As a result of the global cost-of-living crisis, many of us are feeling the pinch more than ever, meaning a number of money-saving tips need to be applied. Whether you’re needing to save up for a Ramadan Appeal donation or you have another upcoming occasion, it might be time to start saving now.
Unfortunately, during times of financial difficulty, saving money is easier said than done. In fact, a lot of us need to use every last penny of our paychecks to survive, and some of us even find ourselves in our overdrafts on a monthly basis.
To that avail, detailed below are some of the top money-saving tips.
Consider Workplace Benefits
A number of workplaces provide various benefits to their staff members, and you may not even be aware of them. From flexible working to save money on commuting to pension schemes, there could be multiple employee benefits passing you by. Common workplace benefits include company discounts, spa access, gym memberships, and eye care vouchers. As a result, workplace benefits could result in you spending less and saving more; you just need to look out for what you’re entitled to. Don’t be afraid to ask questions; the savings will be worth being in the know!
Switch Your Providers
Electricity and gas are more expensive than ever before, but suppliers will almost always provide offers for new customers. Therefore, if your bills are becoming too much to manage, you might consider making the switch to different suppliers. It’s not just gas and electricity; you can also switch over your insurance providers, streaming services, cell phone contracts, and broadband providers.
When making the switch, be sure to use comparison sites to determine who’s offering the best deals at the time. This could save you a significant amount of money over a relatively short period of time.
Be Mindful About Spending
Mindful spending is one of the most important aspects of saving money. It’s very easy to buy lots of little things, as the cost doesn’t seem like much. Despite this, these little purchases add up over time. You need to be particularly careful with contactless payments, as you have no way of visualizing how much you’re spending. With cash, you watch it reduce as you spend. With contactless payments, you have no idea where you’re at until you look at your bank balance at the end of the day.
Avoid Paying Interest on Debt
If you’re taking out loans, you’ll likely be hit with a hefty interest rate. The same can be said for certain credit cards. Therefore, when searching for a credit card, make sure you opt for a 0% interest one. Many credit cards will offer 0% interest up to a certain point; at this point, you should consider switching to another credit card.
Unfortunately, taking out loans is one of the only ways that people manage to keep their heads above water. As a result, they’re left in debt, making them feel even worse about their financial situation than before.
Save More Than You Spend
In order to save money, you must prioritize saving. One way you can make this happen is to take the 50/30/20 approach. This involves you spending 50% on your needs if you can (food, bills, etc.), 30% on your wants (leisure, eating out, new things, etc.), and putting 20% away in your savings. Unfortunately, when money is limited, these ratios aren’t always realistic; therefore, you can adjust them to make sure you’re living comfortably. Ultimately, saving can feel so difficult, and having enough money to do so is becoming so much harder.
