If you’d like to have a little more money in your pocket at the end of the month, it’s important to reassess your spending habits and think about where you could save money. There are plenty of easy ways to save that will still allow you to enjoy your life and treat yourself to little luxuries every now and again.
Good money management starts with budgeting. You should know exactly how much you have coming in each money from your salary, pension or benefits, and how much you’re spending on outgoings, including living costs, energy bills, council tax and housing costs. Use an online calculator like the one available from Pensions and Wealth Management Services to find out your exact Income Tax and National Insurance requirements. If you’re spending more than you’re earning, it’s definitely a case of cutting back. Noting down all your irregular or ‘treat’ purchases can help you identify the problem areas and take greater control over your spending habits.
Food and Drink
Unless you’re frequenting fast food restaurants, eating out can be an expensive business. To save money, think about only going out for meals once every two weeks or even less so that the experience feels like more of a treat. It’s much more cost effective to make your sandwiches or a salad to take to work, rather than buying lunch while you’re there. A little bit of forward planning can save you a lot in the long term, so consider taking your own snacks and making coffee at home in a travel cup, rather than stopping at an overpriced coffee house on the way to work. Bottled water is also an unnecessary expensive that can easily be cut back on. Why pay for something you can get free from the tap?
Consider the Environment
It’s a common misconception that being an environmentally friendly citizen is only for those who have plenty of disposable income. In fact, the opposite is true and living a more sustainable lifestyle can actually save you and your family money. Simple things like making sure that your home is well-insulated will allow you to save on your heating bills and reduce your consumption of natural resources at the same time. Switch off devices like televisions, mobile phones and laptops at the plug rather than leaving them on stand-by. Consider buying a couple of inexpensive, energy-saving light bulbs and watch your electricity bills diminish accordingly.