Whether you’re saving for a specific item or just putting money aside to be prepared for a rainy day, saving can be a challenge. In this article, we take a look at some creative ways you can save money.
Go to dinner parties
An excellent way to save money on eating out is to attend dinner parties at friends’ and family members’ houses. This can be completely free if you avoid taking a gift and use your own method of transportation to get to the dinner party. If people know your circumstance and understand that you’re trying to save money, they won’t expect you to throw a dinner party yourself in return. Or you can choose to repay the favour when you have money available. Dinner parties are much cheaper than eating out with friends and can be a lot of fun.
Use a piggy bank
If you often find you have loose change lying around the house, use an old jar or container as a piggy bank. Put all of your loose change into the piggy bank and wait until it’s completely full. When you visit the post office or your bank, you might be surprised at how much all of that loose change adds up to. Often loose change is just discarded or lost; start a piggy bank in your house to make the most of your spare change.
Create banking rules
Some bank accounts will allow you to round up every transaction to the nearest pound and put that money into a separate part of your bank account. This is a really simple way to save regularly, and it doesn’t feel like you’re losing out. The odd 20p or 30p will soon add up, and your savings will be sufficient enough to cover any rainy day issues or other unexpected bills. Take a look at the options within your banking app to see if you can round up your payments and put the money into a different savings account.
Pay off debts
Paying off your debts is one of the best ways to save money. Debts continue to increase with interest payments unless you pay them off. If you’re struggling to pay off debts, there are several different debt solutions you can apply for, depending on the amount and type of debt you have. Many debt solutions will write off a portion of your debt, reducing the total amount you need to pay back. One such solution is an IVA; this debt solution stops all creditors from charging you additional interest, and once it ends after the agreed period, the rest of the money you owe is written off. An IVA application needs to be completed with the help of a professional to ensure this debt solution is best suited for your situation. Always get advice and research different debt options before making a decision. Many debt solutions will impact your credit rating ability to buy things in the future.
Rent out your spare room
If you have a spare room in your house, you could use this space to make additional money. It might feel awkward having someone living with you at first, but after a while, you’ll get used to it and could even become friends with your tenant. Another option is to rent out a spare room as an office space or as a one or two-night stay on Airbnb and similar home listing websites. This will make you some extra money and is less intrusive compared to accepting a stranger to live with you. Finally, some people will also pay money for storage space, if you can rent out a spare room or garage for storage, you will rarely need to deal with people being in your home, and you can make money from storing other people’s belongings.
If you have bad debt that’s accumulating interest, this should be your first priority in order to be in a position where you can begin to save money. Secondly, cutting down on non-essential spending is one of the easiest ways to pay off debts and start saving. If you struggle with this, consider other options, such as renting out a spare room or creating rules in your banking account. Every penny helps when you’re saving money, and even the smallest change can make a big difference.
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