Posted on December 14, 2016 at 12:30 pm by BeeMyMinder
Top Tips for Saving Money in 2017
With the New Year fast approaching, many individuals and families around the country are frantically scribbling on pieces of paper their resolutions for 2017.
Undoubtedly “saving money” is going to be near the top the list, but come the Spring many savings accounts are empty, and these carefully crafted resolutions have flown out of the window.
So how can you actually stick to your money saving goals? These top tips for saving money in 2017 will give you a step in the right direction.
Set a monthly savings goal
If you’re setting yourself a monthly savings goal, you need to be realistic. You need to take into account your outgoings, and don’t leave yourself short at the end of the month.
There are two approaches you can take when setting a monthly savings goal.
- You can aim to set away a certain amount of money per month. This could be as little as £20 or as large as £100, it doesn’t matter. The easiest way to make sure your money is saved would be to set up a direct debit to a savings account.
- Decide on a figure that you want to save for the year in total (for example £1200) and divide this amount by 12. This gives you the figure you need to save each month to achieve your target.
Establish an emergency stash
Whilst you might see your savings fund as an emergency stash, occasionally dipping into this fund can lead to bad habits, and eventually a dwindled savings account.
Your emergency stash should be kept aside for real emergency, not just when you’ve run out of milk or fancy a take away pizza! The stash should only be used when something goes badly wrong, for example, you lose your job and have bills that need to be paid.
Typically we recommend that you have an emergency stash that covers between 2 – 3 months of expenses.
Raid the January Sales
This approach to saving money has two-fold benefits. Not only do you save money on items that would have been more expensive in the lead-up to Christmas, but you can also set them aside for presents throughout the year.
Be careful though, just because these items have been reduced doesn’t mean you have to buy them. Retailers rely on impulse purchasers, and will ramp up their marketing efforts in the lead-up to January sales. Keep your wits about you, and you’ll be saving money in no time.
Go cash, not card
Leaving your cards at home when you go shopping is all about cutting down on unnecessary purchases. Research has shown that shoppers who make a payment on a credit or debit card are more likely to forget the amount they’ve spend on recent purchases.
Leaving your cards at home when you go shopping forces you to focus on the prices of any item, and encourages you to monitor how much you’ve spent so far.
This shouldn’t just be limited to shopping however. Have you considered giving yourself a set amount of cash for a month? Try it, the amount you cut down on spending might surprise you.
Go for a run, not a drink
Exercise is undoubtedly going to be another item on your list of New Year resolutions. Not only is going for a gentle stroll, brisk walk or long run better for your mental and physical health, you’re less likely to spend money on snacks and drinks.
This is a great way to cut down on your alcohol intake in the New Year. Whenever you find yourself reaching for a cold glass of wine or beer; force yourself to go and do some exercise. This will soon become part of your daily routine, and your bank balance will thank you for it.
Start an online shop
No, we don’t mean set up your own online business, but we do mean start to sell any of your unwanted items online. The most popular site for selling is ebay.co.uk, and you nearly always find someone to buy your unwanted junk. Check out apps like shpock too.
Clearing out your house gives you the chance to take stock of everything you’ve accumulated throughout the year, and cut down on any unwanted junk.
Make sure that if you’re selling online that you read the Terms and Conditions for each website first. For example, if you set your item as a Buy-It-Now, Ebay charge you 50p per item, and if you want to insert the item into 2 categories then they charge an additional 35p.
Remember your renewal dates
Easier said than done we know. With so many policies offering special rates for new customers, it can be hard to keep track of when everything ends.
Setting an electronic reminder on your phone, circle the date on your calendar or just try to remember, there’s so many ways to keep track of your renewal dates.
At BeeMyMinder, our Online Reminder service sends you alerts when a policy is up for renewal, giving you the chance to compare the market and find the best rate. For more information on our policy reminders, take a look here.
So there we have it, our top tips for saving money in 2017. What do you think? Do you have any money saving tips?
Simply use the sign up form at the bottom of the page; you’ll be saving in no time!