In the current economic climate everyone is looking for ways to make more money - working longer hours, selling things and doing extra jobs on the side and moonlighting. This is all very good and well and will no doubt increase your profits, but at the same time it’ll leave you tired and over stretched and at the same time it only offers a limited opportunity. Even better than earning more money then is to save the money you already have, and if you start thinking about saving money in everything you do then you’ll be surprised how much money you’ll be able to save over a week or a month. Essentially the secret is to stop living just within your means and start making sure you keep some money left over for future. This way you can have a much healthier bank account than someone else with the exact same wages. Try to stop thinking about what you want now, and start thinking about what’s going to really benefit you in the future. Like the squirrel who saved his nuts until winter… Below are some simple money saving techniques that will help you to do just that.

Keep a record of everything you spend - If you’re going to improve your finances then the most important thing to do first and foremost is to keep tabs on exactly what you’re currently spending your money on. It can be all to easy to go to your nearest cash point (often reluctantly) and find that you have £300 less than you thought you did and it’s important to know where you’re going wrong. Obviously if you’ve lost a large amount of money and don’t know where it’s gone then there’s a good chance that there’s been an error - perhaps the bank has charged you wrongly, or you have a direct debit you’re unaware of. Potentially your card may even have been cloned, so if you’re going to get your money back you need to be confident of exactly what you’ve spent. Paying close attention to your spending then is one of the most important money saving techniques and at all times you should know the exact amount of money in all of your accounts.

Budget - At the same time keeping a cash book will enable you to stick to a budget - if you carry it around with you and write in it every time you spend money (alternatively you can do this on a phone or camera if you want to go digital), then you’ll be able to know when you start needing to cut your expenses and stop spending extra money. Try to remain flexible with your daily budget but at the same time make sure that you make up the difference when you go over and be strict at the end of the month. One of the other popular money saving techniques to include a break down of your budget with a separate maximum for your food, expenses, leisure and savings.

Avoid bank charges - Bank charges are a very obvious unnecessary expense and they can leave quite a sting when you’re charged for going over your overdraft allowance, for late credit card payments or for a cheque bouncing (and these are charges that come at the worst possible time). These aren’t money saving techniques then so much as just common sense, but make sure when you write a cheque that you have enough money in your account to pay for it and if you have any direct debits set up that you can’t afford simply cancel them with the bank - the company you’re paying won’t usually charge you for late payments and are more lenient than the banks so just pay it over the phone by card when you get the money. At the same time, if you’ve been charged a lot over the last year and feel you weren’t treated fairly or the fines were extortionate then you may be able to claim some of your charges back if you write persistent letters as often the bank are not within their rights.

Cancel your TV license - Cancelling the TV license may at first seem like a fairly extreme measure, but the fact of the matter is that every thing worth watching can now be streamed directly off the internet - for which you don’t (currently) need a television license. If you decide you can’t live without your television however (and they are still slightly more sociable), you certainly don’t need all the sky channels…

Go green - The great thing about being aware of the environment is that it’s also good for your pocket and all energy and water saving techniques are also good money saving techniques as they‘ll keep your utility bills down. So turn off your television (don’t leave it on standby, that uses the same amount of energy as leaving it on), leave lights off unless you’re in the room and make sure you fix the washers on any leaky taps. Even better you can save money by growing your own produce which will keep your shopping bill low and prepare you for the upcoming food shortage as well as the economic crisis (great times we’re living in eh?).

Go green and get more green.

Buy online - Buying products online can often be a good way to save yourself money and eBay, Amazon and even Expedia are your friends for getting good deals. On Amazon you can get some books at less than the price of a Mars bar including postage…

Buy second hand - Similarly buying things second hand can be a great money saving techniques and with some products you won’t know the difference. Charity shops and car boot sales can be a great place to find good deals as well as interesting items that you wouldn’t find other places.

Buy from discount stores - Similarly though if you own your own business or are self employed you can buy from a cash and carry to get items much more cheaply, or from stores that buy goods that other shops haven’t managed to sell such as TK Maxx.

Put a percentage of your wages away each month - This is the most obvious of the money saving techniques and if you open up a savings account you can also make interest on your cash. Alternatively you may also want to invest in stocks and shares yourself and while this carries a risk with it it could potentially double your savings in a short amount of time while helping to boost the economy.

Stop buying DVDs and CDs - One of the money saving techniques people overlook is to rent rather than buy. Not your property as that’s actually the fastest way to waste money. But rather than buying computer games or DVDs you can rent them and enjoy them at a fraction of the cost. Many people have a desire to collect DVDs and CDs to build a collection that reflects their interest but look at it this way - the fewer DVDs you own the more each one will stand out and the less dross there’ll be. Similarly you won’t need a DVD collection any more as you’ll have a money collection now.

Take a packed lunch to work - And send your children to school with packed lunches; by doing both you can save a considerable amount each its. It’s healthier too.

Give up smoking - And drink less too. These are two of the most touted money saving techniques and statistics exist all over the internet demonstrating how much you can save by quitting cigarettes. It’s not easy, but by putting that money into a savings account you can find another great way to motivate yourself further. If you can forego drinking on the occasional night out as well then you’ll save money on taxis as well.

Get a cheaper car - If your car is older and has a smaller engine then your insurance will be lower. Even better you may be able to forego fully comprehensive insurance and go for the much cheaper third party only option. While you’re at it make sure your new vehicle is fuel efficient - if you have the money then buying an electric car can be an amazing investment that will pay for itself in a couple of years and are already available from Tesla.

Walk places - You’ll save money on public transport or petrol and like almost all the money saving techniques on this list this is one that has other benefits as well as just the financial. If you follow all these tips then you’ll end up feeling healthier and happier while contributing to the economy and the environment.

Mack LeMouse

Copyrighted material; do not reprint without permission.

 

View all articles by Mack LeMouse