Not leaving the house has done wonders for my bank account. My work has closed because of the lockdown and so I cannot earn money (I get paid basic hours) but on the other hand, I haven’t been spending any money. I would normally be paying for the bus/train/taxi, my lunch (normally some expensive salad) and anything that catches my eye whist walking through the town. I am definitely a compulsive shopper; I will jump at the chance to go shopping and my bank account spends a lot of time empty because of this. Over the past couple months, I wanted to put a stop to that and so I began saving money instead of spending it.
Saving with your bank – The first thing I did was open an ISA with my bank. If you have online banking it is so easy to transfer money into your ISA and if you really need to, you can transfer it back. Most people put a percentage of their wages in their ISA and leave it to collect interest until they need it.
Saving at home – Another useful thing to have it a piggy bank. Now I am guilty of opening my piggy bank every time I see a pair of shoes that I like but a good way to stop yourself is to get one you cannot open. You can get tins that are hard to open or banks you have to smash to get into. Every time I come home, I empty all the change in my purse into the piggy bank and it quickly fills up. Once your piggy bank is full you can take the contents to your bank and have it deposited into your ISA.
How much to save – Deciding how much to save is always hard, I have in the past set myself unrealistic goals that I’ve never met or goals that where too small. My favourite method is the penny a day method. So, on the first of January you save £0.01, on the second £0.02 and so on, increasing the amount everyday by 1p. Following this gets you £667.95 at the end of the year!
Keeping track of your spending – Saving money is mainly about what you spend. Some people like to keep a money journal, this keeps track of what you are spending and on what. With a money journal you can look back on your spending habits and identify what you need to cut out. For example, you could use food at home instead of buying lunch everyday or come up with a limit to spend on clothing every month.
Discounts – The best way to save money without changing your habits too much is taking advantage of discounts. When clothes shopping, always have a look through the sale racks before the regular items and when buying lunch maybe go for something on clearance as it goes out of date soon (you are eating it that day anyway). Clothing sites like Nasty Gal and Boohoo are ALWAYS having sales with sometimes up to 50% off everything so taking advantage of these sales are key when saving money. Another way to get discounts is with discount codes. If you don’t already have one for the site you are shopping on, download Honey. Honey is a browser extension that is completely free to use and it automatically gives you discount codes on hundreds of different websites.
Coupons – A lot of my money goes on eating out and going for drinks as well as shopping, a way to save money when doing this is using coupons. I regularly use sites like Groupon to find good deals at places I like to eat and sometimes it also helps me discover new places to try.
I hope these tips and tricks help you to save a little more! I don’t exactly know what I am saving for but it feels good not having an empty bank account a couple of days after getting paid.
‘Wealth is the ability to fully experience life’ ~ Francis Bacon
Thank you so much for reading! This post is about my personal experience and may not apply to everyone. Please feel free to like, comment, share and get in contact with feedback or ideas of what I could post about in the future. You can also subscribe to get notified when I post.
Stay safe, stay at home