5 ways to become a saver

No one wants to spend their time thinking about money and especially not worrying about money. It’s something we all need, something we all work for or train towards achieving and it’s a big part of our lives. Find out how to save effectively and look at 5 ways to become a saver and not just a spender below.

When we have enough it stays at the back of our minds, but when we find ourself a little short or running low and unable to afford the things we want, then those money worries can become a really big deal.

Perhaps one of the biggest issues is how to save. How to get on the property ladder, or buy a car or fund yourself through university. Saving on very little feels next to impossible. But even if you’re working full time, chances are you feel you should be putting a little more aside each month as  a safety net.

5 ways to become a saver

Downgrade

Yes you love your Netflix box sets and having Sky cinema was definitely a great move but it’s time to have a long, hard look at your tech. This is one area of your finances where the saving effects are almost immediate. 

If you’re looking to save a lot, cancel those subscriptions. All of them, if you’re not ready to cut all the ties then start by downgrading to the most basic package with no bolt ons. There are plenty of offers for free channel packages too, so do yourself a favour and take a look at cheaper or even free alternatives.

The same goes for your phone. Naturally, you want the top of the line, but consider buying a cheaper phone now and switching over to a SIM only plan. You may not have the top-of-the-range phone (though if you search hard enough, you may find a second hand bargain) but you will make a huge dent in your monthly fees, which will more than pay for your investment in just a few months.

Make those changes this month and the effects will show up in just a few weeks into your account. Think about putting away at least half of the money you might otherwise have spent on your tech and those savings will take a positive hit very quickly indeed.

Be a List Writer

You love browsing around the shops and that’s no less true when it comes to your food shopping. With no real meal planning you’re able to make spur of the moment decisions and experiment around your favourite ingredients. Stop because this is adding a huge amount of pressure to your finances.

It’s almost impossible to budget effectively when you don’t plan. This may be the last way you choose to shop but sit down and plan your meals for the week. Think about exactly what you need to get through the week. Write down a full list of ingredients for each meal – breakfast, lunch and dinner and the household products and toiletries you need. If you’re convinced you might leave your list at home, then make sure it’s also on your phone. The action that really counts here is that you stick to it. Don’t be tempted to go off list and you’ll soon the real cost of your grocery bill each week and how much you’ve saved with a little planning.

Be Loyal

When you shop in the same few places every week, there’s likely to be some kind of loyalty scheme you can sign up for. If you’re worried about getting spammed by millions of emails, set up an email address that is only used for your store cards to keep them separate from your personal ones.

You’ll get sent special offers and vouchers, some of which you’ll be able to use in store. Others can be redeemed against other offers, such as family theme parks, days out and so on. If you do have a family, this can be a great way of keeping costs down on days out during the summer holidays.

Get Card Smart

One of the biggest drains on finances is debt. This is especially true if you’re only paying back the interest on your credit card each month.

There are two options here. The first is that you can step up your payments. Make getting rid of your debts a priority, even before you start saving. Ridding yourself of this burden is the single best thing you can do for your finances.

Make larger payments until the debt is cleared. The other option you have is to transfer the debt to a card that offers an interest free rate, where you’re not paying back interest but concentrating on the capital. The trick here is not to start spending on it again and piling up more debt. Use it solely as a means of  getting rid of the outstanding balance.

While this applies to credit card debt, the same applies to any other debt you have hanging over you. It feels unsatisfying in the short term, but in the long term it will almost certainly leave you better off.

The Little Things

Now you’ve tackled all the big issues that are blocking your path to saving, it’s time to look at all the little things. That gym membership that you rarely use or could change for a cheaper deal elsewhere. That extended warranty you’re paying on a laptop you hardly use, time to ditch it. 

These small changes, in conjunction with the big decisions are powerful tools to kickstart your saving plan. When you’ve made the changes you need, then it’s time to decide how much you want to save each month. Watch as your savings grow, getting you one step closer to that house or car.

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