10 Money Saving Tips You Should Know About

by Ollie Norman, Content Marketing Manager at LiQuid

The cost of living crisis that we are all facing has made it more important than ever to save money. However, that’s often easier said than done, as prices keep rising and many products are now offering less for your money. Whether you are saving up for a big purchase, or simply trying to manage your finances effectively, looking for the small ways you can save can make a huge difference.

Here, the team at LiQuid presents a 10-step approach that will help you cut down on spending and put more into your savings account. You can use this as a saving strategy, or only take the steps that are relevant to you, but we hope that all of these tips will offer great suggestions about making your money go further. You don’t need to be a financial expert to make the most of your money – just start here.

1. Track your spending

Start by writing down every penny you spend in a month, and sort each purchase or payment into a category: essentials, monthly outgoings and other purchases. If you have bank statements or receipts that can allow you to do this for multiple months at the same time, this can provide a useful average.

Once you have written everything down, you will know how much you earn, how much you need to spend, and how much is left over.

2. Create a budget

Having calculated how much you spend on essentials and how much you have left to play with, you can create a budget. Consider how much you want to save each month, and make sure it is realistic. Even if you can only afford to save a little at a time, it will soon start to build up, and this is better than trying and failing to save a bigger chunk of money every month.

This is a great opportunity to spot areas where you could cut down on spending, and decide where you need to impose limits in order to meet your spending goals.

3. Stop buying things you don’t need

Dividing your list of purchases to separate the essentials from everything else will show you how much disposable income you have, and quickly highlight things you can cut down on. This doesn’t mean that you have to completely cut out simple pleasures, but through a combination of reducing impulse buying and identifying free alternatives to products or services you pay for, you can save money but still afford to have fun.

4. Switch to free alternatives

As we mentioned above, one of the fastest ways to save is to swap paid services for free equivalents. This especially applies to subscriptions – it is easy to sign up for services that you don’t use, and find out months later that you are still paying for them. There are several free film, TV and music streaming services available that can replace the ones you are currently spending money on.

5. Switch to cheaper products

Brand loyalty can be expensive. In many cases, big name brands are no different from generic alternatives in terms of quality – sometimes they are simply the same product in different packaging. Swapping to generic brand products may feel like a downgrade, but this is often just a matter of perception. Given how much you could save, it will be worth it to get closer to your saving goals.

6. Shop around

Switching to generic products is not the only way to avoid overspending. You could make bigger savings by changing where you buy from, and if you have the time to visit multiple shops, this can be the best way to get everything you need for the lowest possible price. It’s even easier to do this online, but you may face expensive delivery charges if you order from too many different stores all at once.

7. Drop expensive habits

While you are making lifestyle changes, quitting smoking is one of the most effective ways to save money. This doesn’t necessarily mean quitting entirely, especially if you are already making a lot of other changes. However, switching from smoking to vaping is a smaller change that can deliver significant results. Vaping is more cost-effective, with some vape juice products available for £1, and better for your health, meaning that there are multiple benefits to taking this step.

8. Look for deals on your essentials

For any products that you cannot swap for a cheaper alternative, get for free, or avoid buying altogether, there may still be a way to save. With enough dedication, you can often find a coupon or discount code for products online, and in fact, there are now apps that will do the legwork for you. You can also find forums and online communities where people will share coupons and ideas on how to save. There are also cashback schemes and other ways to save when buying online or in-store, so spend any time you have available seeking them out.

9. Have fun for free

Entertaining the kids is often one of the more expensive ways to spend time, but this doesn’t need to be the case. Many cities offer activities and events for children, especially at half-term. With some proactive research, you can plan an engaging day of entertainment for the whole family with no need to spend even a penny. If you’re heading out for the day, just remember to take your own food and drinks to save even more!

10. Drop the credit card

Spending on a credit card often hides your transactions from you and makes it much easier for spending to mount up. It also makes it difficult to estimate how much you are paying and keep a running total of your outgoings, which you need if you want to stay under budget.

You don’t have to use all of these ideas at once, or make big changes straight away. Once you start saving and see how quickly things start to mount up, you might feel motivated to save more and gain even more control of your finances. However you approach saving, we hope that these tips will help you to get started.

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