Save Money Fast

So you want to save money fast! Unfortunately, we are entering a very dim time in which prices for fuel, food and energy are on a steep incline. For most of us, this will have a huge impact on wellbeing and the ability to keep afloat financially. If you are on the breadline, you will already know how much you are stretching every penny. But it is important that you regularly look through your finances to see where you can keep making savings, as well as ways in which you can increase your income.

Check your income.

• Are you getting everything you are entitled to? If you are on a low income or not working, ensure you are claiming what you are entitled to. If you are a single parent, check you are getting a 25% reduction in your council bill.
• If you are working, is there potential to ask for more pay or opportunities to apply for a more senior position?
• Do you have a hobby that could be a side hustle? Art, refurbishing furniture or crafts can be sold to earn money.
• Do you have items in your home that could be sold? This isn’t a sustainable option, but it can help to declutter your home of things you no longer use, whilst also give you some extra pennies towards the bills or treats.

Look at expenses.

• Pay for any bills that you can annually. You can save money by not having direct debits when paying for insurances, etc.
• Shop around for insurance before purchasing each year – don’t stick with the same company unless it is competitive.
• Cut any unused subscriptions. Keep ones that you enjoy, but be realistic about how many you have overall and decide whether you really need them.
• Reduce travel. Fuel prices are higher than they have ever been and continue to rise. Consider driving less and walking more when you can. I realise that this isn’t always possible, but nipping to the shops for milk could be by foot. Plan local trips out, rather than going further afield when possible.
• Only buy things that you need. Cut additional spend on luxury items like clothing and nicknacks. How much you are spending each month on items that you could live without?
• Meal plan. This is a staple for anyone looking to save money. Have an idea of the 7 meals you will eat for the next week and only buy ingredients that are needed.
• Use up items you already have. This goes for using up food in the cupboards and freezer, as well as beauty products and toiletries.
• Take your time before making a purchase for a big ticket item. The rule is 30 days, but use this as you see fit. The principle idea is that you really consider big purchases and ensure you really want the item, as well as finding the best price you can too. Nothing is more infuriating than buying something on a whim and then realising you could have got it cheaper elsewhere. Shop around and take your time to decide if it will really be worth the investment.
• Have a sinking fund for planned expenses, such as birthdays, MOTs and Christmas. It will mean that the money is ready in advance to avoid debt, as well as taking away financial stress when these events come around.
• Pay off any debt before saving. This is essential in being able to get your money to work its best for you. Start by paying off higher interest debt first as this will reduce the amount of interest paid in the longer term. Clear all debt and get sinking funds set up before starting to save.
• Put spare money straight into a savings account. It will be much harder to spend the money if you remove it straight away. It means you have to faff around transferring it across accounts to get it back to spend. A deterrent in its self!

Save money on activities.

• Go for walks along the beach or in the countryside. It won’t cost a penny and will be good fresh air for the soul.
• Limit the number of big trips out to places that charge entry. If you normally go every weekend, could you reduce to every other weekend, or once a month.
• Use free places, like the museum, galleries and country parks for activities to do.
• When going on a trip out, limit the amount to be spent. Avoid gift shops and novelty items.
• Take a picnic lunch with you for days out. This will save you a fortune on food costs, especially for a family.
• Stick to local places if possible. There will be lots available on your doorstep. More than you think. Do some research and get exploring your local area.
• Consider how many social events/occasions your attend. A night out can easy rack up the pennies, but if this is every weekend then it becomes a much bigger spend. Try limiting your nights out or meals out or scale down the spend when doing them.
• Let people know you are trying to save money. This will mean that friends and family will try and consider this when planning trips out together. It will help you to avoid expensive days out and feeling like you are letting others down. People will be happy to accommodate this in advance of planning days out/social events, etc.

Take control

Being aware of what is happening to your money each day is the key to successfully saving money. It’s a cruel to be kind situation in which you have to really decide whether it is worth spending the pennies on!

Rachel, Declutter Your Life x

For more money saving ideas check out this post… https://declutteryourlife.co.uk/no-spend-year/how-to-save-money-fast/

For further details about each item, check out my youtube channel… https://www.youtube.com/c/RachelNoakes