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Small purchases can add up to sizeable sums, so if you are eager to cut down on your spending and make your money go further it’s a good idea to look at ways you can reduce your outgoings. Some sacrifices are bigger than others. It’s possible to curb just a handful of your spending habits (out of the plethora of outgoings we all deal with) each week to improve the health of your bank balance considerably.
Saving money can be less painful than you think and it doesn’t have to mean going without all the things you love. Read on to find out more about how to save money without missing out on life.
#1 Take more care with impulse purchases
Your online purchasing activities can cost you more than you think. Impulse purchases (Six Dollar Family) can have a bigger impact on your bank balance than you think, so consider not using autofill to provide your credit or debit card information when you shop online. If you actually need to grab your card details to make an online purchase, it might make you think twice. By deleting cookies from your browser, you can reduce your exposure to online ads that might tempt you into unnecessary purchases.
#2 Change your eating and drinking habits
Eating and drinking at home more can help you save a great deal of money. Instead of letting someone prepare your breakfast or lunch for you, eat before you leave the house and take a packed lunch to work. You can potentially save hundreds of dollars each month by doing this. Taking hot drinks to work with you can also stop you from spending excessive sums on coffee.
#3 Streamline your streaming
Many of us are subscribed to a plethora of streaming services these days. But how much do you actually use these? If you have signed up to three or four video streaming services but don’t use them as much as you expected, consider reducing these to one or watch TV whilst it is being broadcast instead. Many people are drawn in by generous discounts and offers for new members before finding themselves paying for services they never use. There are even ways to stream tv online for free if you want to take the time to look them up.
#4 Reduce your household running costs
Shopping around for better deals on your household bills can also help. Many people are paying much more for their gas and electricity than they need to. You could move to a cheaper tariff or move to a different fuel provider altogether. Avoid leaving your heating on when you are warm enough. Make the most of your heating controls and manage your system via an app if this is possible.
#5 Use cash to make purchases
Have you considered buying more items with physical cash? It can be all too easy to splurge on several items you don’t really need by tapping your credit or debit card. When you can actually see the cash that you are spending, it may make you question whether the purchase is necessary or not. Keeping a spending diary can also help you manage your money more effectively. Setting spending goals can deliver a powerful sense of achievement and mean you have more leftover after bills at the end of the month.
#6 Embrace the great indoors
Socialising outdoors can get very expensive. Eating and drinking in bars and restaurants can cost much more than you would pay to socialise at home. If you haven’t invited friends back to yours for a while, why not plan a low-cost night in?
#7 Saving facilities and challenges
Your bank might offer money-saving facilities. More and more banks are enabling customers to round their purchases up to the nearest pound, with the change from purchases being sent to savings accounts. The change can add up quicker than you might expect. Many money-saving challenges have emerged online over recent years. If you’re not used to saving money, you can start small and build up. For instance, you can start by saving $1 a week, $2 the next week and so on until you reach a realistic target.
Saving money doesn’t have to mean compromising on your quality life. By making small sacrifices that you’ll barely notice, you can put yourself in a much better financial situation. Don’t forget to treat yourself once in a while to gain a sense of reward.