Tuesday, 23 October 2018

5 ways to save money (when you have none)

Saving money is hard especially when you have no money to save but somehow, I've actually managed to save a decent amount of money for Christmas whilst on maternity leave and living on the literal breadline. When you're pretty much always broke it can be hard to find the motivation to save and this can cause a negative attitude to develop when it comes to finances and that can have a detrimental effect; I wrote about this here. This post includes some of the ways that I've managed to save a couple of hundred quid in time for Freddo's first Christmas.
This post is in collaboration with Cash Lady 


1. Meal Planning

I don't mean planning a fancy menu, I mean planning 7 economic meals that cost as little as possible without being too unhealthy. I realised that we could actually halve the smallest pack of mince meat and have enough for a Spag Bol and a Chilli this meant halving the other ingredients and having what used to be one meal for two, split into two meals for two. Basic meals can also go a long way when money is tight, a jacket potato with some cheese and beans, some pasta and pesto even frozen pizzas on offer and other frozen goods can be mish-mashed into an alright meal on a budget.

2. Withdraw Cash

These days we can pay for stuff with a swipe of our watches, phones and cards and it doesn't seem like we're spending real money until you check your bank balance and your soul leaves your body and you're left in a constant state of panic for the rest of the month. I work out how much money I need for the week including food, formula and other essentials and give myself a little bit extra for a Costa or cheesy chips in the office at the end of the week and try and stick to it. Having that physical cash makes me more aware of what I'm spending and more able to keep a track as well as thing twice about what I'm spending money on - there's nothing worse than not having enough cash for a Costa but sometimes it's just tough turds.

3. Keeping on top of bills

It's relatively easy to get credit these days and those pay in 12 month plans can be a life saver but those 12 months can often come around all too quickly. I've relied on credit for various essentials such as a new hoover and bed and have often taken advantage of the pay in 12 month options but have always been mindful of when this kicks in. Sometimes, at at the end of the month Spendy-Issy checks my bank balance and before you know it she's decided there's a 'spare' £30 and hops over to Beauty Bay, I've learnt how to say no to Spendy-Issy and if there genuinely is a spare £30 I'll withhold from treating myself and clear some of my Argos card or Credit card. I can confirm that clearing some debt almost feels as good as a Beauty Bay haul, almost.

4. Getting a credit score

Sometimes a bad credit score means not having a credit score at all (or being in a birra debt) which can be really frustrating; I experienced this when trying to get a student bank account for university and various people asked,  have you looked into loans for bad credit? getting into more debt to help your credit score can seem like madness but taking out a small load that you can definitely afford to pay back within the agreed timeframe can help prove that you're reliable and boost your score. 

5. Rounding up the change 

At the end of each week I've used my flexi-saver account to stash money away for things like Christmas or emergencies. I've rounded my balance down and saved whatever left. say I have £325 in my bank, at the end of the week I'll put £25 in my savings account. I find that this method works for short term savings as you can save small and large amounts but sometimes you might have to dip back into your account when you've had to put a larger amount in savings one week.

6. Personal Finance Software 

Which have compiled a list of the best apps that can pull details from you bank account to help you establish where exactly your money is going and set goals and targets yo achieve when it comes to making savings. Lucy ,regularly uses Monzo and highly recommends it as a saving tool. 
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1 comment

  1. I am so fed up of being poor. It sucks ass. I do all the above :(

    Erin || MakeErinOver

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