Smart Ways To Save Money & Stay On Budget

It’s always beneficial to be smart with your money; whether you’re raising a family or trying to budget for your dream holiday. However, being financially savvy is particularly important in the current climate, when you consider the fact that “91% of adults in the UK have reported an increase in their cost of living between June and July 2022”. As a result, if you’ve found that your pennies aren’t stretching quite as far as they used to, you aren’t alone.

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With that in mind, here are some smart ways to save money & stay on budget moving forward! 

Tip #1: Make money from the unused spaces in your home. 

Believe it or not, there are plenty of ways to make some extra money through the unused space in your home. For example, you could rent it out as storage space, or even turn a spare bedroom into an Airbnb. This can prove to be particularly profitable if you live in a city or popular tourist area as there will always be a demand for a place to stay. 

Alternatively, you could turn empty rooms or spaces such as your garage and attic into functional rooms within your home that you can use to your advantage. For example, if you run your own business, you could turn one of these rooms into an office so you can work from home without having to rent out additional space. This is also a great way to increase your property value.

Tip #2: Monetise your hobbies. 

No matter how busy your schedule may be, it’s important that you dedicate some time each week to your hobbies. This is because they provide you with an outlet for stress, anxiety, and other negative emotions, meaning they are instrumental in improving your mental health. However, an additional benefit that you may not have considered is that it’s totally possible to earn money while participating in your hobbies.

For example, if you love writing and sharing posts online, you could earn some extra cash by learning how to monetize your blog. Alternatively, if you’re an artist, you could sell your work online through sites such as Etsy. 

Tip #3 Sell your old phone. 

If you’re looking to make a little extra cash, you could trade in your old phone or other electronic devices through companies such as Smarty. This is a far better alternative than simply throwing them away or letting them gather dust in a forgotten cupboard. Even better, you can even sell phones that are broken or damaged – they will either be stripped for parts or refurbished before being resold. To put it simply, this is a great way to put some extra cash in your pocket while also decluttering your home.

Tip #4: Reduce food waste. 

According to a recent study, the average UK family throws away £350 of food waste annually. As a result, those looking to save money should also seek to reduce food waste. Thankfully, there are various ways in which you can achieve this goal. For example, you could plan out your meals for the week ahead of time, so that you only buy groceries that you need. This way you’re less likely to have surplus products to hand that you forget about or need to throw away at the end of the week. Instead of throwing away leftovers, freeze them for a later date. Both of these steps can also help you to follow a healthy diet. 

Tip #5:  Use budgeting apps. 

Although 74% of consumers have a budget in place, 79% of them fail to follow and stick to it.  As a result, it’s important that you find as many ways as possible to hold yourself accountable and reduce overspending. Many users find that budgeting apps are the most effective method of accountability, as you can input all of your spending/saving goals into the app. The app will then send you notifications whenever you are close to reaching your budget. 

Tip #6: Find ways to reduce energy bills. 

The energy market is in a state of crisis, which means that we’ve all noticed an increase in the amount we’re spending on energy each month. Of course, there are certain steps you can take to lower your energy bills. For example, you could reach out to your supplier to see if you can agree on a repayment plan that better suits your monthly expenses. Alternatively, you could take steps to reduce your energy consumption, such as by turning off standby appliances instead of leaving them on 24/7. This could actually be a great cost-saving measure, especially when you consider that “a television left plugged in and on standby could cost you an additional £24.62 a year, and a further £23.10 if you have a set-top box”.

Tip #7: Always keep an eye out for discounts. 

Whether you’re indulging in some light retail therapy or buying groceries for the week, you should always ensure you’re getting as much value for your money as possible. For example, if you are shopping online, you should use add-ons such as Honey which automatically scans the internet for coupons and discount codes. This way, you’re always getting the best deal you can possibly get.  

Tip #8: Lookout for free financial advice. 

There are plenty of financial advisors out there who share content, tips, and tricks for free that you can use to regain control over your finances. For example, Martin Lewis (also known as the MoneySavingExpert) runs a blog dedicated to helping people cut down their costs – sharing tips on everything from lowering grocery bills to saving money when travelling. He also sends out a weekly email packed with tips and tricks – meaning it’s definitely worth subscribing to. The more you read about saving money, the more knowledge you will have – and this can help you save hundreds of pounds overall. After all, it will help you identify any spending/budgeting mistakes you are making before it’s too late to rectify them.