Ways to save money: Tips from Experts

From the best budgeting apps, to the simple things you can do to save a few pounds here and there, there are plenty of ways to save a bit of cash whatever your circumstances. Some of the tips are thriftier than others but all are useful ideas that you can slot into your routine without much effort. You could even save hundreds of pounds using some of the pointers. Additionally, if you have any specific questions or need personalized advice on managing your finances, feel free to online chat with our experts who can provide further guidance. We've also included a few ways to make a bit of cash on the side too.

Steps to Saving Money for Emergencies: Mini-Goals, Smart Investments, and Healthy Habits

It's always a good idea to have some extra money in the bank for an emergency and here are the best ways to help you do just that.

Set Mini Saving Goals

Setting mini saving goals can make the overall process much easier, and it can help reduce overwhelm. An example of a mini saving goal might be saving for occasions such as a birthday or special family event. Ask yourself how much you think you will need for this event and plan to achieve the goal.

Figure out where to Put Funds

A handy tip is to put your money out of reach. By that, we mean to put your money into a separate saving account or create a digital ‘envelope’ such as money jars on offer from An Post. Remember that piggy bank that you had when you were younger? Well, there was a reason for having a place where you could place any extra pocket money. It put it out of sight and made it harder to spend.

Track Your Spending

You may be surprised to learn where your money is actually going every week. By keeping a record of what you spend, you can see how small expenses take away from your monthly savings. You may not think that a daily coffee impacts your ability to save money, but seeing the sum of your purchases may change your mind. The Mint app is a convenient tool for monitoring expenditures and getting started with budgeting.

Curb Impulse Buying

You can "shop" online without spending any money by making vision boards on Pinterest and starting wish lists on the websites of your favorite retailers. If you start feeling too restricted, you can "shop" online without spending any money by creating vision boards on Pinterest and starting wish lists on the websites of your favorite retailers. Avoid going to malls and stores where you know you'll be tempted to make purchases.

Don't Put off Saving and Investing until Later

Use your monthly budget to determine how much money you can put into your savings account each month. For investing, if your employer offers a 401(k) account, U.S. News recommends deciding how much of your salary to contribute and increasing it as time goes on. Saving and investing may seem like a challenge right now, but putting away just a few dollars a week can have a big impact.

Put Aside One-Third of your Total Earnings

If you aren't sure how much you should save, U.S. News also recommends saving one-third of your income if you can. By putting away $1 out of every $3 that you earn, you are making it easier for yourself to survive future financial difficulties, such as layoffs, car repairs, home repairs, and other unexpected expenses.

Avoid Engaging in Unhealthy Activities

The best and most prudent way to save money is to give up unhealthy and pointless habits like smoking and drinking, which should be done regardless of the amount of money you make because they are bad for your health and should be eliminated from your life if you want to live a healthy life.

Pray for One Another

Pray as soon as you get your paycheck. Bless it and ask for protection from ill health and unnecessary expenses during the month. This will give you a new sense of confidence and will help you get through the month with contentment and peace, as well as a surplus of money.