Quick and Easy Ways to Save Money Every Day
If you are prone to impulse spending or are just looking to boost your existing savings, there are a number of steps you can take to save money on a daily basis. If you have yet to experience the wide-reaching benefits of saving or are keen to get started but don’t know where to begin, however, the entire process can seem like an insurmountable task. It may, therefore, benefit you to familiarise yourself with a number of quick and easy ways to save money every day both manually as well as automatically. If you are interested in becoming a skilled saver in a mere matter of days, continue reading to find out everything you could ever want or need to know.
Cancel unnecessary or outdated subscriptions
If you were to analyse your monthly outgoings, you may find that you are paying for unnecessary or outdated subscriptions either willingly or unwillingly. It may seem like an insignificant amount of money, but it is, nonetheless, money that could be otherwise gaining interest by being deposited into a savings account. In today’s increasingly digital landscape, subscriptions can be purchased for video or music streaming platforms, digital or paper-based magazines or newspapers, premium versions of apps, and software applications. It is recurring subscriptions, however, that are the most deceptive with only a couple of £30-per-month payments totalling almost £1,000 a year. If you benefit from your entire catalogue of subscriptions but feel as if they command a significant chunk of your monthly outgoings, a 30-second phone call may be all it takes to negotiate a better deal as a long-term customer.
Prepare your meals ahead of time
If you work long days or hours or find it difficult to find the time to cook dinner every night, preparing your meals ahead of time can end up saving you a significant amount of time, and money, in the long run. It can be as simple as preparing your lunch the night before to prevent you from dining out or ordering a takeaway to be delivered to your desk or as adventurous as batch-cooking dinner for the week and simply storing it in your fridge. If you switch up your meals on a regular basis or make your favorite dishes, you are less likely to be tempted by the café down the street or the takeaway next door when hunger pangs strike. In addition, preparing your meals ahead of time can also be a great way to sharpen your skills in the kitchen and perhaps even uncover a life-long passion for cooking.
Input any change into a savings account
It may not seem as if it would make a considerable difference but inputting any change into a traditional savings account at the end of the day can lead to significant savings in the long run. If you paid for a weekly food shop with £20 and received £2 change, this seemingly insignificant amount of money can grow over time if it is imputed into a savings account as opposed to laying at the bottom of your purse. It is an extremely simple, and effective, method of saving money and can be done with little to no manual intervention or thought process involved. In doing so, it can sever as a visual representation of your daily savings to motivate you to continue, and you may be able to accumulate up to £1,000 in a matter of months depending on your individual spending habits.
Join loyalty programs
If you struggle to save money manually, it may benefit you to join loyalty programs. It can allow you to save a considerable amount of money on your weekly food shop, refuelling your car, and even luxury items. If you are a regular customer at a particular online or brick-and-mortar store, for example, it may be worth taking the time to familiarise yourself with any loyalty programs they offer for long-term customers looking to be rewarded for their custom. It can be tempting to spend more money in an attempt to save more money, but this negates the saving potential of joining loyalty programs and may end up wasting money that may have otherwise been deposited into a savings account. If you have to purchase 10 cups of coffee in order to receive your 11th free when you would have otherwise struggled to purchase 10 cups of coffee within the same timeframe, for example, loyalty programs may not be the best option for you and your finances.
Switch bank accounts
It is no secret that banks make a considerable amount of money from hidden fees alone, but these additional costs are preventing a growing number of consumers from saving as much money as they potentially could be on a monthly basis. If you are consistently hit with overdraft fees or minimum balance requirements from your bank, it may be time to switch from a traditional savings account or shop around to take advantage of the wide range of free-free and non-interest accounts that are available to you as an existing customer. If you are happy with the service you are receiving from your current bank but are struggling to manage mounting fees, it may also benefit you to give them a quick call to find out whether or not you can switch to a different version of the same account or maintain a minimum balance to avoid being hit with additional costs that you are simply unable to afford.
If you are looking for quick and easy ways to save money every day, there are a number of steps you can take to boost your savings and become a skilled saver overnight. This includes cancelling unnecessary or outdated subscriptions, preparing your meals ahead of time, inputting any change into a savings account, joining loyalty programs, and switching bank accounts. In doing so, you can accumulate your savings on a gradual basis, learn how to manage your money effectively, and forge a better relationship with your finances going forward.