Best Ways To Save Money

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On the JJ Barnes Blog, I check out top tips for the best ways to save money so I can try and feel more financially stable in my life.

Let’s face it, financial stress can cast a long shadow, dimming our enjoyment of life. For me, there is a nagging feeling of insecurity about the future just won’t go away, and as the Summer approaches I know that the idea of taking a vacation feels out of reach.

If you’re looking to gain control of your finances and build a more secure future, you’re not alone. The good news is, there are many strategies you can apply to your daily life to save money and achieve greater financial stability. For this blog post, financial experts at The Lazy Trader have sent over a list of the best money-saving hacks for 2024 to help you achieve financial stability, and I’ll share some actionable tips to help you implement them.

So, buckle up and get ready to discover how you can transform your financial outlook, one smart move at a time! Let’s take control of your finances and create a path towards a more secure and empowered future.

Best Ways To Save Money

Use a digital budget planner

It is very likely that you will be on the move at some point in the day, whether to work or on a trip to the shop, and your budget plan can easily be forgotten. A digital budget planner is the perfect solution to managing your finances throughout the day and staying within your spending limit. If you need to make any adjustments, it is also easy to change and can be modified to suit your needs.

A simple app on your phone or device is more accessible and saves on creating unnecessary clutter.

• YNAB (You Need a Budget): YNAB takes a unique approach, focusing on assigning every dollar a job. This proactive approach fosters a sense of control and helps ensure you’re always moving towards your financial goals. YNAB offers a free trial, after which a subscription is required.
• Goodbudget: This app utilizes a virtual envelope system, allowing you to allocate your income towards designated spending categories. Goodbudget offers a free basic plan with limited features, with premium features available through a subscription.
• Mint: A perennial favorite, Mint offers a user-friendly interface and automatic account syncing. It provides a clear snapshot of your income, expenses, and overall financial health. Mint is completely free, making it a great option for budget beginners.
• PocketGuard: This app simplifies budgeting by offering a quick visual overview of your finances. PocketGuard analyzes your spending and highlights areas where you can potentially cut back. It provides a free version with limited features, with premium features available through a subscription.

Use smash piggy banks

A smash piggy bank is all about discipline and consistency. Putting money away that you can’t get back without breaking your piggy bank can be daunting, especially if you are worried about your current financial situation. However, it is a great way to save money without even knowing it, and whether it be for a holiday or rent, it is impressive how far a few pennies can go.

A piggy bank is a constant reminder of your financial goals; even putting a penny a day away adds up to a lot of money over time. Investing in an inaccessible piggy bank where you cannot collect your money without smashing it will give you more determination to save until it is filled to the brim.

Start the 1p saving challenge

The 1p saving challenge is a money-saving method that lasts 365 days and involves saving an extra penny every day. This will start with 1p on the first day of the year and then increase by a penny every day; for example, 2p on the second day, 3p on the third, and so on until you reach the 365^th day. 

This should equate to £667.05 after the course of a year which can contribute to whatever financial goal you have set out for yourself.

• Effortless Start: Starting with just 1p is incredibly manageable, making it a great option for anyone, regardless of their current financial situation.
• Habit Formation: The daily act of saving fosters a strong savings habit, making it easier to stick to a budget and prioritize saving in the long run.
• Motivational Boost: Witnessing your savings grow steadily can be incredibly motivating, encouraging you to stay committed to the challenge.
• Hidden Potential: By the end of the year, you’ll have saved a staggering £667.95 (or £671.61 in a leap year)! This unexpected windfall can be used towards a dream vacation, debt repayment, or simply adding to your emergency fund.

Avoid taking money out your savings

Although it can be tempting to take money out your savings for spontaneous purchases, remember that they are savings for a reason. Whether it be for future retirement, a mortgage, or your dream car, that money has been put aside so you can afford the luxuries you saved for. You may want some new trainers or a Saturday night out, but remind yourself that savings are there for long-term goals in life.

Invest in life insurance when you are young

Age is the most important factor when investing in life insurance as it determines whether you pay a high or low premium for your policy, as a younger person typically has better health than someone within the middle-aged and elderly bracket.

A 21-year-old is a lot more likely to pay a lower premium than someone older; the premium will stay consistent and not increase with age, making it much more affordable in the long run. Although it may not seem like an essential purchase for a young adult, it will also benefit relatives if anything were to happen to you as it provides them with more financial support in the case of an unforeseen event.

Shop smart at the supermarket

It can be very tempting to place unplanned items in the trolley when you’re at the supermarket, but you’ll unknowingly cause the total cost of your shop to shoot up; stick to your shopping list and try to find cheaper alternatives in the process. Supermarket brands are a great way to cut down on costs, especially for cupboard essentials like pasta and rice, as you don’t have to spend a fortune on necessities.

Supermarkets offer benefits from loyalty cards that can discount your shopping by huge amounts and are free to access if you ask staff or look online. As well as this, the reduced section is always worth a look, as plenty of fresh produce is suitable for home freezing and can save you a lot of money instead of paying full price.

Buying in bulk is also a great way to save money as, usually, the products work out individually cheaper and reduces the hassle of having to return to the supermarket for a stock-up.

Pay off your overdraft

An overdraft can work its way down the priority list when other finances come into play; it can be a great financial support network, but it must be paid back eventually due to its negative balance. After a certain amount of time, you will begin to get charged if the amount is not paid off, so pay off the overdraft as soon as you have the funds to avoid unnecessary added expenses.

Saving Money

Saving money provides a safety net for life goals that may be far into the future, but it is never too early to start saving. There are so many benefits to having money stashed away somewhere safe, and it will lift a weight off your shoulders knowing you have something to fall back on. These money-saving hacks are perfect examples of why you should start saving and the best ways to do it, so that the uncertainty of the future is not so daunting.

-A spokesperson from The Lazy Trader

Conclusion

By incorporating some of these simple yet effective strategies into your daily routine, you can make significant strides towards achieving your financial goals. Remember, consistency is key! Small changes, diligently applied over time, can lead to big results.

So, free yourself from the burden of financial stress, embrace mindful spending habits, and watch your savings grow! With dedication and the right tools at your disposal, you can build a secure financial future and unlock the freedom to pursue your dreams. Happy Saving!