5 Great Ideas How To Save Money. Improvement Guaranteed!
Looking for opportunities to save money is simply annoying and not-fun-at-all. But it has a great impact on our life: “if you spend money on things you don’t need, soon you will have to sell things you do need” – Warren Buffett. We explore 5 proven ideas on how to save money you can use straight away in your daily life.
1. Review your subscriptions – any inactive, ready to cancel?
We all know someone who never goes to the gym anymore but forgot to stop their membership. How about you? Cancelling unwanted subscriptions requires a bit of work, but modern technology can help you. Use one of the apps for personal finance management to identify regular payments and see if you have “zombie subscriptions”.
2. Review your household bills – can you get a better deal?
Even though you realise you are not able to cancel some of your regular payments, it’s worth checking if you can get a better deal instead. Especially if you signed it a long time ago, chances are that one of the online comparison tools can find you a cheaper alternative. Again, leverage the recent technology for quick results to save money.
3. Check your Latte-Factor – are you spending too much money every day on takeaway coffee, lunches, uber rides?
Have you ever heard the quote by Benjamin Franklin: “A small leak will sink a great ship?”. Small amounts of money spent on a daily basis could mean much more than you can imagine if you would invest them instead. £1 daily (or £30 monthly) invested at 10% continuously over 20-years-period would leave you with more than £23k. And you wouldn’t miss it a bit! “The Latte Factor” book by David Bach is explaining the concept in an easy-to-digest way. Happy reading!
4. Are you travelling smart? How do you manage your spend in other currencies?
Were you travelling during summer 2019 and experienced the crash of the British Pound? Did you wish you had exchanged your money before the big news took effect? Make it a habit. You can exchange and store the currencies of other countries at times of a favourable exchange rate, not at the moment of travel. Revolut card will enable you to do that and your personal money management apps might help to find the best exchange timing.
Moreover, are you paying bank charges for using your bank card abroad? Check the market for solutions which enable you to spend the money abroad at bank interchange rate and make withdrawals or payments for free.
5. Take care of the environment
Really? Yes, really! Stop wasting water, pay attention to energy use at home, cycle to work, avoid plastic shopping bags at the supermarket, shop unpacked veggies at the local market and more… The planet will thank you and so will your purse.
The Bottom Line
You can get help on the way to implementing the savings, so it becomes quicker and requires less effort. Check out our Feebuster app and take control of the steering wheel of your life. If you want to learn more about personal budgeting and for ideas on how to save money, check out our step-by-step start guide to building wealth. Become your better financial self. Every day.
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