New Year’s Resolutions You Should Be Making to Save MoneyAs we head into 2017, many people will be starting to implement their New Year’s resolutions. It’s a great time of renewal and an opportunity to reflect on all the things we’d like to change and do something about it.
If you want to save some pennies this year, here are a few ways to get you to your target:
Keep an Eye on Your MoneyWith the advent of debit cards, most of us have trouble tracking how much we spend. When we used cash more, once it was gone, that was it. Now we can pull out our trusty cards and quickly swipe them at the checkout, when we like. That means we tend to spend more than we think.
Having a way to track your money, particularly how much you spend on those extra treats, can give you great feedback and a real insight into your own monetary habits. It can help you be more resistant to those extra spends which, when added together, cost you a lot of money each month. You can get online and mobile apps to do this nowadays or you can simply put up a monthly spreadsheet to keep track. Either way, it’s important to have a good idea about what’s coming in and going out.
Put Money Aside to InvestWe earmark money for our bills, for the weekly shopping, so why not do it for your savings as well? Many of us want to save X amount a month but seem to conveniently forget about it when other things get in the way. Either open a savings account that you DD the money into or make a concerted effort to store an affordable minimum amount each month. You’ll be surprised how quickly this builds up and forms a nice little savings nest which you can use for everything from emergencies to that dream holiday. Committing to save is key here.
Buy SmartWe often buy on a whim – supermarkets and other stores are geared to getting us to spend more than we intend. If you want to save money in 2017, then it’s about time you got smart. Here are some suggestions to do just that:
* Plan your meals for the week and what groceries you need.
* Make a list and do one big shop rather than several small ones. Keep to your list and refuse to be enticed by something different on the shelf that looks nice.
* Buy in bulk where you can. Big packs of tea or coffee and basics such as pasta are much cheaper in the long run if you purchase the large ones.
- For instance, a pack of 40 PG Tips Teabags cost £1.29 which works out at 3.2 pence a bag. A pack of 240 costs £4.00 which is 1.6 pence per bag. That’s a big saving in the long run. As we always say, getting the best deal is always a good way of making a saving or two, that includes shopping for those big purchases. Never make a decision to buy in the heat of the moment and always give yourself a while to cool off and check your finances before you do.