Saving tips – Start saving more today
Saving for a deposit can be tough. The cost of living never stops going up, and the bills keep piling up too, so sometimes it feels like you’re not making much headway. Especially if you’re renting.
Yes, you can get a no-deposit home loan, but they’re not for everyone. And even if that’s the path you choose, having a little money saved up will always come in handy.
That’s why we prepared this list of practical savings tips. Tips you can put into practice immediately, so you start saving more today.
Quick money saving tips
Create a budget – Set yourself a budget and stick to it. It doesn’t have to be complex; just add up your monthly income and expenses. But be honest! It’s the only way you’ll be able to see exactly how much you’re spending on the things you probably shouldn’t be buying.
Reduce your spending – A few little savings each week add up to a whole lot of savings over a year. Simple things like buying supermarket brands instead of name brands, reducing the number of times you eat out, and taking your lunch to work instead of buying it every day.
Reduce your debt – Credit cards, store cards, personal loans... Pay down your debts as much as possible, starting with the ones with the highest interest rates. Even if you can’t pay them off entirely, making extra payments is a good start, and will reduce the amount you end up paying in interest.
Use direct debit – Use direct debit to pay as many of your bills as you can, so you never miss payments or get late fees.