Saving Money

11 Tips To Grow Your Savings By Christmas

Written By: Jodie James
Reviewed by: Mike Reyes
Last Updated November 1, 2023

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a person who found the difference between what's true and myth about her credit score

Savings and budgeting can seem daunting to many people. However, there are some useful habits that can help you make a difference this year. If you want to maximize your savings and build an exciting future, all you need to do is stay organized and focus on your savings goals. Now is the perfect time to re-evaluate your finances and start fresh. To help you achieve this, we have prepared some of the most important strategies you can adopt to save money in various areas of your life.

Understand Your Finances

The first step you can take is to come to grips with your finances. This involves reviewing and understanding all of your incoming and outgoing revenue streams as well as debt repayments and monthly bills. It may be helpful to keep track of your income and expenditures for a period of 30 days. Then, you will be able to assess how much you are managing to save in a month. Next, you should identify expenditures that can be modified, such as entertainment and groceries. As a result, you may notice there are areas you can start cutting down on that will contribute to your savings account.

Consider Your Mobile Plan

Another important factor to consider is whether your phone plan is right for you. One of the best ways to save money is to analyze your usage patterns and make a decision accordingly. For instance, SIM-only deals are 30-day rolling plans that allow you to change or cancel if you wish. As a result, this can help you reduce your monthly bills overall. In addition, you may be able to help your family and friends as data can be shared through tethering.

Reduce Your Utility Bills

Your electric bill and gas bill has a significant impact on your monthly costs. If you try to reduce them, you might end up with some extra money for your savings account. Firstly, you should make sure you have chosen a cost-effective energy provider. You can also swap your traditional light bulbs for LED light bulbs. They tend to have a longer lifespan and lower voltage operation. Moreover, by investing in a smart thermostat, you will be able to adjust your central heating and save some money. Be sure to seal up any air gaps around your windows and doors to keep rooms warmer.

Set Up An Emergency Fund

Setting up an emergency fund differs from saving money as a goal. However, this is an option worth considering as it can be extremely beneficial in the long run. It is recommended that your emergency fund covers at least three months’ worth of living expenses. Remember that you can start small and increase your contributions as time passes. Make sure you open a separate savings account and make a clear plan. A good way to stick to your target is to set up a standing order. You can schedule it for the day you get paid so that you are not tempted to spend it.

Visit Your Local Library

Buying brand new books and especially hardcovers can quickly add up to your monthly expenses. If you are looking to save money on books, it is best to join your local library. Apart from being able to borrow physical books for free, most libraries will allow you to borrow e-books and audiobooks as well. Some may even give you the opportunity to read digital magazines and newspapers. In order to find out how to sign up and start browsing their range, you should visit the website of your local council and find out what you need to do.

Cancel Unused Subscriptions

Many people continue to pay for subscriptions even if they rarely use the service. This is because canceling the subscription feels like all the money that was spent until this point has been wasted. Consequently, the number of subscriptions increases and you end up spending more money than needed. Because of this, it is much more cost-effective to cancel unused subscriptions now rather than hold out for longer. It is best to review all of your annual and monthly plans and consider canceling accounts you don’t use to the fullest.

Join Loyalty Schemes

Most loyalty schemes now offer exclusive discounts and impressive rewards. It may be worth checking if your favorite retailers provide a loyalty scheme to their customers. Every incentive program will work differently and in some cases, you might receive regular emails with special sales and promotions. For example, at Lidl, you can explore upcoming offers and unlock vouchers as you shop. In addition, you may be able to find some good money-saving apps that can help you analyze your spending habits. Take a look at these suggestions for more information on their features. 

Cut Down On Groceries

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If you can reduce your grocery spending, you will notice how much you are able to save over just a few months. One of the best approaches to grocery shopping is to plan your meals in advance and follow a shopping list. This will help you calculate exactly how much you need and prevent you from going over budget. In addition, avoid food waste by organizing your fridge and cupboards and following storage instructions correctly. Your food will be fresh for longer, allowing you to cut down on costs. 

Sell Your Items Online

If you have any electronics, clothes, jewelry, books, or other items lying around your house, you can sell them online on marketplaces such as eBay. It is easy and simple as you can post items from the comfort of your own home. Selling possessions you no longer use or need is a great way to make some extra cash you wouldn’t have otherwise. At the same time, you will give others the chance to purchase something at a fraction of the original price. You will also be able to reduce your carbon footprint by preventing pollution. 

Repair Before Replacing

Whenever a household item breaks, many people tend to shop for a replacement right away. However, another environmentally friendly option is to fix anything that breaks by yourself. There is a variety of online resources that show you how to repair almost anything using everyday tools. For example, if you have some jewelry or watches that need repairing, you might be able to handle a few adjustments on your own. It may also be more cost-effective to repair appliances such as a dishwasher instead of buying a new one.

Bring Your Own Cup

Many of us need a caffeine boost at some point in the day. However, the costs can add up if you often visit high street coffee chains. You will be glad to know that most coffee shops will reward you for bringing your own clean and reusable cup. This way you will be able to save money and help the environment at the same time. The easiest way to get started is to ask your favorite coffee chain if you can buy one of their reusable cups. Alternatively, you can provide your own cup as long as it has a secure lid that can fit under the coffee machine.

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