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Money saving

7 tips to save money fast

Posted 17 April 2016 by Christine Walsh

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We all need to save money fast sometimes. Have a look at the quickest and easiest ways to save some cash.

Now and again we all find ourselves needing a little extra cash, and sometimes that means getting creative and looking for new ways to save your money. If you’re stuck for ideas on how to save those pennies, don’t worry. Here are the fastest and easiest ways to save money: 

 

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1. Save little and often. 

A great way to add to your saving pot is to save little and often, rather than trying to put big chunks of money away all at once. 

Whenever you have a spare couple of pounds in your pocket, put it in the piggy bank instead of keeping it to spend. Or, work out how much you spend on something you could live without, like an expensive coffee or magazine, and commit to saving that amount instead. 

Swapping a ‘small spend’ for a ‘small save’ could soon add up. 

We have a whole blog on the little and often approach to saving, so have a look. 

2. Look for discounts. 

Isn’t it great when you get a good deal on something you love? Well these offers are actually easier to find than you think – you just need to look in the right places. 

Most big brands want to reward loyal customers, so see whether there’s a saving to be made on something you buy a lot – have a look here for some ideas. 

Join Groupon and get access to lots of discounts on your favourite brands and even big expenses like weekends away and tickets for music and sporting events. 

Or, see whether your favourite restaurant has special offers during the day or weekday evenings when it’s quieter, so you can enjoy your favourite food for less. 

3. Cancel subscriptions you don’t need.

If you joined the gym with the best of intentions but rarely actually go, it’s probably time to scrap that membership. You could go for a run instead, and you’ll save plenty. And do you really need an expensive TV package? There are lots of affordable options around now, so cancelling an expensive subscription in favour of one of these could save you a bundle. 

If you’re serious about saving money fast, go through a recent bank statement and cancel any subscriptions you don’t feel you really need. Just be sure to check whether there are cancellation fees involved before you go ahead. 

4. Sell what you don’t use. 

Have a root around and see if you can find anything to sell that’s of no use to you anymore.

It’s very simple to set up an Ebay account, and you can sell a huge range of items from furniture to fashion to electronics. Gumtree is another good option, particularly if you’re selling large items as you can arrange to sell them to people who live locally and can pick them up. 

Selling what you no longer need means you can kill two birds with one stone by de-cluttering and making some quick cash for your saving pot. 

5. Plan your shopping. 

Food shopping is not an expense you can avoid, but there are ways to cut back on what you spend. The most obvious, of course, is to switch to a budget supermarket, even if just for a short while, like Aldi or Lidl

Writing a list of what you need and sticking to it is also a good shout. Make sure that whenever you set foot in a supermarket you’ve got a list with you  and don’t get side-tracked by shelves that encourage you to impulse buy at the checkouts.

It’s also worth going shopping towards the end of the day and on Sundays when items are often marked down.

6. Provide a service.

Do you have a skill or knowledge in a specific area that people might find useful? If so, you could offer to coach someone or help someone out and make some quick cash for your savings. 

If you’re handy with a needle and thread, offer to tailor clothes – you could ask local shops whether they want to take someone on with this skill. If you can speak a language, get in touch with local language schools and let them know you’d be willing to tutor people in your spare time. You could also advertise the service privately. 

Sometimes it’s just as simple as getting in touch with someone you know who’s looking for help and offering to lend a hand.  

As always, make sure you account for the extra money you make and put it aside. 

7. Find room for saving in your budget wherever you can

If you want to save as much as possible as fast as possible, you need to know what you’re spending on different areas, like food, travel, utilities and leisure. Really get to know your household budget and break each category down to see whether you can get the same thing for less or whether there’s a cheaper alternative. 

For example, would you be happy staying in for movie nights rather than going out to the cinema for a while? Could you get the bus rather than a taxi in certain instances? Could you make do with free exercise videos on YouTube, rather than paying for a gym subscription? 

How many changes you make and how long you make them for depends on your saving goals, but it’s always a good idea to find room for saving in your budget wherever you can. 

So there you have it – seven fast and easy ways to save money. We’ve lots more tips and advice so make sure you check out the rest of the blog. Happy saving!

 

by Christine Walsh

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To find out more about managing your money and getting free debt advice, visit Money Advice Service, an independent service set up to help people manage their money.