Wednesday 24 July 2019

8 Ways to save when you're strapped for cash

#Collaborative post

When money is tight it can be hard to find ways to put money to one side, especially if you’re on a low income. Not having any funds to fall back on can make things difficult when you have an unexpected expense, but with a little planning, there are a number of ways you can save up. Here are 8 ways to save when you’re strapped for cash.

1. List your outgoings
It may seem obvious, but listing where your money goes will make it easier to manage it. Keep track of everything you spend, from regular bills and direct debits, to the spending of small items throughout the day. Split them into categories, total each amount and see where any savings can be made.

2. Use saving apps
There are a number of great savings apps currently available that do the hard work for you. Apps like Chip, Squirrel and Plum connect to your current account, analyse your spending and suggest savings for you. Then it slowly sends the money to a safe savings account without leaving you penniless!

3. Use vouchers
There are always lots of great deals online to help save with food and clothes shopping. VoucherCodes is one of the most popular and if you keep an eye on the updates you can cut down your spending by quite a bit. And all the money you save can be put away in your savings account.

4. Buy second hand
Buying used items doesn’t have the stigma is used to. Sites like Depop and eBay have an amazing selection of clothes, furniture and everything else you can imagine, which much of it in great condition. Sometimes they are brand new and still available at a great price!

5. Price comparison deals
One of the biggest expenditures every month is paying for gas, electric, phone, TV and internet packages. Instead of sticking to the same package, shop around using price comparison sites to get a better deal that will reduce your outgoings and free up more cash for you to save.

6. Avoid credit cards
Credit cards make it easy and convenient to buy without hassle. However, you can quickly rack up a lot of debt. It may seem old fashioned to rely on physical cash but only spending what you have in your pocket will make sure you are a lot more careful of what you buy.

7. Walk or ride a bike
Public transport seems to get more expensive each year and is a huge expense each month. Wherever possible try to do more walking, or even ride a bike, to cut down on travel costs. Not only will it give you more money to save each month, it will also make you a fitter, healthier person.

8. Plan your meals
Knowing what you are going to cook makes it more cost effective when you go shopping. Meal planning apps like Yummly and Mealime give you tons of recipes that make it easy to not only save money, but also to try out some new and exciting dishes without breaking the bank.

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