So, 2021 is just around the corner and you’ve got the nagging feeling that you’re not quite prepared for it. Yes you want to leave the sh*tty 2020 months behind you, don’t we all! But are you fully prepared in how you can get the best out of 2021? Whether its money worries, or wanting to make a plan to save, this is the right place to start. Read on for my 5 Money Saving Tips and lists to get more out of life:
1. Make a Monthly Budget plan
This is at the top of my list and always will be! Whether you want to admit it or not, cash is king. You need to understand your current money situation to be able to make your money work for you going forward. You don’t need to be a millionaire to get the finer things in life. I am all for living a life of luxury (on a budget!). But its important to know what you’re currently spending your money on in order to move forward. For example, if you were to look at your bank statement now, what % of your money is going on takeaway food? Or new shoes? Or just random crap you don’t even use? Be honest with yourself and don’t turn a blind eye to it all.
Make an easy budget plan, whether it’s in an excel sheet or simply writing it in a notebook. Make a plan of how you want to spend your money every month eg Rent, Food , Bills first then everything else. Once you have your budget in place, every month you can write down what your Actual spending is and compare. This will help you keep track and be conscious of your spending & where your money is actually going! Trust me, you’ll be surprised at how much you could save..
2. Have an Emergency Fund Pot
Saving money is so very important. Most people roll their eyes at budgets and saving for a rainy day and want to live in the now. But we have all seen the effects of how Covid can destroy your financial freedom, with a lot of people being made redundant or put on furlough at the drop of a pin. Now is more important that ever to begin to have a “rainy day” pot of money to help in the tough times. Its called an emergency fund for a reason. You can’t plan when an emergency may happen, so you need to always be prepared. Incorporate into your monthly budget how you can save a little to mount to a lot!
Eg if you save £100 every month, that rolls up to £1,200 at the end of the year. This could help if you have surprise car issues, or you need a buffer of extra rent money to help if someone in your home needs financial support. I can’t stress enough how important it is to have an emergency fund! It can be as simple as dropping your daily cup of coffee and saving this amount, to help you in times when you really need it. Example, if you buy a takeaway coffee 5 days a week, at £3 each. That’s £60 a month, or £720 at the end of the year! Small changes in how you spend your money can really help you in the long run. You can still be yourself, and have the fun times as well as being conscious with your spending.
3. Save for your dream goals
Saving for your future goals is key to actually making the goals happen! I have been able to save & buy a gorgeous 2 bed cottage in one of the most expensive counties in the UK, just by being smart with my money. I’m not rich and I’m definitely not from a rich family! This isn’t bragging at all, I just want to share with you that it is possible for you too. You can be a home owner in your twenties and you don’t have to sacrifice the fun times or become stingy to do it! Check out my 6 money saving tips to buy a home post to get you on that track too.
4. Pay Bills on Time
Being organised is a key component to living your best life. It doesn’t take a lot to make a list of all of your bills and due dates, and when they may need renewing. This might seem like a dull way to spend your time, but trust me, if you aren’t on top of your bills this may mean getting a surprise bill last minute which you aren’t prepared to pay. This doesn’t take long to do either, but it can save you money in the long run. And this is just as important as the other money saving tips and lists. A surprise bill has happened to me too, when I rely on others to be as organised as me, yes old house mates I’m looking at you!!
You can make an excel sheet or have a notebook to write down all of the regular bills you have. Check out my Top 10 favourite notebooks from Amazon to get you started. This can be Rent, Electricity, Water, Internet etc. Write down the amount of each, and what date they need to be paid on every month. Do you have direct debits set up or do you have to manually pay them? This can also be a place to document any passwords or log in details you may need for these bill accounts too. As we all know, we forget our passwords!!!
Some Utility contracts are just for 12 months, some for 18 months. So this is a good way to keep on top of when the money is due but also when you need to renew contracts so that they don’t enroll you onto a more expensive tariff afterwards. This is what happens with a lot of Electricity companies, so be aware that you don’t get caught out too. Also make sure you document how often you submit meter readings, as this will give you the most accurate bills so you have no surprises!
5. Food & Meal Plan
How many of you can look in your food cupboard right now and see duplicates of the same products? Or maybe have 5 tins of coconut milk, that you never use but seem to automatically pick up in the shop? Or are you more of a takeaway fiend and have spent hundreds on average pizzas & feel crap for wasting your money on it all? We have all been there, my friend. No shame or shade is being thrown here. It’s good to be aware of what you are actually doing in order to change it for the better. Consider what is the right thing for your body and your purse strings.
Food bills can become more and more expensive if we aren’t consciously buying what we need. Making Food shopping lists and meal plans are key money saving tips to bring your food bills down every month. Make a list of all the items in your cupboard, and from there see what meals you can make from it. And create your shopping lists from there. Don’t waste your money on buying duplicates if they are going to go to waste and end up in the bin.
Don’t get me wrong, if you really want that Saturday night curry, go ahead and get it from your local. But that may cost £30 for two people, whereas you can make one from home from as little as £4. This is one recipe I love, from Dietician & Blogger Pick Up Limes. I have tried and tested it many times and its so delicious! It’s really easy to make, and costs so little, as well as being super healthy for you. You can even add in Chicken to it too, if you aren’t vegetarian. Although New Year, New you eh?!
I hope these 5 Money Saving Tips and lists to get more out of Life have been helpful for you. Comment below how you manage your money and to share any money saving tips & tricks.
The Spend & Save X