Finding money to save

Think about which expenses might be unnecessary: Are you paying a monthly bank fee for insurances you don’t need or use? Or a gym membership? So many things now are offered on subscription, and it’s easy to forget what you have that you don’t use. For example, fitness services, tv subscriptions, magazine subscriptions, etc. Check old direct debits and see what you can cut out. Most online banking services have a ‘direct debits and standing orders’ section where you can view what is set up from your account. Be careful not to cancel anything important!

Are you already spending £50 per week on unnecessary items? What about takeaway food or expensive coffees on the way to work? Do you munch on artisan sandwiches instead of a packed lunch? Over 12 months, spending £6 per workday on lunch equates to over £1,000! Swapping to a cheaper supermarket for your family food shop can also help you to save substantial amounts over the year.You might look into comparing the cost of your utilities to see whether you could get a better deal on things like: mobile phone tariffs, TV services, internet packages, and utilities. Review your car and home insurance to make sure you have the coverages that’s right for you.

You might consider making some money by selling unwanted items online, starting an online business, or taking a part-time job.

If you are an impulse spender, try waiting 72 hours before purchasing something you think you need or want. This should help you avoid impulse purchases, because if you have forgotten about it over 3 days, you probably didn’t need it.

To keep yourself focused on your goal, put pictures of it around your house. This will remind you what you are working towards and serve as a constant motivator.

For more on goal setting, read Goal Setting in 8 Easy Steps