spending with cash makes us notice our expenses and is more likely to help us stick to our budget.
Create financial goals
It’s good to have goals in everything you do and your finances are no exception. Set yourself reasonable and realistic expectations and goals for your savings that you can achieve and will motivate you to achieve more.
Seek professional advice
If you struggle with saving money and making budgets, there is no shame in asking for advice about investing and saving for beginners. You can seek professional advice from a financial planner who can help you to budget and save.
It's always a good idea to save and work on ways to gain more money. That’s why many people invest. Investing your money is a great way to see profit and returns and also uses your money well. If you’re looking to invest, Integritas can help you with that.
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