Transform Your Finances in 2019!

We all want to save money for a rainy day and whether it’s by ditching your daily £3 latte or putting off an exotic family holiday, everyone has their own way to save.
Here are some money saving tips to help you save up, recoup the cost of Christmas and reduce your debts.

Repay your debts
This could seem impossible. However, if you’re trying to save money through budgeting but still carrying a large debt, start with the debt. Not convinced? Add up how much you spend servicing your debt each month, and you’ll quickly see. Once you’re free from paying interest on your debt, that money can easily be put into savings. A personal line of credit is just one option for consolidating debt so you can better pay it off, or you have credit card debt consider switching to an interest free card with an interest free promotion. Bear in mind that any applications for credit will be recorded on your credit file and could affect your overal credit score.

Set savings goals
One of the best ways to save money is by visualising what you are saving for. If you need motivation, set saving targets along with a timeline to make it easier to save. Want to buy a house in three years with a 20 percent deposit? Now you have a target and know what you will need to save each month to achieve your goal. There are some very good bank accounts that make budgeting much easier – for example a Monzo account lets you set budgets for food, bills, eating out, luxuries etc. so you can see at a glance how much you have left at any given time and will recognise which transactions fall into each category.

Consider starting up a separate account for a holiday, for next Christmas or even to save for a car. This will help you avoid taking out debts in the future to cover these costs.

Pay yourself first
Set up an auto debit from your current to your savings account each payday. Whether it’s £100 every week or £500, don’t cheat yourself out of a healthy long-term savings plan.

Holiday at home
Though the term ‘staycation’ may be trendy, the thought behind it is solid: instead of spending thousands on airline tickets overseas, stay closer to home for your annual holiday and explore the local area. You’ll be amazed at what’s right on your doorstep!

Compare providers
Make a note of when your car, mobile phone and house insurance, utliities, Cable TV and broadband, mobile contract and other payment plans or subscriptions are up for renewal. This is your opportunity to find a better deal or to give your existing provider the opportunity to lower the costs before leaving and taking your business elsewhere.

Make your own lunch!
An obvious money-saving tip is finding everyday ways to make savings. If buying lunch at work costs £5 every day but bringing lunch from home costs only £1.50 then over the course of a year, you can save £840 so the simple things really can add up.

Analyse your spending
Consider using a budgeting tool (there are many options available online or via the App Store) to enable you to budget properly. For example, if you pay £10 a week on coffee by ditching that expesnse you could save £520 over the course of a year.

Don’t overspend on food
It’s so easy to get to the supermakret and just throw food in on a whim depending on what looks good and what’s on offer – but you don’t always need it. By sticking to a list you’ll only come home with what you really need.

Analyse your direct debits
Make sure you aren’t paying subscripitons or memberships you simply don’t use. Be strict and cut back on anything you shouldn’t be paying for.