How to Save Money

The gloom of the current global financial situation is enough to make anyone want to save money. Every day sees a new depressing figure published about growing unemployment, sovereign debt, energy prices or poor economic growth. The boom all of us have enjoyed over the last twenty years is well and truly over and it’s time to change bad habits and tighten our belts.

If you are serious about changing your spending habits, then there are some really effective measures you can take. Alternatively, if you just want to streamline your expenses and take some small measures to save a bit, there are other things you can do. 

If you really want to revamp your attitude towards money, keep a financial diary for a month. Write down everything you spend money on, and your spending shortcomings will become clear very quickly. By looking at where your money goes, you can take action to plug the holes and start saving.

Keeping a current bank statement somewhere where you will see it often, like on the fridge, will keep your finances on your mind, helping you to make good financial decisions and keep you from going overdrawn.

Budgeting can be difficult, especially if you use your credit cards and debit cards to pay for most things. This will mean that it is hard to keep track of what you have spent. By taking out a lump sum of cash for a designated period of time, and if the money runs out then tough. The physical money in your pocket makes this easier, as paying with plastic can sometimes not feel like spending.

Being healthy can really save you cash. By cooking meals at home, eating healthily and walking will save you a lot of money on restaurants, expensive foods and petrol or transport. Cigarettes and alcohol are extremely expensive with all the tax levied on them, so cut these out and help your health and your bank balance.

Ultimately, if you want to save money it’s really a question of need rather than want. There are many things in our society that we think we need, but actually it takes very little to get by. So just stop spending!

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