5 Easy Ways To Save Money and Live Better

5 Easy Ways To Save Money and Live Better

5 simple tips to make saving money effortless.

When saving money, sometimes the hardest thing is getting started.

But by simply adjusting a few habits, small changes can add up quickly and can make a big impact on your lifestyle.

In this blog, I've highlighted some of the best ways I've used to save money which can help you save for a house, car, pay off your student loan or simply have more money in your savings so you can live better.

Let's dig in...

1. Make Note of Your Expenses

The first step to saving money is to look at how much you spend each month. 

You should keep track of ALL your expenses - including every visit to Starbucks, tips, amazon purchases, household items, fuel and all of your bills. You name it, everything you spend should be recorded.

I find recording everything in a simple spreadsheet the easiest way to do this. Once you have your expenses, place them into categories, total each amount, and have a column for how much you have left over (or not). Be sure to look at your bank statements to ensure you've included everything - you'll be surprised how many expenses slip your mind!

2. Create A Budget

Now that you're clear on your monthly outgoings, the next step is to create a budget. This should show what your expenses are in relation to your income so you can limit overspending and plan for expenses that occur throughout the year but not every month, such as car maintenance and house repairs. 

Initially, save an amount that feels realistic to you and plan on increasing your savings up to 20% of your income. 

3. Shop Around

Once you've noted down your monthly outgoings, there may be some bills you can try to reduce. But unfortunately, companies often assume you will continue using them because switching to another provider can be a pain. Because of this, they increase prices on renewal dates, regardless of how long you've been with them.

But if you're willing to spend a little time when renewal time is approaching, research the best offers and shop around. There are often new customer deals that will give you a discount and extra perks. And sometimes, if you bring this information to your current provider, they will do what they can to keep you.

4. Cut down on Unnecessary Spending

Ok, I'll admit this is one of those not-so-fun tasks, but you may be surprised just how much you can save by cutting down on expenses you don't necessarily need, like your daily cup of take-out coffee and monthly app subscriptions you forgot about.

When you do this, you'll discover that a lot of expenses can be easily cut. For example, you can make your lunch for work, or make coffee at home to bring in a flask.

Those things we think are "small" really do add up. 

5. Automate Saving Goals

Almost all banks offer automated saving transfers between your checking and savings accounts. 

You can choose when and how much money to transfer. You could even set up an automation so that on payday, a portion of your paycheck goes directly into your savings.

Doing this makes saving effortless, and you don't have to worry about touching the money you intend to save by accident!

I hope this has helped you prioritize your spending and begin to think about saving money. Strengthening your relationship with money by saving dollars and appreciating your savings will cause you to attract more wealth in the future!