Lockdown has given many people the opportunity to save some money. Not being able to eat out or go to the shops ‘for a look’, can make it much easier to save the pennies for a rainy day. Lockdown won’t last forever, but hopefully, your new frugal spending habits will!
Finding ways to cut your spending can help you save more money towards different things. Whether you want to save for something special like a big trip or you just want your emergency fund in place, it always helps to be able to save a little more.
Grow your savings and form better habits for life with these tips for cutting spending for good.
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Reduce your big spending
Cutting down on your major expenses (like your house or car) might seem impossible, but there are things you can do to reduce those costs. For a start, you could look to remortgage your property to get a better deal. Your financial situation might have changed since you first bought your home, and you might qualify for better interest rates that will bring down your repayments and help you pay off your home quicker.
You could also think about trading in your car for one that costs you less each month. There are great deals with Vauxhall car finance that can help you save money each month whilst enjoying a brand new car. Cutting back on your driving could also help you save money, while being kinder to the environment too!
Beat your weekly shop target each week
Your weekly has likely shot up during coronavirus, but you’ll have made up for it by eating out less! But when things get back to normal, it might be worth looking at how you can cut your grocery spend. One thing you can do is try to beat your target each week, and put your savings aside. Shopping online can also help you to save money, allowing you to stick to a set amount without nasty shocks at the checkout!
From planning ahead to thinking of batch-cook meals you can make with a small number of ingredients, you’ll be surprised at how much you can save.
Always ask ‘do I need this?’
Being able to save is partly down to self-control. It’s easy to impulse buy clothes, toiletries and other items when you’re out and about. But instead of always heading to the till – why not ask yourself ‘do I need this?’. Taking a day to think about it can usually help you decide against your purchase – out of sight, out of mind!
Cutting your spending can help you make wiser decisions about your money, making it easier to save and enjoy nice holidays, etc. without worrying about money. Take a look at your finances and look at the areas you could cut back – it could be much easier than you think to make some savings and watch the pennies add up!