If you’re managing to put some money away every month, you should give yourself a pat on the back – this is not something that everyone manages to do.
However, it’s only natural to feel frustrated if your savings progress is painstakingly slow. If there’ s something you’re saving up for and it feels like it’s taking forever to get there, you may need to step things up a bit.
The following are ten ideas to help you save money faster, some of which you may already be doing and others which call for a more radical lifestyle overhaul…
Shop around for everything
This means absolutely everything, from your supermarket shop to your home insurance.
Do your research and try to find the very best deal on everything you buy. You’ll be amazed at how even the smallest savings add up.
Cycle to work
Look in local classified and online buy/sell/swap groups for a free or cheap bicycle, then you can stop spending money on fuel or public transport. Cycling is completely free and good for your fitness.
Only buy generic, own-brand products
You can forget about brand allegiance when saving money, as supermarket own brands are nearly always cheapest and often taste just as good or do just the same job as branded goods.
This really is a positive change to many peoples lifestyle, and even going veggie for just a couple of months can boost your savings total. Vegetables are so much cheaper than meat so if you can be creative with your cooking, you can save money and enjoy a healthier lifestyle.
Host and go to house parties instead of going out for drinks
The mark-up on drinks in bars can be eye-watering, so why not save money and take turns hosting house parties with your friends instead?
Go to free local events
Once you take the time to find out what’s going on in your local area, you’ll discover lots of free or cheap days out – perfect for entertaining the kids for next to nothing.
Turn things off around the house
As well as turning off lights and ensuring no equipment is ever left on standby, you can cut bills by flushing the toilet with bathwater, turning your thermostat down, eliminating drafts and getting a smart meter to monitor energy use.
Go to the charity shop
If you absolutely can’t get by without a new pair of shoes or you need a birthday present for someone, head to the charity shop. It’s so much cheaper than anywhere else, your money goes to a good cause and you’ll be amazed at the high quality of the items that some people donate.
Buy in bulk
You can often get better deals when you buy products in bulk. Just make sure they aren’t perishable and you have somewhere to store them.
Cut down on alcohol
This is another item, like meat, that can be quite expensive. If you can reduce your consumption, you can potentially save hundreds of pounds a year, as well as being healthier.