We are in a new year, and it brings more opportunities for you to cut the reckless spending that might have landed you in financial dire straits over the festive period. Christmas is always an expensive time of year, and the stats show that spending on gifts and the like ends up putting as many as 30% of us in problems with debt. Taking the time to rejig your money will improve your financial health and set you up for a year of smart spending and increased savings. Here are a few tips and hints to get you started on the road to financial sensibility.
Review Your Direct Debits
Written down, it seems an obvious thing, but a surprising percentage of us don’t take the time to dip in and out of our bank accounts to see what is coming out regularly. You might have forgotten about a charity you signed up to donate to or a forgotten Amazon Prime account that doesn’t get that much use for the amount you spend per month. Eliminating the expenses that come out instantly from your account after every payday will increase your disposable income and give you more to spend and send.
Increase Your Cooking Skills
When you consider the unavoidable expenses that make up your monthly budget, you’d be as well as to put effort into making savings where you can. One of the most straightforward ways to go about this is to cook for yourself when you can. You can plan meals for the coming week and cook to a budget as a means of driving down costs. If you’re not experienced with cooking, have a look at some budget menu ideas to give you inspiration and to keep the cost of eating to a bare minimum.
Walk and Cycle
The daily commute to work is one of those facts of life that we all have to deal with in our own way. From a psychological point of view, it can be frustrating that getting to work is an expense for you. Running a car adds up, especially when you throw in the added costs of fuel, insurance, tax, etc. Why not give your health some TLC and walk to work if possible? Cycling is another great form of exercise that gets you from a to b. Trying any of these things will save you money in the long run.
Earn Cashback on Purchases
A little bit of insider knowledge can help you to make modest savings on your purchases that build up over a long period of time. With sites like Top Cashback, becoming more common, it’s certainly worth trying them out to see what you can save. Each online purchase gives you the chance to put a little bit of money away, even if it’s just a small percentage. If you think long term, you can build your cashback account, giving you the chance to make savings on bigger purchases,
Revamp Your Social Life
It’s difficult when it comes to friends and family, but one of the areas where you might find yourself to be regularly be spending beyond your means is when out socialising. Seeing your friends over drinks at the weekend can easily run into the hundreds of pounds, depending on how good a night you’re having. Instead, staying in has become the new going out, and inviting friends around to your home to socialise will likely save you on pub prices and taxi fares in the long term.
It can be hard to save money, but by adopting some of your smaller habits, you can create a positive change to your bank balance and outlook.
