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Saving is something we all know we should do but is far easier said than done. It seems simple, save a little each month for a rainy day but far too often our month outlasts our money and there is not much to put aside. It is always tough to break your bad spending habits and be more ‘sensible’ with your hard earned money but here are some tips that will help you make the change.

Set Yourself A Budget

It is one thing setting out a budget in your head but writing it out will make it far more real in your mind and far more likely that you will stick to it. This will also avoid any discrepancies in your calculations so your budget is more realistic and accurate. You can calculate your income and factor in your monthly expenses to simplify the task of saving. This will stop you from running out and spending your surplus income as you will have a better picture of your finances. Essentially, you will think twice before any non-essential expenditure so you can put aside the money you need to save.

Put The Pounds Into Perspective

Rather than thinking about spending in terms of money; quantify the amount with how long you would have to work. Monetary value is dependent on who you are and what you earn so rather than thinking of say £50 as just a number, think of it as the number of hours you would have to work to earn that amount back. Then ask yourself if it is worth that amount to you and if you would rather put that money into something else! You would be surprised how many times that top or those shoes seem less attractive.

Know When Not To Spend

Things that some people learn early on, usually at university, is when to shop and when not to. Food shopping when you are hungry is an easy way to overspend on things that you neither want or need so avoid it at all costs. A cheeky box of chocolates and a packet of biscuits soon becomes a trolley full of expensive.

Similarly, do not go shopping online or on the high street purely out of boredom as you will soon fill up your basket with unnecessary purchases that you will later regret. You can save yourself a lot of money by going for a run instead or just watching a movie instead of whipping out a bank card.

Wind Down The Wasted Expenses

There are many things we all spend money on that we really do not need to and we may not even realise it! Take for example, online subscriptions; how often do you really use them and are they worth the dent in your bank balance. Another common one is that dust-collecting gym membership that seemed like a great idea on New Year’s Day.

One of the easiest ways to cut back is regular frivolous expenses such as coffee shop cappuccinos and quaint café sandwiches at work. Consider cutting back these little things; invest in a thermos and bring in your own lunch once in a while- it quickly adds up to some welcome extra cash each month.

Find Ways To Increase Your Monthly Income

payday is always a day to look forward to but should not be something you have to rely on each month. What better way to save than having more money to spend!

It sounds great but the majority of us also have jobs that take up a lot of our time but consider using your current skills to supplement your monthly income.

Some possible suggestions are crafts, teaching others a skill such as how to play an instrument or even selling your unwanted things. Selling an item, a week that you haven’t touched in years like that dress you thought you would wear or those shoes that just do not fit can provide some easy cash.

These are all long term plans that you can start as soon as you choose but there are also alternative short term loans options and instalment loans to keep you going if you have immediate need for funds. Always consider all of your options and do your research on any lenders you use but the best time to start changing your spending patterns is now!

About the Author:
The Lender’s List – A financial comparison site specialising in listing direct finance companies whilst avoiding brokers. Follow our blogs to get helpful tips with finance-related matters and find ways to get the most out of your money.