Viral Newz
Finance

How to Save More Money and Spend Less


How to Save More Money Do you spend more than you should? You’re not alone. Most of us buy things we don’t really need while wondering why we never have enough money when we do need it.

However, there are a few simple tricks that you can use to spend less and save more.

Tips To Save More Money and Spend Less

So, how can I save more money each month? Before we dive into how to save more money, you need to find ways to reduce your spending.

1. Stop Buying Things You Don’t Need

One of the most obvious ways to spend less is to cut out any unnecessary purchases. It isn’t always easy, but you don’t have to give up every little luxury.

Start by cutting out anything you don’t really use, like a gym membership or magazine subscription you’ve almost forgotten about. Check out our handy guide on simple ways to keep fit on a budget (gym membership not required!)

Next, try to identify any bad money habits you’d like to give up or do less of, such as smoking, snacking in between meals, or drinking too much. Finally, look for anything that you could do without in order to spend less.

Remember that you don’t have to give things up entirely in order to save. You could also try buying things less often, looking for someone to share or swap with, or finding free alternatives:

  • Go for a run instead of paying for the gym
  • Cycle to work instead of driving or using public transport
  • Take out a library book instead of buying your own copy
  • Visit a free park, museum or gallery instead of paying for a day out
  • Spend the evening at a free concert or event rather than buying a ticket

Related: 8 Biggest Ways Women Waste Money

2. Be Energy Efficient

A good way to cut back without missing much is to reduce your energy use. Turn your thermostat down a few degrees, choose a lower temperature for your wash, and make sure the tires on your car are kept inflated to improve your mileage.

It’s better for the environment too, so you can feel particularly good while you’re spending less.

Related: 12 Simple Ways to Save Money on Your Energy Bills

3. Change Your Brand or Switch Suppliers

Even if you can’t stop spending on something, you should still be able to spend less by changing the way you shop.

Most of us have our favourite brands and stick to them, but shopping around can result in big savings.

You might be surprised to find that cheaper or own brand products are often just as good as the leading brands, so give them a go.

It’s also a good idea to compare prices at different shops and online to see if you can get the products you want at a better price.

Don’t forget that you can use the same tactics to save on your other bills too. Switching energy, broadband or insurance suppliers can help you to get the best deal with MoneySupermarket.

Some companies will also give you a discount for paying online or yearly rather than monthly. You might be able to save on your debts too, by transferring them to a new credit card or loan with a lower interest rate.

4. Look for the Best Deals

Finding a more affordable brand or cheaper supplier is just one way to reduce your spending. You should also:

  • Wait for the sales when you can
  • Look out for offers and discounts
  • Buy in bulk when it’s cheaper
  • Use coupons when you can
  • Sign up for discount sites and loyalty schemes

However, don’t be tricked into false savings by buying things that you don’t really need just because they’re on offer.

You’re only saving when you’re spending less than you would have on something you wanted to buy anyway.

5. Pay More to Spend Less

Although it seems counterintuitive, you should also remember that sometimes you need to pay more for a good quality item in order to end up spending less overall.

Buying one good coat that you’ll keep wearing for years could cost a lot less than buying a cheap new one every year.

How to Save More Money

how to spend less and save money optNow that you’re spending less money, what are you going to do with it all? It might be tempting to splurge on something, but it’s much better to save first.

Here are our top tips on how to save more money and achieve your financial goals.

1. Set a Goal

It can help to know what you are saving for, so try to set yourself a goal.

This could be:

  • An emergency fund
  • Monthly pension contributions
  • A deposit for a house
  • An investment
  • A holiday, new car, or any other big purchase

As well as deciding what you’re saving for, you should work out how much you want to save.

You’ll then be able to see how close you are to achieving your goal, which should help you to stay motivated. Keep checking your savings regularly to see how well you are doing.

Related: Financial Goals in Order of Priority

2. Make Your Money Work for You

Don’t just leave the money you’re saving in your bank account. It will be too easy to spend and it won’t be earning you any interest.

Open up a separate savings account and make sure that your money is working for you.

You may need to switch accounts to get the best rates. Alternatively, you might want to put your savings into a pension or use a scheme like the Stock and Share ISA to get a better return.

Related: Make Your Money Do the Hard Work

3. Make Saving Easy

Making saving easy is one of the best ways to actually save more money.

Set up a standing order from your bank account to your savings account or use an app that tells you when you should transfer some money.

Related: 5 Ways to Automate Your Savings and Save Money Faster

4. Don’t Forget the Pennies

Saving up your change in a jar might seem like a waste of time, but it can add up quickly.

Bagging up your change and taking it to the bank can also feel more satisfying than transferring money out of your savings account.

It can make you feel like you’re really making progress, which can help you to keep going.

Staying motivated is the key to saving, so focus on your goal, keep track of your progress, and reward yourself when you do well.

Are you ready to achieve your money goals this YEAR!?

budget planner personal finance planner

You CAN achieve your money goals. All you need is clarity and a step-by-step guide to help you stay focused, track your progress and reach your financial goals.

If you need a plan to accomplish your money goals, the Money Nuggets Financial Success planner will help you set clear and specific goals you can actually achieve. Click here to check it out.

Over to You

Do you have any other tips for saving more money, spending less and sticking to your savings goals?

Pin for Later

How to Save More Money

You Might Also Like

How to Budget and Harness your Finances
25 Simple Ways to save money
How to Create A Budget and Stick To It in 5 Easy Steps

Save

Save

Save

Save

Save

Save

Money Nuggets
Latest posts by Money Nuggets (see all)



Related posts

40 Perfect, Cost-Saving Valentine’s Day Ideas On the Cheap

Billy Sullins

15 List of Goals to Set for Yourself this Year

Billy Sullins

12 Costly Financial Mistakes to Avoid

Billy Sullins