Like living on the edge of what you can afford? So many of us tend to run our finances to it’s limits these days, but if you fancy making a change, there’s no better time to get started than right now! In this article we’re looking at 4 ways you can cut down on your spending and save some money month-to-month. Get these handy tips nailed down and you could land yourself a tidy sum of much needed cash much sooner than you’d think. Here we go:
1. Buy own brand groceries
Used to buying the best and most famous food brands on the market? They taste great yes, but you’re certainly paying top prices for them. Swap to a supermarket’s store brand (also known as “own brand”) alternatives and you could save yourself a small fortune on your weekly shop.
There’s a huge difference between wanting something and needing it. Most brands we chase are in such high demand because we see them advertised all the time and we think they’re the only items worth buying. The thing this, in many cases the store brand substitutes available in supermarkets are far cheaper and often just as satisfying. Here are some examples of swaps you can consider:
- Store brand ketchup
- Store brand soft cheese
- Store brand cereal
- Almost all frozen food will have an alternative option made by the store
- Own brand cleaning products
2. Cut out subscriptions you don’t use everyday
The most used subscriptions you keep in your life are the ones you could argue are the ones worth keeping. But when you need cash savings as soon as possible, it’s the subscriptions you use least that need to go. Magazines, TV packages, food boxes, and paying instalments on pricey gadgets are all monthly costs you should seriously consider dropping. Just ask yourself, “do I need to use this everyday?” If your answer is no, look into getting it severed from your bills.
3. Lose the car if you live in the city
A car is one of the most expensive assets you could possibly buy. Not just because it has a huge value that most will be paying in instalments, but also because of all the running costs. Insurance, maintenance, fuel, and road tax are all costs that keep draining your spare cash as long as your vehicle stays on the road. What’s more, cars also depreciate in value very quickly, so you’re effectively losing money day-to-day even when it’s just sitting in your driveway.
If you live in a very remote area, then your car is highly necessary for safety and practicality. But if you live in the city, your vehicle is just a huge luxury item that is sapping a large portion of your hard earned income.
At Quickle, we offer loans to people who really need cash as soon as possible. Car repairs are one of the things we like to help with when people need their cars for work or in order to look after a growing family. What our loans are not so appropriate for, is anyone looking to buy or lease a car just for kicks. If you’re really serious about putting away some serious dollars for your rainy day savings fund, ditch the car and find a more affordable way to get around.
4. Skip the holiday this year
The other luxury spend so many of us like to chase after year-to-year is a one big major holiday. There are ways to limit your spending on travel, but the method that will save you the most cash is to cancel your holiday plans altogether. Think this sounds like overkill? The average large holiday might cost anywhere between $500 – $2000 and that’s before you consider the added cost of food, souvenirs, and various other activity fees.
If you really want to see progress in your savings this year, think about downscaling your holiday to something far less expensive. Consider staying domestic, taking a road trip, or pitching up somewhere with family and friends to eliminate or reduce the cost of accommodation. The truth is, saving takes sacrifice. The more you are prepared to cut back, the more you’ll notice cash steadily seeping into your savings pile.
4 Tips That Will Save You Some Much Needed Cash Click To TweetRead more about budgeting here, or in our previous blog post: 4 Reasons School Holiday Loans Are On The Rise
