Ways You Can Save Money This Year

This post is a collaboration 

Saving money is in everyone’s best interests. The more you save, the more likely you’re going to be healthy and comfortable in the future. While some live by the philosophy that ‘money is there to be spent’, sometimes portions of it need to sit in the bank. This is so it can fund any kind of contingency plan if bad luck strikes, and things take a turn for the worse.

Still, with events like Brexit now on the horizon, consumer spending is catastrophically down. While the UK economy’s fate is held in the hands of the shopper, many people are choosing to cut down on their spending. With the question of why answered, the only one left now is; how are they saving?

Consequently, here are some ways you can save money this year.

Audit Yourself

Obviously, the best way to make financial changes is to be aware of your finances! After all, the best position you can act from is an informed one. Once you have the low down on all your expenses, you can start to identify poor spending habits and cross them out of your life. The steps toward improvement begin with identifying your flaws and weaknesses.

Carry out a quick audit on yourself and combe through all your bills and expenses. Are you paying too many trips to the local coffee shop? Are you subscribed to too many magazines? Perhaps you simply buy too much tat, or giving money away to numerous charities you can longer really afford? Identify these points in your bank statements and start cutting off points where the spending is getting excessive; it’s the best place to begin!

Buy Second Hand

Of course, you can’t just freeze your finances forever. Sooner or later, you need to buy an essential item or product that improves the overall quality of your life. Still, there are ways to bag an affordable deal, and other ways to be ripped off. To get by here, you need to discern the difference between these two things with a keen eye.

For example, you could buy a used car from Unbeatablecar, instead of a brand-new car from elsewhere. There’s a wide array of products that are available in second hand condition, and thus at good prices too. Moreover, not everything that is used means that it’s ‘defective’ or ‘worse’ either, very often they’re in just as good condition and quality as buying new. Shop around for a good deal and buy second hand where you can, your bank account will thank you for it in the end!

Travel Plans

If you really like to get around but find that your finances are waning thin, travel less. Alternatively, if you must travel regularly for engagements such as work, consider purchasing discount cards that slash the prices each time you travel. In the long term, this will help you save money despite the pricey upfront payment.

However, if you’re someone who likes to regularly go on holiday no matter what state your finances are in, check that need. Luxuries are only afforded to people when they’re affordable, so don’t sacrifice the last of your savings for a few days or weeks of fun. Save as much as you can, and only treat yourself when the timing, and your money situation, is right.