The idea of trying to save more money can seem like a lot of hard work. But it doesn’t need to be. If you want to grow your savings fast, here are some tips for boosting your bank balance:
1. Start tracking your finances
The first step for saving more money is to know how much your income and expenditure actually is. If you’re not sure, track these over a month to see how much spare cash you have.
2. Stick to a budget
If you’re prone to overspending, make sure you have a budget in place – and stick to it! This will help you be more in control of your money.
3. Pay off your debts
Debt repayments can be super-expensive. One of the quickest ways to cut your spending and save more money is to pay off any existing debts, as this reduces your interest payments.
4. Prioritize saving money
It’s also important to make saving money a priority in your budget. Every time you get paid, put a percentage or a set amount into a savings account.
5. Automate your savings
One way to make sure you stick to a savings plan is to set up the payments to go out automatically. Most banks allow you to set up automatic transfers online or via mobile apps.
6. Automate your bills
As well as automating your savings, automating other bills can also help you save money as you avoid late fees, interest, or any other charges that can be avoided.
7. Keep any spare change
Spare change can quickly add up. So, instead of spending it, keep it together and pay it in at the bank – you might be surprised at how much it is!
8. Have a spending limit on your cards
Do you frequently spend too much on your cards? If you do, putting a spending limit on them is a great way to save money by avoiding overspending.
9. Use envelope budgeting
If you struggle to stick to a budget, the envelope budgeting system is an amazing alternative. Putting physical cash into envelopes for bills and other costs can help you stick to a budget.
10. Reduce your regular bills
You can save a lot of money by cutting back on your regular utility bills. Simply write down what you currently pay, and start looking for better deals.
11. Cancel unused subscriptions
Another way to save money is to cancel any subscriptions you don’t use. Think about the subscriptions you currently have and how often you use them.
12. Plan your meals
Eating out, ordering takeouts, and overspending on groceries can easily blow your budget. To avoid this, make sure you plan out meals in advance and only buy what you need.
13. Start investing
Once you have some savings, it’s important to make sure your money is growing. One way to do this is by investing. If you’re a beginner, make sure you research this thoroughly!
14. Transfer your credit card debt
Lastly, credit card debt can get really expensive. If you can’t pay it off straight away, you can save money by transferring the balance to a lower-interest card.
