Thursday, 29 October 2020

Save Money Without Even Trying

 

Many people assume that it’s always a struggle to save money, but this isn’t the case. In fact, there are numerous, painless ways to increase your savings pot. If you’re wary of budgeting because you assume that you’ll have to give up all your luxuries, think again. With these savvy tips, you can save money without even trying:


Cancel Unused Memberships

If you’re paying for subscriptions that you’ve forgotten about, you’re literally paying for a service that you don’t use. By cancelling unused subscriptions or memberships, you won’t lose anything, but you will make significant savings. Be sure to check cancellation policies first, as you won’t want to incur any hidden fees or charges.

Secure a Higher Interest Rate

If you already have some money in a savings account, check whether you’re getting a competitive interest rate. By moving your funds to another bank or building society, you may be able to secure a higher interest rate. This will offer you better rewards and enable you to grow your savings more quickly with minimum fuss or hassle.


Switch Insurance Providers

If you own a vehicle, then you’ll need to keep it insured while it’s on the road. However, don’t let your policy automatically renew if you want to make savings. Shopping around and looking at reputable providers, like Call Wiser, will enable you to get the best deals and premiums. Whether you’re insuring a family run-around or a high-performance sports car, you can save money by purchasing a policy that meets your needs and doesn’t include unwanted extras.


Automate Your Savings

In the same way that you can pay bills via Direct Debit or standing order, you can set up an automatic transfer from your current account to your savings account. This ensures you’re making regular contributions to your savings fund without even having to think about. By choosing to transfer money on the same day that you get paid, for example, paying into your savings account couldn’t be easier.


Reduce Your Debts

If you have outstanding debts, you might be spending a significant amount on high interest rates. By negotiating a better rate with your creditors, you can save a substantial amount each month. Alternatively, you may want to consider taking out a consolidation loan so that you can access a lower interest rate. With plenty of options available, reducing your debts may not be as difficult as it seems.


Becoming a Savvy Saver

Whether you’ve been saving money for years or you’ve never put anything aside for a rainy day, it’s not hard to refine your savings plan. By creating a household budget, for example, you can determine exactly how much you can afford to save each month. Similarly, you can assess your expenditure and decide whether there are any expenses you’re able or willing to give up in favour of saving a little more. By doing so, you’ll have peace of mind that you’re in control of your finances and be able to achieve your savings goals much more quickly.

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