When it comes to saving, a lot of people are unsure on what the most optimal and most effective way of saving is. This article should help introduce some of the ways in which you can effectively save money.
AI assistants will really benefit you
Wouldn’t it be great if there was a way that you could save money without noticing? Luckily, there is a smartphone app named Plum that connects to your bank account and uses a smart algorithm to analyse your spending and helps you to save without you noticing. The app can also help you earn interest on your money and can let you know if you are spending too much before payday.
Do weekly or monthly saving challenges
Trying to keep track of what you save may feel like you’re wasting a lot of time and energy but it will be a big help to you in the future. Depending on how much money you have, you could try a challenge that has you saving 1p or £1 every day into a savings account and then increasing it incrementally each day, so for example, if you save 1p on January 1st, 2p on January 2nd and so on, you could end up saving over £600 by the end of the year. You could track this by using a spreadsheet or if you have a Monzo account, automating the process by using IFTTT.
Cashback sites for online shopping are a huge benefit
When it comes to online shopping, there are many ways to get a discounted price when looking to order a product online. But did you know that there is a way of getting paid when buying a certain product? The way to do this is by using cashback websites such as TopCashback and Quidco that give you money when you shop from retailers such as Amazon, ASOS, and eBay. The way it works is by signing up for the cashback site and searching for the online retailer you want to purchase from. The cashback site then tracks your online retailer visit and when you buy something, it adds to your cashback account and then it eventually gets paid to your bank account or to your PayPal account.
Try not to spend too much immediately after payday
According to Moneywise, 23% of British people spend half of their income on payday and this leaves them with little to no money for the rest of the month. Put some money into your savings account when you receive your salary so that this leaves you with enough money to spend until the next payday.
Fill out some online surveys for some extra cash
Other than cashback sites, another way of earning money online is by filling out surveys that you receive in your email and then after completing them, money is put into your account. Depending on the survey site, this money can either be sent into your bank account or be transferred to your PayPal account.
Try and use voucher codes and coupons for grocery shopping
A lot of supermarkets such as Morrisons and Tesco offer vouchers and discounts for certain products that can be purchased in-store or online. Coupons are another way of getting discounts on certain products in supermarkets that can be used either in-store or online.
Remember to cancel subscriptions before the free trial expires
Whether it’s subscribing to Disney+ to watch the latest Marvel TV show or signing up for Netflix to watch the latest season of Stranger Things, most people know what it is like to sign up for a subscription service that you’ve been meaning to cancel. The failure to cancel an unwanted subscription service can be very stressful and annoying and leads to unnecessary financial issues so you should set up calendar reminders for the date of the free trial expiration. This can also be done automatically with apps such as DoNotPay.
Use incognito mode when ordering tickets online
Whether you are buying airline tickets or checking into a hotel, it is best to do this in a way that they cannot see your browsing history or cookies and that is by using incognito mode, or if you’re a Firefox user, Temporary Containers. This is because the more time you spend on these websites, the more they increase the prices of tickets and hotel prices.
Round up your spendings with Moneybox
Another smartphone app that can be used towards saving a lot of money is Moneybox, which offers several types of savings accounts from the simple saver account where you can access the money immediately to the 95 Day Notice account where they hold your money for 95 days and then withdraw it into your account. These accounts allow round-ups, which acts as digital change, so for example, say you buy 2 large bags of Maltesers for £2.95 with your card, Moneybox will add 5p to your bank account. You can also use the app to open a Lifetime ISA to save for your first home and also invest into different companies with a Stocks and Shares ISA.
Open an app-based bank account
A lot of people now have app-based bank accounts like Monzo and Starling Bank and they have features that help people save and create a budget. Both apps have the ability to create pots (or goals in Starling Bank’s case) that can be used to save money for a goal. Both apps also come with the rounding up feature, like Moneybox where digital change can be added into the pots or goals. With Starling, you have the option of rounding up twice and five times so for example, if you paid £1.52 on an item, 96p would be added to the goal instead of 48p because it is being rounded twice. With Monzo, you have the option of connecting to IFTTT, an applet service that enables Monzo to perform a lot of features that typical banks cannot do, such as automated saving challenges and moving money into a pot every time you tweet.
I hope following any of these tips will be helpful in your saving journey!
Toyin is a web designer and game designer who creates story-based games in his spare time and loves all things tech!