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Money Saving Tips & Ideas

By: Emma Jones - Updated: 4 Apr 2012 | comments*Discuss
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Life is expensive and small steps can make a big difference to saving money. Each little saving soon adds up and you can put the money towards something important. Setting up a savings account is an important step and combined with a few money saving tips will soon have you feeling a bit more comfortable.

Make Small Savings

You don’t have to make big drastic changes to your life to start saving. There are all sorts of money saving ideas to get you going. By cutting down on small luxuries and choosing slightly cheaper brands, you will cut your regular expenses. Having one less cappuccino a day or buying supermarket own products are simple ways to start and you probably won’t even notice the difference. Don’t jump in and try to cut down on everything at once – pick one thing at a time so you don’t feel that you are missing out.

Set a Budget

You need to have control over your finances in order to start saving money. If you don’t know exactly how much is coming in and out each month then you won’t be able to plan how to handle it. Take time to sit down and work out how much you spend each month and on what. Be specific – how much goes on bills, food, clothes, socialising? Once you have figured this out, you will be able to see areas in which you can cut back and how much it could be possible to save. Then, set yourself a sensible budget and stick to it.

Save Regularly

Putting money haphazardly into a savings account when you feel like it is not the way to do it. You need to decide on a regular amount that you can afford to put aside and set up a standing order. Pick a date so that it comes out when you first get paid so there is no temptation to spend it and you won’t even notice it was ever there. If you have more than one thing that you are saving for then consider creating separate accounts so you can keep track of how much you have for each.

Get The Best Rate

To make the most of your savings you need to make sure that you have a good interest rate. This way your money will grow quicker. Shop around to find out which banks offer the best rates for both saving and current accounts. A cash ISA is the best place to start as you will not have to pay any tax on the interest that you earn. You can save up to £3600 a year so open one as soon as possible.

Savings should become a regular part of your life and by using some of these money saving tips, they soon will be. Dropping down a brand or cutting out luxuries may seem a chore at the beginning but you won’t even notice after a while. At the same time, set up a regular deposit into a savings account and make sure you get the best rates to help your money grow.

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