Let’s face it, we could all do with a few more pounds in our pockets, but when it comes to ideas on making extra money we often fall flat – after all, there are only so many hours in a day! That’s why it makes sense to look at the money you already have, and figure out how it can be managed better. By making some simple savings you can feel like you have more money, and in the long-term actually end up richer!
Here are some ways you can save big this January:
Take a week to jot down everything you spend money on. It sounds quite laborious but it’s totally worth it. Keeping a money diary is the best way to get a firm understanding on where all your hard-earned cash is being spent. It’s difficult to take stock of your money when, at the end of the month, you have nothing really to show for it – but spend just one week tracking your pounds and you’ll be surprised how much all those coffee shop runs and impromptu lunches cost! Once you know where your money is going you have the power to change it – either cut it out or factor it into your long-term budget.
Make separate saving wallets
Having a goal in mind for your savings is a great way to keep yourself on track. You can take this further by giving yourself a specific account to save for your particular goal – so if you want to have a holiday fund make an account separate to your main account and use that for all your travel desires. Saving this way always makes sure you stick within your limits, and never dip into your main account (which could leave you short!).
You are probably well into your ‘new year, new me’ health drive by now (keep it up!). If you are struggling a little, maybe just concentrate on cutting the booze out for a few weeks. There’s no doubt about it, alcohol is a non-essential expensive habit that is well worth cutting down. By the time you’ve bought a few bottles to enjoy at home, taken a bottle round to a friends party and gone out after work a few times, you could end up spending near £200 – £300 by the end of the month on drink alone! Now imagine what you could do with that money instead!
Out with the old
It’s time to have a good clear out of all your old stuff and it’s also a good idea to flog any unwanted or unused gifts too! You know the saying ‘one man’s junk is another man’s treasure’, well it’s absolutely true! Put anything that could be used again or has some value on eBay or Gumtree and you’ll probably make some cash from it! If you have anything like old furniture try listing it on your local Freecycle. You won’t get any money for it but someone may come and take it off your hand for free, saving you from paying to get it removed.
Remember that saving shouldn’t leave you short at the end of the month, or feeling down because you ‘can’t afford’ to have a good time. It’s all about making short-term plans to achieve long-term happiness, giving you some protection for when times get tough or helping you to buy that cool new gadget or travel the world!
Don’t forget that a Monese account could be up to 8x cheaper than traditional money transfers, and the account is up to 5x cheaper than traditional banking! So it’s definitely worth getting yours now!