Have you got savings?
Saving could give you a safety net should the unexpected happen. It’s also often cheaper to save for the things you want, rather than using credit, as you’ll avoid interest, fees and additional charges.
You could also put your money to work by investing, aiming to increase your balance in future. It’s just useful to remember that the value of investments and any income from them can fall as well as rise, and you might get back less than you invest.
By adjusting your current spending, you might be able to save more money each month:
- Try to repay debts faster, potentially cutting your borrowing costs.
- Compare prices when your insurance renewals are due.
- Shop around to save money on everyday essentials.
- Switch to a cheaper phone and internet tariff.
- Change to a cheaper television subscription.
- Switch to a cheaper utilities provider if you can, and keep track of your energy consumption.
- Cut your non-essential costs.
Even small purchases add up, so it could help to keep a note of everything you spend. You could set yourself a monthly budget after all of your essential living costs are covered, and you’ve set aside a regular savings amount. You’re more likely to pay attention to costs if you have cash in your pocket, rather than paying by card, so that could be a handy way to keep track of your spending.
Other saving tips and tools