If you’re looking to take control of your finances this year and be able to save more of the money you make, then take a look at the following post. We’ve covered our top tips to help you save more money and reduce the amount you’re spending. Keep reading if you want to find out how.

Track Spending 

One of the best places to start if you’re trying to save money is by tracking what you’re spending day-to-day. This includes bills, one-off spending, and regular payments. Try and track your spending over the course of the month and plan this in a format such as a spreadsheet. Doing this over the course of a few months will show you how you’re spending money and which areas of your lifestyle you could potentially cut down on. Splitting your spreadsheet into sections such as food, days out, bills, and direct debits will make it easier to see what kind of things you’re spending most of your money on. Some banking apps have this kind of feature handily built-in for you to use to make it simpler to track your spending on your card. However, if you use a lot of cash payments you need to be factoring these in as well. 

Setting Savings Goals 

Setting yourself saving goals will help you to focus when saving money. Set a certain amount you want to save up, whether it’s for a safety net or for a deposit on a house. Having something to drive you to want to save will make it easier to cut down on spending in other areas of your life. If you’re trying to save up a large sum of money, splitting it down into smaller, more achievable amounts can make it easier to reach your target. You can even set yourself rewards for reaching a certain saving amount. For example, once you hit a quarter of your saving goal, allow yourself to go for a nice meal out as a treat.

Refinancing Your Mortgage 

If you’re currently paying off a mortgage, it might be possible for you to save some money by refinancing your mortgage. There are a number of reasons for home loan refinancing. For example, you might be able to get better interest rates. If you’re on a changeable-rate mortgage and the rates have increased since you took it out, you might be able to refinance it so that you’re paying smaller monthly payments. You might also wish to change the term of your current mortgage from what you had set it at previously. 

Automate Savings 

Some banks and banking apps allow you to turn on an automated saving feature. This means for each time you make a purchase, a certain amount goes automatically to your savings. For example, every payment you make on your card will be rounded up and placed in savings. Although these payments are small and don’t seem noticeable at the time, over time they can accumulate and build up your savings in the background without you even noticing the money has gone. It’s a great feature to help you save a bit of extra money each month even if you struggle to make conscious savings. 

Cutting Down Monthly Bills

Whilst there are some bills that are inevitable that we have to pay, there are some ways to help cut down the amount we spend on bills each month. Firstly, take a look at the bills and direct debits you currently have in place. Are there things you could cut out? These could be things such as TV subscriptions and memberships you no longer use. Although these seem like small payments, if you allow them to build up when they’re not needed, they can cut into your monthly budget. Also, consider costs such as your utility bills. Have a look into how much they are each month and then research other providers on the market. Could you potentially save money by switching to another provider? Some utility companies might offer to lower their prices or offer other benefits if you tell them you’re thinking of switching to another provider. Alternatively, consider if you could cut down your spending on utilities. This could be by using up less electricity through simple steps like switching to more energy-efficient appliances and turning off lights. 

Consolidate Your Debts 

Lastly, if you’re currently paying off a number of different debts, then it could be worth considering consolidating your debts. This helps to make it simpler to pay off your debts by placing them all in one location. From there, you can more easily keep track of all your debts and pay them off in one place. You might also be able to reduce the interest payments you’re currently paying.