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Simple ways to save money every month

Simple ways to save money every month

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With the cost of living causing many of us to tighten our purse strings, it’s easy to let any savings goals slip along the way. However, a recent survey by Leeds Building Society has shown that, despite the significant increase in day-to-day costs, 59% of people in the UK are still managing to save each month.

Not only this, but 61% stated that they had a savings goal with 14% putting money aside for a specific purpose. And those age 18 – 34 were more likely to plan to begin saving money in 2023 than any other age group.

Rather than recent price hikes deterring people from saving, according to Matt Bartle, Director of Savings at Leeds Building Society, “the cost of living crisis may have prompted more people to take a proactive approach to managing their savings and ensure their cash is working as hard as it can for them”.

If you’re inspired to build up your savings pot, our top tips can help you set some aside for a rainy day.

Get on top of your outgoings

The first step is to figure out your monthly expenditure to see what you have available once all your essentials have been taken care of. Take into account payments such as rent or mortgage, utilities, food, childcare costs and travel expenses.

When you know what you have leftover, you can set a portion of that aside to begin building your savings. Consider setting up a separate savings account so you’re not tempted to dip into any ‘spare’ money.

Reduce non-essential spending

If you’ve got limited funds leftover after all of your outgoings, try reducing costs by switching to a different supermarket, shopping around for energy suppliers or reducing the number of monthly subscriptions you have.

Set yourself a weekly budget and stick to it. This might mean forgoing that morning latte or limiting the number of takeaways you have.

Reduce debt

Getting rid of any debt should be priority as you’ll likely be paying interest on top of what you’ve borrowed.

Personal loans, pay day loans, credit cards and store cards are high forms of debt that can be harder to reduce due to the cost involved. Tackle one at a time and aim to completely clear the debt from these types of lending first.

If you’re still struggling after taking these steps, it’s wise to get professional debt advice.

Check your benefits

There are people in the UK who are likely to be missing out on benefits because they don’t know what they’re entitled to. These include help with energy bills, childcare costs and low-income benefits. It’s worth checking to make sure you’re receiving the maximum amount that you’re eligible for.

Reduce travel costs

If you’re spending a great deal on fuel, look into other transport options such as getting the bus, cycling or even walking if your journey allows. If you regularly take the train, do some research to see if you’re travelling at off-peak times or whether there are any railcards available.

Finally, don’t be overwhelmed by trying to save. Even putting aside a small amount each month can soon add up and give you a healthy rainy day pot by the end of the year.

How to Save Money on Your College Expenses.

How to Save Money on Your College Expenses.

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Over the years, the cost of college has risen at a near astronomical rate. Even during times of low to no inflation, university administrators consistently raised the annual cost of tuition, fees and meal and lodging expenses associated with getting an education. As a result of these annual price hikes, students attending college today often leave with both an education and far too much debt.

Fortunately, there are some proactive steps you can take to lower your annual college costs and take control of your expenses. One of the areas you can address is your university housing and meal plan expenditures. In the past, students often simply lived in the dorms and purchased the meal plan. This option was quite costly. A far better approach is to pick the best off campus housing and move into a shared, fully featured student apartment.

Benefits of a Student Apartment

Living in an off campus student apartment gives you lots of benefits when compared to dorm room living. Dorms are typically crowded, and you must share communal bathrooms. In a student apartment you’ll have your own private bedroom and bathroom too. You’ll always have your own room so you can study, chill out and get sleep when you want to.

When you rent an apartment to share with your roommates or college friends, you can shop and compare prices at various locations. You’ll also be able to choose from 2-, 3- or 4-bedroom units so you can make the most economical choice. Depending on the housing situation in a community, some apartment complexes might even offer move-in or other rental incentives.

Save Lots of Money When You Make Your Own Meals

If you live in the dorms and have a meal plan, you are going to be paying whatever price the university sets. You might have an option or two, but you are a captive audience and you will be overpaying for what you get. With your student apartment, you’ll find that each unit comes with a complete and fully functional kitchen.

You can save lots of money each month if you shop for your ingredients at a discount grocery store and make all of your meals at home. Don’t buy prepared foods at the store. Buying fresh produce and meat, staples such as rice and beans, spices and sauces and the like will let you prepare any recipe at home. Your food costs will be dramatically lower, and you will be eating healthier and more delicious food too.

Look at Living Near Campus So You Don’t Need a Car

As you start to shop for the best off campus place to live, you may want to consider a location that’s within walking distance of the school. If you can simply walk to classes or events, of if you have an easy and quick bus ride there, you won’t need a car. For the few times where you might need transportation, you could simply get a ride share.

If you skip the car, you’ll save lots of money. You won’t have to pay for the car and spend all that cash outright or make monthly loan payments. You’ll also save on auto repairs and the high costs of auto insurance. Best of all, you won’t have to fill up at the gas station all of the time. By living off campus, you can save a lot of money on room and board and meals every year. You’ll be able to share the rent with roommates, cook great meals with affordable ingredients in your own kitchen and hopefully save on annual car expenditures too.