Collaborative Post
Wish you had more money in your pocket at the end of each month?
You’re not alone. These days, more people are dedicating increasing amounts of time to ensuring that they’re getting the best deal on all of their expenses. Comparison websites have begun to pop up for everything from insurance to loans. You can check whether you’re getting the lowest interest rate on your personal loans in seconds or use brokerage websites like HappyPenguin Loans in order to get you the best deal!
If you’re one of the many people searching for budgeting assistance today, there’s a good chance that you may have overlooked the following ideas.
Try the 1p Saving Challenge
Over the years, there have been plenty of “challenges” on the internet intended to help people save more cash. For instance, there’s been the £1 per week saving challenge, which asks you to save an extra pound every week. That means you start by saving £1 one week, then £2 the next and so on.
If that seems like too much for you to manage right now, consider the 1p saving challenge instead. This involves saving one penny more each day, every day of the week. By the end of week one, you’ll have saved 7 pence, and by the end of the year, you could have saved £667.95. This is a great idea for people who want big savings without making a huge change.
Dust off your Piggy Bank
With so many apps and digital savings services to choose from today, it can be easy to forget the classic savings options. For instance, if you had a piggy bank when you were a youngster, then there’s nothing to stop you from using that same saving strategy again now. Dust off your old piggy bank, or just find a jar that you’re comfortable saving cash in.
Every time you get a pound coin in change put it in your jar, and you’ll see your cash start to rise pretty quickly. You can do the same thing with ten pence pieces, or five pound notes too – whatever you feel most comfortable with.
Katie Harp – Pinterest Manager
Round Down the Numbers in your Bank Account
Another great way to save some extra money is to round numbers down in your bank account when you’re figuring out how much money you have to spend. Instead of telling yourself you have £200 for entertainment and other expenses this month when you have just over £200, tell yourself you only have £190 and work on that instead.
Even cutting down your “available cash” by that small amount can change the way you deal with your money and make a massive difference to your future. The extra pennies and pounds that you save will add up over time. Even if you’re just rounding down to £10.00 from £10.50, you’ll be surprised how much you can accomplish in the long-term.
Switch to Cash Only
One of the biggest problems that people have when it comes to managing their budget is avoiding the temptation to spend on plastic. It’s so easy to flash a card these days and make a purchase – particularly when contactless payments are an option. However, this means that you can quickly overspend without realising how much cash you’re using.
Switching to cash only will make you more aware of the little purchases you’re making that you may forget about. For instance, if you know that you only have £100 to last you all month, then every extra pound spent on chocolate will weigh on you more heavily than if you were spending it on your card. Sometimes, changing the relationship that you have with your money is the toughest part of getting used to a budget.
Try No Spend Days
Finally, if you’re struggling to see a big difference in your budget, and you want to make progress quickly, one thing you can try doing is running a no-spend day once a week. These days are when you don’t spend any money on all. That means that you don’t spend cash on anything, even petrol, lunch at work, or a newspaper.
These no-spend days can be difficult to get used to at first, but they’ll show you how much you spend without realising you’re using your money. Additionally, your no-spend days will help you to make up for the other days when you’re constantly using money on little and big purchases alike. No spend days can make a huge difference to your routine with money.