When talking about saving money, that phrase could be interpreted two ways. In this article we essentially mean ways to make your money go further, rather than build up actual savings. Though that could be the added bonus for you! Here’s a few ways to accumulate money you can implement immediately.
This is the first thing to do. Question everything you spend money on, on a regular basis, and decide if you receive value for money for your expenditure. There is a fair chance that you can find better value for many of the things you spend money on. So find ways you can improve your financial standing. Do some research and shop around.
Not everything you purchase has to be brand spanking new. In fact, many second hand goods are just as good as new, and many are better value even if quality has subsided slightly. Think of motor vehicles. They lose considerable value the minute they are driven off the showroom courtyard. Books can be bought for pennies, and as long as the pages are all there, does it have to be new?
This is something i have been very guilty of during my adult life. I do not look after stuff, especially footwear! And that costs me money, as i have to replace items i do not look after. If you apply care to what you own, they will naturally last longer. And thus you do not have to shell out money to replace items as often. It makes sense to protect what you already own.
I eat and drink well, but everything i buy usually has an incentive attached to it. After all, why would i pay a delivery fee to have something delivered when there are numerous other retailers offering to deliver the same items for free? So with groceries i never pay delivery charges, and i utilise supermarket offers, but for items i would buy anyway. I joined a wine club, but got a half priced case, then £20 and a free bottle added too, for my 2nd order. I got a catalogue order at half price using sale items for some kitchen items i needed anyway. I rarely pay full price for anything, but without skimping. Sometimes you just have to be patient to wait for the value to present itself.
Why not set yourself a financial challenge? This could be anything that makes your money go further or saves you cash. You may aim to halve a shopping bill, or do a challenge to save up for something. It may help to do a challenge with friends or family, to push each other on.
As someone who used to do regular small shops, the lockdown has been difficult for avoiding waste. This is because i am doing less regular big shops, and it is harder to plan my food usage, especially as i do not have a big fridge/freezer.
The final suggestion is that you simply abstain for a small amount of time should you need to save money. So take a month off, live an austere life, and come out the other side in a much better position, financially. It is not much fun, but needs must sometimes. I use this tactic before a holiday, or perhaps i am forced too afterwards. This helps before a holiday as it gives me an incentive. I know that by saving money before a holiday, i have something to make up for it, and i will feel less pressured when spending money on holiday.