You want to know the best ways to save money but more importantly the practical ways in order to make your savings a reality.
You know the theory but the practical side is not crystal clear so you end up knowing all the saving tips but without the savings to show for it.
I’ve written before about money saving tips and a frugal lifestyle.
But how to get you to the point of being able to find the best ways to save money for you?
The thing is, saving money doesn’t just happen overnight.
It isn’t a magical process where you wake up in the morning and think I’m going to save money today and tadaa, it happens.
I wish it were that simple.
The best ways to save money really are very simple but you need to put a little thought into them in order for that magic to happen.
So let’s get you started on your journey to save more money.
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Financial Goals
The number one best way to save money is to have a goal. A why.
Why are you saving money? What are you following all this saving advice for?
When you know why you want to save your money then you can focus on doing so.
What financial goals should you/could you set?
Spend 5 minutes thinking about everything you might want to be saving money for. Think long term and short term.
- How much money do you want to have saved in 5 years time?
- Are you saving for a vacation? For Christmas?
- Is your emergency cash fund one of your goals?
When you know what you are saving your money for, you can then see why you need a money saving plan in order to make your goals a reality.
Money Saving Plan
Once you’ve got your savings goals written out, you should set up a money saving plan.
This is your spending budget and will help you plan out how much you can and will save each month.
It will help you understand how much money you can spend on other things like groceries, clothes, going out and general day to day spending.
I know you might not like to set yourself a budget, even I sometimes fight against a budget on the grounds it can feel like you are being restricted.
Flip your thinking on it’s head. Your spending budget is allowing you to save money each month.
It is allowing you to spend money every month. Thinking of your budget in those positive terms is one of the best ways to save money.
You’re not restricted by your budget, you are enabled.
Related posts: How To Live Fabulously On A Budget (And Save Money)
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Saving Accounts For Each Goal
You want to have a really clear fix on your savings goals and how you are achieving them month on month.
So a saving tip to help you with this is to create separate savings accounts for each of your goals.
You will want to think about the best place to save your money.
For some of your goals a retirement account or long term savings account might be the best place.
For short term goals you might feel a savings jar or money box will be just perfect.
Each of your savings goals will have a different time frame so the best way to save money is to find the right place to put those savings.
Some people might advocate lumping all your savings into one account in order to get the best interest rate. If this works for you then go for it.
Just remember to keep a separate record of the saving goals that one account holds.
Automate Your Savings
Pay yourself first is a savings tip I strongly encourage.
Knowing your financial goals and creating your money saving plan means you know exactly how much money you want to save each month.
Take that amount out of your bank account as soon as you get paid.
Prioritizing your goals is an easy way to save money and will help you save more money in the long run.
None of us have the discipline to spend exactly what is in our budget and have the £200 we intend to save left in our account at the end of the month.
So get that £200, or whatever you intend to save, out of your account as soon as you get paid.
And automate it so you don’t have to manually make that transfer. You don’t even need to think about it.
Fun Money
When creating your budget you might be tempted to cut all unnecessary spending out in order to maximize your ability to save your money.
But long term this is not a strategy that will work.
We all need fun money.
Money that we can spend without feeling guilty about it afterwards. The best way to budget is to incorporate some fun money into your budget.
Doesn’t have to be loads – even £30 a month will make a real difference to your ability to stick to your savings goals and save more money.
Related post: How To Save Your Marriage From Constant Arguments With Fun Money
Do An Energy Audit
Another great way to save is to focus on things you can personally do. And your use of energy is a simple way to save money.
Be conscious about your energy usage and you will find ways to save energy which will in turn lead to lower bills and bingo, less money to spend on energy each month.
For more tips on how to save energy read this post:
How To Keep Your House Warm And Your Energy Bills Low This Winter
Meal Plan Like You’re Broke
I am not suggesting you only eat rice and beans, although you would save a ton of money if you did!
Being more deliberate in your choice of meals and food really is one of the best ways to save money.
There are so many delicious meals you can make that don’t cost a lot.
Meal planning is such a simple way to save money and one of the best savings tips I can give you.
Meal plan tips you can try could be:
- Plan your meals in advance, when you’re not hungry!
- Build meatless meals into your weekly plan
- Create meals from ingredients you already have in your cupboards
- Create meals from your leftovers
Related posts:
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Drop Down A Brand
Your grocery bill is one of the areas of your budget where you have the potential to either spend a lot or save a lot. All based on what you choose to buy.
Choose right and you save money. Choose differently and your bill increases.
Premium brands come with a premium price tag attached. But do they have a premium flavor also?
My experience says not, at least not for most things.
I make an exception for Marmite as there is no alternative in my mind that tastes nice, let alone is on a par with Marmite.
But Coke? I have trained myself to make do with supermarket own brand. Yes the real deal is a bit nicer but at 4 times the price?
Sorry, to me, it’s not 4 times as nice so I don’t buy it.
Dropping down a brand whether that is from premium to stores own, or from stores own to value brand, is all about trying it out and seeing what works for you.
It’s an easy way to save money but it has to work for you.
Related posts:
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Instigate a Clothing Ban
If you are a regular buyer of new clothes this might seem a bit drastic.
But really, do you actually need new clothes right now? Are they a priority over and above your savings goals?
The best way to save money and not buy clothes is to not go shopping! If you’re not in the shop you can’t buy it!
You’ll save more money by not going shopping in the first place than to do so and tell yourself you will only window shop.
A clothing ban can be any time frame you choose. Some people have completed 6 month clothing bans, others have gone past the 2 year stage!
It’s a good way to save money that you can tweak to suit your lifestyle. Try it for 3 months and see how much you can save.
Make Money
I’m not suggesting you get a second job with this practical tip.
One of the easiest ways to save money is to have a look around your home and identify things you no longer use or want.
You may no longer have a use for it but there will be people who do. Find those people and sell your unwanted stuff to them.
And save all the money you make as an added extra. You can sell your stuff on places like:
- Gumtree
- Ebay
- Craiglist
- Preloved
Related reading: Earn Cash Selling Your Old Appliances
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Bonus Saving Tips
Here are a few bonus money saving ideas to help you in your quest to save your money:
- Save Water
- Have a one week no spend challenge
- Wash clothes on a short, cool cycle unless they are super dirty
- Pack your lunch every work day
- Wait for your favorite movies to be shown on TV
- Fix things yourself – use YouTube tutorials
- Cut your own hair
- Don’t use your tumble drier – use a clothes line or indoor airer instead
These practical ways to save money will help you focus on your savings. Focusing on why you want to save will help turn your plans into a reality.
The best way to save money is to do it! But it always helps to have some simple saving tips on how to do it.
If the best way to save money for you is not shown above please do share what you do in the comments.
Come and follow me on Pinterest for more money saving hints and frugal tips!
Last Updated on 5th April 2023 by Emma
