Tips on how to save money the right way

1. Save before you spend

You need to know what money is a fixed outcome each month e.g. rent/bills. The best way to do this is split the different expenditures over two bank accounts and that way you know exactly what you have to spend. It quite easy to open a savings account online and manage this with online banking. Keep the fixed amount of rents separate so that you never by mistake spend too much.

2. Reduce the unnecessary spending

Identify what you are spending your money on. Is it too many shoes or too many takeouts a week? Either way, there is something that we just can’t help from buying, and we don’t necessarily need it. Find out what is that is.

3. Set yourself some saving goals

Focusing on the reason why you want to save. It may be something big like a wedding or a mortgage deposit or even something small as paying off a few credit cards or for a rainy day. Having something to work towards actually gives you a sense of achievement when you get there.

4. Be savvier with your spending

Spend your hard earned more wisely. When out shopping looks for items on offer or in the sale. Do your grocery shop at the cheaper supermarket rather than a leading brand. Bulk cook food at the start of the week so you can come home from work and have a meal ordered online.

5. Set up an ISA and forget about it

If you can’t trust yourself to do any of the above, then what you can do is open up a cash ISA with a fixed interest rate. This will not allow you to withdraw any money for a certain period of time. Set up an automatic transfer of money for each month on your payday.

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