Money-saving hacks that work

The basis of saving money is to spend less than your income. The challenge is how we do it and stay motivated.

Budgeting is something we all should do, and keeping to it doesn’t need to be bland. We’ll take you through some ways to save money on a tight budget and help you achieve your savings goals.

First things first, make a budget. 

Yes, making a budget and sticking to it is your biggest weapon against overspending. It helps prioritise spending and balance what needs to be paid for, and what can be saved.

Think about your financial goals, what you need for bills, including basic living expenses, and what you would like for extras, like eating out.

Track your spending and make changes

Don’t let your potential savings be eaten away by expenses that could be reduced.

Many bank apps can help you break down which categories you spend money on, like entertainment and utilities. This can help find areas in your spending habits that may need to change, and it could be a good start to a basic savings plan.

Watch your monthly recurring expenses. You might have money going from your account for something you don’t need, like membership payments for streaming services or the gym.

Otherwise, is there a reason why the same expense keeps coming up at the worst time?

Consider your options to pay a large bill in smaller, more frequent amounts for things like your car or home insurance; some providers will not charge you for this. This will stop that considerable expense from occurring at the same time every year and split payments into more bite-sized pieces.

See if you can find a cheaper alternative to your recurring payments – you might be surprised to find you could save money by switching to another provider. Or, if your energy bill is consistently expensive, think about swapping to some energy-efficient appliances to help you save money on your energy bill - energy-saving bulbs can be a great investment to help you save.

Once you’ve identified where to make changes, it’s time to give some money-saving hacks a go.