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Are you anxious about how much money you have? Do you have enough for this week, or this month? Do you have enough for your next holiday, or for a house of your own?
When will you?
A lot of us are just scraping by. It’s the millennial condition. Sure, we may be renting a nice and we may have some cool toys, but it’s paycheck-to-paycheck, right? If you lie awake with that knot of anxiety gnawing at your gut, know this: you’re not alone!
I was there too. Most people are!
And you know what else? It doesn’t have to be this way.
With a little bit of work, we’re going to fix it!
The best place to start is by looking at your incomings and outgoings. What you earn vs. What you spend.
I bet right now they’re pretty evenly matched.
Earning money is good. Earning more money will help! It might tip that balance a little in your favour, but I bet you’ve done that in the past too; somehow, no matter how big a raise you get, you still seem to wind up with about the same amount at the end of the month.
All the income in the world won’t help you save money if it’s all flowing straight back out the other end. So before worrying about what you’re earning, let’s fix that spending faucet and make sure you’re saving everywhere you can!
And once you’ve read these tips, we’re going to play a game to save your first £1000 this month!
1. Trim Your Bills
It’s not fun to pay bills, but discovering you’ve been paying too much for them really sucks!
The upside is, it’s really easy to start saving that money!
Whether it’s electricity, gas, water, phones or internet, make sure you’re paying the best price for what you need and no more!
Don’t feel bad. Pretty much everyone stays too long with their providers. It seems so painful to find and negotiate a better deal, then go through the effort of transferring everything across… Hassle! But those days are gone!
Comparison apps and websites make it so much easier now to identify the best deals for you, and some will even deal with the pain of transferring your services to your new providers.
These are some of the best ones I’ve found. Give them a try:
- Trim
- Truebill
- Billshark
- USwitch: This is a solid UK option, especially for utilities, but their service for broadband reliability, speeds and value makes it very powerful.
2. Cancel Any Unused Subscriptions
Everything is a subscription these days; from gyms, to cars, to entertainment and food delivery.
Even for subscriptions that were once worthwhile, it’s all too easy to find yourself carrying them well after they were good value.
Make a list – along with your whole household – of all the monthly subscriptions that are being paid, no matter how small. Check there’s no doubling up, then check what’s being paid relative to the actual value that’s being received.
Some common services that people often forget they have or allow to double up are:
Music:
- Spotify
- Apple Music
- Amazon Music
- Pandora
- Tidal
TV/Movies:
- Amazon Prime
- Netflix
- Apple TV
- Disney+
- Hulu
- HBOMax
Games:
- Steam
- Apple Arcade
- Google Play
- Sony PlayStation Netword
- Nintendo Switch Online
Food:
- DoorDash
- Postmates
- Ocado
- UberEats
- etc.
The list obviously goes on. Notice how I didn’t even get around to magazines? Remember when they were just about the only subscriptions you cared about?
As a household – even if you’re just sharing with housemates – if your household has more than one in any of these groups you really need to ask yourself:
Are you getting your money’s worth?
Subscriptions are sneaky! They’re always for small amounts, which is why they’re such a successful model for businesses. Even when you know you’re not using them, it’s easy to justify paying just 1-2 coffees’ worth of money a month in case you will want it…
But they all add up quickly. £7 a month for something you don’t use but might? Well that’s not so bad. What about £84 a year? How does that feel? Because now it’s real money, right?
But it shouldn’t feel different. Because it’s not. It’s the same.
If you’re serious about saving money, be brutal: cut the subscriptions!
3. Shop Around
Getting a good deal is essential if you want to save money. No matter the purchase, always check the obvious places online:
- Amazon: Their own browser plug-in can work as a really handy reminder, popping up occasionally if something you’re thinking to purchase online can be bought from them cheaper.
- eBay
- Groupon
Even if, in your heart, you want to supporting independent retailers, make sure you’re not screwing yourself out of a great deal.
If there is a cheaper option online, you can always give your local independent the chance to match the price. It never hurts to ask.
4. Coupons & Discounts
And while you are online, make sure you take advantage of any discounts that are available.
Honey is a fantastic plug-in to help save you money. It just sits in your browser, waiting for you to think about making a purchase. Then it trawls the web for any deals or coupons to apply.
Get a clear idea of the bottom-line cost of any purchase you’re making before you commit.
5. Get Cash Back When You Spend
Don’t let any opportunity to bring prices down pass you by! These services can offer deals or even reward you with straight-up cash back!
- Swagbucks
- Fetch Rewards
- Rakuten
- wikibuy
6. Cooling Off Periods Work!
I’m a big believer in the 1 week cooling off period before any purchase that’s out of the ordinary. Never buy on the spur of the moment.
For me, 1 week is a pretty good indicator. If I’m still thinking about whatever it is, then maybe it’s just about worth it.
(And if I’m going to keep thinking about it then the time I save in just getting could pay for itself!)
7. Remember What You Want to Save Money For
This is a really powerful point, especially when you’re cooling off.
Whether it’s a holiday, a house, a car, a child’s education or something much simpler, keep reminders of your goal around you.
Just a couple of pictures are all it takes.
Put them somewhere you’ll see everyday – on your desk or on the fridge are great. I’ve found my phone’s lock screen is ideal!
Now, before spending any money just check with your dream: are you really OK with it being even a little further away?
8. Freeze Your Credit Cards
Do not be scared of this step. I know it can feel daunting, but left unchecked, credit cards are a trap.
If you’re struggling to save money, that means you cannot afford what you’re buying. It’s that simple.
Credit cards are a trick for instant gratification: sure, we get to have that new whatever we really want, but with interest. The deeper you dip into that well of future money, the harder you’ll find it to get back out.
So, take the cards out of your wallet. If you want to be really hardcore: cancel them. At the very least, put them in a draw – you’re a Saver now. You don’t need credit where you’re going.
9. Keep Your Spending Money Separate
I’ve seen some people go so far as to take out all the budgeted spending money in cash at the beginning of the month and then slowly whittle away at it as the weeks go by.
It makes some sense right? It makes your outgoings very real and you’ll be hyper-aware of exactly how much you’ve got left.
Personally, I’m clumsy and forgetful enough not to want to be carrying any cash around at all, so I prefer a different route.
The Separate Bank Account
There are loads of online banking options now. “Challenger banks” tend to have a good set of online tools and a focus on working with the latest technology, without having to support the cost of physical banks.
Opening a personal account with a bank like Revolut (one of the few truly international challenger banks, operating locally in the US, UK, EU and Australia), takes just minutes and their basic, fee free option has all the feature you need for your everyday transactions.
From there it’s simply a matter of transferring each month’s money in and taking care as it goes out. You can even set a bunch of individual budgets – for groceries, transport, utilities, entertainment etc. – and get warnings if you’re getting close to going over.
Beats the hell out of carrying around a month’s worth of cash!
You Can Save £1000 in a Month with Save Money Bingo!
As promised, there’s a free game to help you achieve your dreams!
[mailerlite_form form_id=1]
The rules are simple!
- Set aside a little money each day – cash in a jar or an envelope is great. If you’ve gone with Revolut you could set up a dedicated Vault.
- The daily amounts varies, because some days are easier than others! That’s life. Use the lower saving days to treat yourself, and remember your goals on the bigger saving days.
Cross off each of the 30 days as you save. By the end of the month you’ll have saved £1000!
Make a game of it. Challenge yourself! Challenge your partners/pets/children and friends!
Not only can you save money this month, but imagine what you’ll be able to do when you save this money every month!
Further Reading
If you’re interested in seeing some of the books that I’ve really useful in figuring out my own savings, then I’ve got a whole post of recommendations for you. Head on over that way and check them out!
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