How to Save Money: 6 Simple Money Saving Tips
It is always important to save money, but particularly in a time when inflation is so high, the cost of living is rising and amidst an energy and fuel crisis. Many households are worried about their budget and how they will manage in the months to come, so what are some good ways to save money right now?
The Impact of Inflation
First, it is helpful to look at inflation and why this is such a major problem right now. The annual rate of inflation was at its highest since 1982 in June 2022 with supply chain issues and strong demand causing an increase in the cost of consumer goods. With inflation soaring, prices from everything from milk to the cost of a new car are fast rising and putting strain on household budgets. Here are 6 ways that you could make savings during this difficult financial period.
Spend Less on Food
Food is a major cost for households to cover, but there are always ways to make savings. These include:
- Shopping at a cheaper supermarket
- Buying in bulk
- Making meals from scratch
- Buying non-brand products
Cut Back on Unnecessary Spending
Now is also a good time to cut back on unnecessary spending. Cutting back on things like nights out, alcohol, takeaways and shop-bought coffees can allow you to make big savings over the long term.
Drive Less
With the cost of fuel on the rise, it is also a good time to cut down on driving where possible. Instead, try walking or cycling as a free form of transport, a healthy alternative and an environmentally friendly option.
Buy From a Reliable Car Dealership
If you are in the market for a new car (with an electric being a good option) then you should always find a reliable car dealership to buy from. The best dealerships will always offer affordable prices and good discounts on high-quality cars.
Scrutinise Regular Outgoings
It is also a smart move to go through all the regular outgoings that you have to see if you could cut out the cost or make savings. As an example, you could get rid of a subscription service that you do not need to free up cash each month.
Switch Suppliers
You should also look at the various suppliers that you use, such as broadband and energy, to see if you could make savings. Switching is never too difficult, and it could make a big difference to your finances over a year.
If you are looking to make savings right now - like many are - then these are 6 methods that are worth trying and combining them could help you to offset rising inflation.
