This is a collaborative post

You might be forgiven for thinking that you have to keep spending money or that not spending money is going to be a challenge – mainly thanks to all the advertising we’re bombarded with on a daily basis – but that couldn’t actually be further from the truth.

The reality is that if you want to save money, you can, and, what’s even better, is that you don’t have to sacrifice your lifestyle to do it. Of course, if you’ve got a lot of debt and making ends meet is a struggle, that’s a different story, and the best thing to do is get some solid debt advice. However, if that’s not the case and you simply want to save more money than you do now, but you’re worried that you’ll have to give a lot of things up, keep reading – we’ve got some great advice about how to

Make A Good Budget

If you’ve read lists this like before, you’ll more than likely have read about how you need to make a good budget if you want to save money – but if you have read that before, don’t skip over this particular part of the article because no matter how many times you read it, the information is still going to be useful and could make a big difference in your life, especially if you don’t want to sacrifice how you’re living that life. In other words, it’s worth reading again just to make sure you’ve got it right. 

Start by watching your income and outgoings over the course of a month, and then put everything you’re spending into categories like food, entertainment, clothing, and so on. Some of the costs will be essentials like your mortgage or rent, and they’ll usually be fixed as well, so they can instantly be taken out of the equation – they’re non-negotiable (for the most part – you might be able to get a better rate, but when it comes to budgeting, it’s best to stick to what you know for now). 

Once you know precisely what your finances are like, you’ll be able to set yourself limits for the non-essential elements. You might want to cut some out altogether, or you might just want to reduce what you spend – the choice is yours. The key, however, is to put any money you’re no longer spending into a savings account, otherwise you might be tempted to spend it somewhere else. 

Cut Unnecessary Expenses

We mentioned above how you might want to reduce what you’re spending, but your budget can be helpful in showing you where you’re spending unnecessary money as well, and that’s great – once you know what you’re spending on things you don’t actually need, you can stop spending it altogether and, once again, put it into a good saving’s account. 

So what do we mean by unnecessary? One great example is a subscription to something you don’t need or use. That could be the gym, or it could be a TV channel or streaming service you never watch. It might even be a magazine subscription; if you just throw the magazine in the rubbish and don’t read it, why are you paying for it? What you’re spending might only seem like pennies, but when it’s all added up, it can be a lot, and you can easily save that money without it affecting your lifestyle in the least. 

Make Investments

Saving money is vital, and it’s great if you can do it, but if you really want to make the most of the money you’re saving, it might be a good idea to invest it instead – or at least part of it, if that makes more sense. 

When you invest money, you should see a return on it, meaning that when you come to take it back, you’ll have made a profit.

This can be a lot more than the interest you’ll get from even the best savings accounts, although remember that investment does come with risks, and it’s a challenge to make sure you find the right markets to invest in (if you get it wrong, you might lose money, and that’s the opposite of what you want).

That’s why it’s a great idea to get financial advice leads and work with an investment expert who can guide you and give you the best advice about where to invest your money. In that way, although it’s still a risk, you have a much better chance of making a profit than if you tried to go it alone. 

Make The Most Of Automation

Even if you do find you can save money and not have it make much – or any – difference in your lifestyle, remembering to put that money somewhere safe is often difficult, and that means the money just stays in your account, and you’ll be more tempted to spend it on things you don’t need, cluttering up your home and costing you money. 

The solution is such a simple one, and once you put it in place, you won’t even have to think about your savings anymore – it’s automation.

Once you know how much you want to save each month, set up a standing order so the money goes from your account to your savings account on the day you get paid. In that way, you won’t accidentally spend it, and, if you’ve worked things out correctly with your budget and reduced your spending, you won’t even miss it (it’s just what you would have spent anyway). 

The best thing to do is to set this system up and then not even think about it – get it right from the start, and you can just let it do its thing and when you do look (after a year, perhaps), you’ll be amazed at how much you’ve saved up. 

Negotiate Your Bills 

We mentioned negotiating your bills very briefly earlier in this post, and if the idea intrigued you, here are some more details for you to think about.

The first thing to say is that negotiating your bills isn’t going to be the right thing for everyone, some people just won’t be comfortable doing it, and some bills can’t be negotiated anyway. So although it’s a great idea, it’s not something that’s guaranteed to work – in other words, don’t hang everything on it. 

However, if you’re intrigued, then it’s always worth a shot, and if you’re told no, you won’t be any worse off. If you’re told yes, that’s a bonus, and you can enjoy the savings that come with that agreement. 

We all have plenty of bills that have to be paid each month, from utilities to TV packages to broadband, and more.

Take a look at other providers and see what prices they’re offering, and take that information to your current supplier and see if they can match or maybe even better that cost; you’ll be surprised at what they can do when you just ask them and give them the evidence of what their competitors can do. 

Even if they say no, you’ll be able to switch suppliers and go to the cheaper one, so it’s a win-win when it comes to your savings and lifestyle. 

Do Things For Free

Did you know that there are loads of things you can do for free that will keep you entertained and happy (and the rest of the family too, come to that)? It’s true – it might be that you can do more free things and enjoy yourself a great deal instead of paying for things that entertain you, and that can be quite a big saving. 

So rather than going to the cinema or out for a nice meal, what could you do instead? There might be some local events to join in with or some free community activities, for example. The more of these things you can do, the more you’ll save, but you’ll still have a great time.