<\/span><\/h2>\n\n\n\nYou may have a rough idea of how much you spend on things each month, but do you know the exact figure? It\u2019s easy to spend on the odd takeaway or coffee and snacks here and there. But it\u2019s only when you track how much you spend on things that you realise where you\u2019re overspending.<\/strong><\/p>\n\n\n\nYou can track your spending by keeping your receipts and adding them all up. Or you could set up a spreadsheet and enter all your spending on it. There are apps you can use that help you track your spending too. When you see where your money’s going you can change your spending habits.<\/p>\n\n\n\n
<\/span>3. <\/strong>Automate your savings<\/strong><\/span><\/h2>\n\n\n\nNot many of us have piggy banks anymore. With money changing hands without us handling any cash, it\u2019s easy to save money in the same way. By setting up a standing order from your bank account, you can transfer money into savings accounts every month<\/strong>. By timing it to go out when your wages go in, you\u2019ll hardly miss it.<\/p>\n\n\n\nThink of it as paying yourself. You\u2019ve worked for that money, so why not put some aside for your future.<\/p>\n\n\n\n
<\/span>4. <\/strong>Pay off your debts quickly<\/strong><\/span><\/h2>\n\n\n\nIf you\u2019re paying interest on debts, it\u2019s likely to be higher than what you\u2019ll get from your savings. That\u2019s why paying off your debts comes first unless you\u2019re paying no interest. Credit card debt is where you\u2019ll find you can get a limited period which is interest free. Credit card accounts are good for transferring debt onto if you can get a promotional offer like this. But be aware that they\u2019ll charge you a transfer fee.<\/p>\n\n\n\n
Once you’ve cleared your debts, put those monthly payments into a savings account instead.<\/strong><\/p>\n\n\n\n<\/span>5. <\/strong>Use a credit card with rewards or cashback offers<\/strong><\/span><\/h2>\n\n\n\nUsing a credit card that offers a reward of some kind can help you save money. Whether its points that you can convert into vouchers or cashback on your purchases, it\u2019s a good benefit. And it\u2019s usually free. <\/p>\n\n\n\n
You must remember to pay off the balance at the end of the month so that you don\u2019t build up credit card debt. But if you\u2019re going to spend the money anyway, you may as well get something back for it.<\/p>\n\n\n\n
<\/span>6. <\/strong>Reduce your mortgage payments<\/strong><\/span><\/h2>\n\n\n\nDo you know what the interest rate is on your mortgage? If you\u2019re paying the standard variable rate, then there may be a better rate you could move to. Find out if you could be paying less. By moving onto a fixed rate, you could reduce your mortgage payment<\/strong>. And having fixed payments for a period make it easier to budget as you know what your payments are each month.<\/p>\n\n\n\n<\/span>7. <\/strong>Create a \u201cno spend\u201d day each week to save money<\/strong><\/span><\/h2>\n\n\n\nThis is a nice challenge to set yourself. See if you can go a whole day each week without anything going out of your bank account. You may think you have loads of no spend days already but they\u2019re probably few and far between.<\/p>\n\n\n\n
Once you get good at this, try adding a second day. It helps you notice where you\u2019re spending unnecessarily.<\/p>\n\n\n\n
<\/span>8. <\/strong>Cut back on eating out<\/strong><\/span><\/h2>\n\n\n\nEating out isn\u2019t just meals in restaurants, it includes the quick stops in cafes for a cuppa and a cake. Every time you eat out you\u2019re paying for more than just the coffee and the snack. You\u2019re paying for the caf\u00e9\u2019s overheads, so it costs a lot more than if you had the snack at home.<\/p>\n\n\n\n
If you\u2019re heading out for the day, take a flask with a hot drink in it and your own snack. You\u2019ll be surprised at how much you can save.<\/p>\n\n\n\n