If you’ve ever felt like your money should be working harder for you, you're not alone.
In this article, we want to offer you practical strategies on how you can manage your finances, build up your savings and develop a more positive money mindset. Whether you're planning for future investments, navigating energy bills or juggling rent increases, these tips can be used on all occasions to help you become a savvy saver.
Embrace a proactive approach to your finances
Before we dive into more practical tips, the first step to developing a money mindset is understanding that your financial journey is unique to you and that it starts with setting clear, achievable goals.
The most important step is to first define what matters most to you, e.g. building up an emergency fund, saving for a deposit or your next holiday. By having a specific goal, you will become more proactive in how you deal with your money.
Now on to some handy tips to help you save.
Everyday spending hacks for savvy tenants
Many of us have been there, when there’s more month left than there is money. If this sounds like you, then these small saving tips can help you reduce your spending and inch you closer to your goal.
- Plan a budget: Download or create your own budget planning tool to track your spending. Use your bank statements as an initial guide and review how much you’re spending and where you are spending. With plenty of apps and online platforms available that can help you track and allocate your spending, you’ll be able to get a better idea of your incomings and, more importantly, your outgoings.
- Prioritise saving: Make saving a non-negotiable part of your budget. Consider automated transfers to a savings account immediately after receiving your pay cheque.
- Round up your payment: Some cards offer this as an additional function that every time you spend, you save at the same time. It means that each purchase is rounded up to the nearest pound. Like this, you save a little more every time you spend on your card.
- Invest in your future: If possible, explore investment options that can offer better returns than traditional savings accounts, like stocks, bonds, or individual savings accounts (ISAs), keeping in mind the associated risks.
- Compare your utility providers: Comparison sites are your best friend. Find better deals, see where you can save, and switch to a better price. However, beware that you don’t get caught out by any cancellation fees from your old provider.
- Pro-tip: Put money you save from switching into a savings account for a specific purpose and watch it grow.
- Smart supermarket spending: Taking the time to meal plan your week can help you save money. With prepped meals for your workday, you’ll be less likely to dash out to the shops to grab your lunch.
- Pro-tip: When shopping for all products, whether food or clothes, shop around for deals. With online deals and promo codes widely available, you’ll soon find that a little research goes a long way.
- Reduce fuel costs: If you drive, small changes, like filling up at the cheapest station and keeping your tyres inflated, can reduce your fuel costs. Better yet, if the place you’re going to is just down the road, why not go for a walk or cycle there.
- Cancel unused subscriptions: Audit your subscriptions and say goodbye to those you no longer need.
- Tax code check: Check your tax code on your payslip and make sure yours is correct to avoid overpaying. Although your code should be right in most cases, there can be the odd instance where you may be paying more tax than you should.
Fun saving challenges to try
If you’re looking to go the extra mile or want to give yourself a fun saving challenge, why not spice up your financial life with these challenges:
- 'No Spend' weekends: Embrace free activities and use up leftovers. It’s a win-win for your wallet and wellbeing.
- Match your splurge: Want a treat? Save the equivalent amount first. It's a great way to think twice about impulse buys.
- Embrace oddly-shaped veg: They’re cheaper and just as nutritious. Beauty is on the inside, after all.
The bottom line
Saving isn’t always easy, but tips like the above can help you build up your funds. Plus, maintaining a positive and, more importantly, proactive money mindset can help shape your outlook for your financial future.
Although we can’t offer you more than practical strategies and insights on how you can manage your finances, we can help you find a home that suits your budget.
