Although Social Media and Hollywood make the idea of throwing piles of cash around and driving sports cars across the world look like it’s easy, for most of us it can seem like a world away. With Instagram accounts dedicated to watching rock stars and models play poker, it can leave you feeling a little green. However, with a little bit of foresight and a pinch of attitude adjustment, sitting on a heap of money really isn’t all that difficult. Check out these tips to save money, and build yourself a little fortune whilst you’re at it.
- Switch Up Your Contracts
When it comes to direct debits and utility bills, companies will very rarely have your best interests in mind. When your contracts come up for renewal, always be sure to challenge the offer and look elsewhere, you can save literally hundreds of pounds on things like phone contracts, home/car insurance and water bills.
- Get Rid of the Things You Don’t Need
Sitting on an endless stack of DVD’s that never get touched courtesy of your shiny new Netflix account? Sell them and make some extra cash, and additional space in your home. Places like Music Magpie, CEX and eBay make for a perfect place to sell your unwanted video games, cd’s and movies. Also things like unused musical instruments or gym equipment can be sold on places like the Facebook Marketplace or Craigslist to guarantee that end up in the right place.
- Put a Fraction Aside Each Month
Unless you’ve got an iron will, putting huge sums of money away each month guarantees you’re either going to end up broke, or just end up spending it. Putting aside a small amount that you can be certain you won’t miss will lead to a surprising sum of money after a while. For instance, £5 per week isn’t a huge amount, however only a year later you’re looking at £240 with zero effort. Enough to take yourself on a weekend break, or even splash out on a new games console.
- Pack In Bad Habits
The average pack a day smoker spends almost £260 a month alone on cigarettes, this equates to over £3,000 a year. Put that money aside with all the cash you’ve saved with the above tip, and you’re looking at a very tidy nest egg. If you don’t smoke, look at other daily habits you could let go of, such as expensive coffee or alcohol.
- Give Yourself A Goal
It’s very easy to tell yourself you need to stop spending so much money, but without a figure, it’s difficult to keep track. Setting yourself a specific figure to aim for means you can constantly keep track of where you are and how well you’re doing. For instance, if you want to save £1,000 for a holiday in 12 months’ time, you can tick certain milestones off every month and work directly towards your final total.
- Lift Share
Are you getting the train or a cab into work every day? Spending hours in traffic throwing fuel money away every morning? See who else in your office is driving from a similar location to you, and see if you can lift share. You can cut your travel costs directly in half if 2 of you split the journey daily, even more if there’s a car full. If you live close enough to your workplace to not need to drive, be sure to walk or cycle to save further money, and the environment. If you’re cycling to work daily, it may even reduce the need for a gym membership, saving even more money each month.