We all want to save a few pounds every month, don’t we? Whether you are looking to save up for a summer holiday, a few family treats each month or to add a few pennies to your rainy day savings fund, we know that every extra pound helps. As the new year gets underway, perhaps you are determined to make this the year that you boost that savings pot, and if so, we have got you covered today. We are sharing with you a few tips and suggestions around how to save money in 2020, from utilising savings accounts to meal planning.
Open up a savings account
This might seem rather obvious if you are planning on saving, but actually many people do miss this crucial step. That is why we want to recommend that first and foremost, you do open up an account that will be dedicated to your savings.
Take a look around at the best savings accounts available and then go for the one that appeals to you the most. It might be that its terms suit you best, it might have the best rate currently (though do keep an eye on this as they can change regularly), or perhaps it is the most convenient option for you. This last point is key as if you do not find that it is easy to save into the account, you are far less likely to bother doing so.
Review your bank statements
It is a good idea to print off your bank statements and work through every entry there to establish all of your current incomings and outgoings.
The first thing that you might notice is a payment that should no longer be going out, or a payment that you no longer feel you need to make. For example, for a magazine subscription or a gym membership that you might no longer want or need.
After this, take a look at how much you generally have left over at the end of each month, if anything, and then set up to move that sum regularly out of your account directly into your savings account on payday.
You will now have a regular amount saved monthly, and you can then try the other tips to add other payments to it periodically.
Switch your suppliers or deals
Armed with your bank statements, you should be able to see all of your utilities and regular payments. Now is a good time to look around and see if you are able to either switch your suppliers or the deals that you have with your current providers.
Start with your biggest expense, which is typically your mortgage. Give your lender a call to find out the conditions of your deal to see whether you are locked into it and to see whether they have better offers available. If there are no early redemption costs, you might look to remortgage to another lender if it will save you money every month.
You can then use switching sites to help you to find the best deals for things such as your energy, broadband, TV and insurances. Do ensure you look at both the cost and the terms and reviews so that you can be confident that it really is a better deal, not just a cheaper one.
Shop around for everything
This needs to be your mantra, you should look to shop around for everything. Just as you have looked at getting better deals on your regular payments, you should get into the habit of looking for the best deals on all purchases.
Whether you are looking for top quality tablecloths from the likes of Richard Haworth, you want to upgrade your mobile phone or you are in need of a new lawnmower, take a few extra minutes and shop around.
Choose the product that you are looking for and pop online to search for the best price. Always take into account delivery costs as they can sometimes distort the pricing options.
Look for discount and voucher codes every time
When you shop online, always search out discount or voucher codes. You might do this before shopping or you could carry out a quick search as you are at the checkout.
Whether you are buying the latest beauty products, booking a holiday or ordering a pizza, the chances are that there will be a discount code somewhere, so it is always worth the few seconds that it takes to look for one. This is such an easy way to save a few pounds, you just need to remember to actually do it.
Have a declutter
This is a great month to get organised and have a good declutter. You can clear out room by room and you are likely to find things that you no longer need.
Your children might have toys that are still in good condition but are no longer played with. You could sell them on sites like eBay or try your local Facebook selling pages. You might have unused mobile phones, books, CDs and more and all can easily make you a few extra pounds, selling them directly or onto a company that will buy them from you.
You could always try a car boot sale and just load all of your unwanted items into the car and get rid of them all that way. You home will feel tidier and you will have extra money for your savings account.
Meal planning is a must for any busy household. It will help you to stay on top of the meals that you need to prepare each day, as well as actually saving you some money.
Whether you shop online or in the supermarket, you are bound to put things in your trolley just because you always do or because they are on offer. The chances are that by doing this each week, you are spending more than you actually need to.
Before shopping, plan the meals for the week, and then when you shop only buy for those meals, rather than randomly grabbing food. You will find that you will stick to the plan, you will have saved money and you will have no food wasted.