In order to gain full control over your finances, it is important to curb your spending and aim to live well within your means, as cost-effectively as possible. There is a diverse range of ways in which you can begin to live more cost-effectively, and cut down your total monthly spend completely. Here are some easy tips to follow to help you along your way to financial freedom and living more cost-effectively.
Shop Around
If you are considering a large purchase in the future, like a wedding, a new car or even a new home, then shopping around will be what you are used to. Do your research and get prices from different people to compare them, then from there try and get the best deal you can. This will save you a fortune, especially if you look out for discounts and special offers that may become available after Christmas or during winter sales.
Decrease your luxuries
Of course, it is nice to treat yourself from time to time but in order to live more cost effectively you should try and devise a budget that is easy to stick to. If you buy a £4 coffee each day on your commute to work that is around £80 per month in total and it soon adds up. Try and limit your spending, but don’t think you have to cut out all luxuries. Try a cheaper alternative or limit yourself to only purchasing once a week. You will be surprised how much money you can actually save. By decreasing your luxuries, it will help to prioritise your spending, leaving larger payments more manageable when it comes to saving.
DIY
Why not do everything for yourself? You will soon see how much money there is to save. You don’t realise how much we all rely on other people in order to live. Why not start making the lunch you take to work instead of buying out each day? If you have a talent which can be used to save money, this is great.
Perhaps you are a great artist who can paint your own pieces for around the home instead of buying them. If you need new curtains, you could make these yourself without asking someone to design them bespoke. Do you want a chunky knitted scarf and hat set? Then learn to knit. There are so many little things you can do throughout your day to day life that will save you an extortionate amount of money in the long run. Not only does making things for yourself feel incredibly rewarding, but it can also be a great way to get creative.
Gain Rewards
One of the greatest ways to strengthen your finances is to utilise reward schemes that are available to you. Numerous companies offer cashback through online shopping, with no catch. Often companies provide a small payout for things like switching your electricity provider or purchasing items you already would have purchased. To redeem your rewards, you need to sign up and shop through a specific online portal.
One other way of earning rewards is through cashback websites. There are no hidden fees and to sign up it is completely free. Cashback websites such as Topcashback and Quidco allow shoppers to earn money each time they process a transaction takes place on their website. You can save hundreds of pounds per year, from purchasing internet broadband, car insurance and mobile phone contracts as normal. Once the retailer has confirmed the purchase, your cashback account will be credited and your funds will become available to withdraw.
Signing up for loyalty cards or discount cards can be another great way to live more cost-effectively. Railcards are available to buy which save over one third on all cross-country rail tickets, although these have an upfront payment, you make back the money you spent on the railcard usually within the first use. Similarly, ‘taste cards’ can be available to buy online which gets you 2 for 1 meals throughout most of your local restaurants.
Generate another income
If you are looking for ways to generate an extra income then why not consider investing in property. Property investment is a great way to boost your income, and by using trusted companies like RW Invest, you can maximise your income using a diverse range of high-quality developments that are capable of producing high performing returns.
This is a collaborative post.