18 Money Management Tips To Help You Save

Money management is a phrase that doesn’t come naturally to everyone. But managing your money well can make the difference between being able to afford a holiday or not. Or being able to save for a house deposit or not. Knowing that you’re only spending on what you need to is so important. I’m sure at some point in all of our lives we’ve overpaid for something, or not got the best deal around. It happens to us all.

Here are some of my favourite money management tips to help you save money.

Budgeting and planning tips

• Good money management starts with a budget and a plan. But revisit your budget on a regular basis to ensure you’re allocating money to the right areas and saving for the right things.
• Make a note of when any new customer offers end on your bills so you can shop around for a new deal. It might seem like a pain to switch providers for the sake of £15 a month on your broadband, but that adds up £180 over a year.
• As well as when new customer offers end review your direct debits once or twice and year and see how much money you can save. Perhaps theres something you no longer need, or something you can combine with a family member like Amazon Prime or Netflix.
• If you’re unsure whether to cancel, click cancel and see if your provider will offer you a discount to stay signed up. I’ve done this with Now TV and Hello Fresh in the past.
• A lot of things are billed over 10 months such as council tax and insurance. But they can usually be split over 12 months if you ask. If there’s no interest for spreading the cost do this to reduce your monthly outgoings. If not make a note of the months you don’t pay it and save that money instead. You’re used to the outgoing so by saving you’ll have some money set aside.
• Have sinking funds for things you know will happen every year like your car MOT or Christmas. Saving a little bit each month will help your money management. And it will stop you spending a lot in one go.

Banking tips to help your money management

• Think about where you put your longer term savings and ensure you’re getting the best interest you can. This might be opening an ISA or swapping your money to a better savings account or bond.
• If you have a bank account for a specific purpose such as bills, house deposit or a holiday get rid of the card so you don’t spend that money on anything else.
• Another money management tip is to have all standing orders come out the day after you’re paid. This means you’ll have less chance to spend the money and more chance of hitting your savings goals.
• When making minimum payments for loans, credit etc round the payment up to the nearest £10. The debt will be paid off quicker and you’re classified better if you pay more than the minimum (even by 1p) then just paying the minimum.
• If your bank allows it switch on roundups. You won’t notice the pennies coming out of your account every time you spend but they’ll all add up and help with your money management.

Shopping tips for healthy money management

• Give everyone in your household/ family a card for your loyalty accounts if they shop there. For example a Tesco Clubcard if someone else gets fuel or food shopping. A boots card if your other half regularly shops there. Loyalty card points soon add up and having more people gaining them will only help.
• Don’t save your card details in a digital wallet, your laptops memory or through online shopping accounts. Companies allow you to do this to make spending easier and at the click of a button. But the hassle of having to go and find your card every time you want to spend will reduce impulse purchases and help with your money management.
• Search around for historical price trends of items you want to see if there’s a best time of the year to get a deal. You can create alerts for when items are discounted so you buy them at the best price.

Food money management tips

• If you regularly have a lot of the same meals, or the same core ingredients create a master shopping list. This way you’ll stock up on food you’ll eat rather than impulse buying.
• Every few weeks do a stock take of your freezer. I’m sure we’re all guilty of buying in bulk or things when they’re on offer to stock up the freezer.  But this is no good if you never use it.
• Work out what your weakness food is and have a nice gourmet version in the fridge or freezer to stop you ordering takeaway. The most luxurious supermarket food is going to be cheaper than a takeaway.
• Buy in bulk when it makes sense to do so. This includes non perishable items, or things you use all the time such as cleaning products, drinks etc. But only buy them when the savings are worthwhile and you have the space to do so.

What money management tips do you have?

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