6 Savings tips

Nobody enjoys being short of cash, but these tips can help you save money and create some room in your budget.

Map your income and expenses

Saving money starts with mapping your income and expenses and knowing how your budget is divided. Maybe you spend more money on a particular item or service that you can easily change e.g. the takeaway coffee is a prime example as a savings tip, a lot of money can be saved by taking a Thermos flask which has the cup included. This tip is not only good for your budget but also a big bonus for the environment.

Switching your energy provider is a sensible way of saving money.

Switching energy provider is an easy way of saving money and this can save you a lot of money sometimes ₤100s and is a very easy and stress free way of saving money. Use a comparisons website and find the best deal for you, avoid the switch over gifts that are not really “free”.

Pay your debts with a high interest rate first.

Debts with a high interest rate can be a real drain on your income. If money is short and it is difficult to pay of your credit card, look around and try to find a way of borrowing money against a cheaper interest rate. Maybe a family member can lend you money against a cheaper rate. However, make sure that these type of loans are backed by a contract to avoid trouble in the future.

Shop online.

Buy most of your shopping online and check prices on the comparisons websites. Prices are often cheaper online as the companies don't have to invest in shops

Easy savings.

Banks offer different saving schemes, find a scheme that suits your needs, start early and this can prove to be useful to you later on. It provides you with a financial buffer when your circumstances change or it can make a big difference when you need make a large purchase. Saving your change is particularly easy, the bank rounds up any purchases made by debit card to the nearest ₤ and deposits this in your savings account this form of saving is provided by Lloyds Bank and TSB.

Consider your subscriptions do you really need them.

Take a critical look at all your subscriptions that you have running, sometimes they are a more a habit or you can no longer indulge the time that it takes to read these magazines or newspapers. Maybe it is a better option to buy an occasional magazine or newspaper when you can spare the time and money.

Are you lookincg for more ways to save money? This article provides you with another101 sravings tips.