There is one thing that the global pandemic has brought to the fore, and that’s how precarious job security is and how we need to reconsider our finances. While there is financial support from Government it often doesn’t cover what people need or it takes a while to reach those who are in need of it. 

Prevention is often better than cure, so budgeting and looking after your income and outgoings will stand you in good stead. Also, encourage healthy spending habits in children is another great way of educating them about finances and how to handle their money should the unexpected happen.

As well as increasing your income by selling items you no longer use or raising money, you can also make small changes to your spending habits, which will have a huge impact on your finances. However, they may seem small, but doing each will add up to a significant saving at the end of each month.

Why not try these simple tips each month and see how much further your money goes? 

·        Socializing: It’s wonderful to catch up with friends, especially those you haven’t seen in a while. This often means going to a coffee shop or restaurant. Instead, why not opt to make a picnic and catch up in a local park? This way, you will have the perfect opportunity for a natter and have something delicious to eat and drink without splashing out too much cash. 

·        Decluttering: A tidy house is a sign of a tidy mind, they often say! Declutter your home also affords you the opportunity to sell off unwanted goods. This is a win-win situation. You get a lovely tidy home, and you get to raise some cash too.  

·        Avoid convenience food: It’s perfectly reasonable to use convenience foods, and it’s especially helpful if you get home from work late and don’t have the energy to cook. However, making from scratch often means you can cook in bulk, and it’s cheaper. You could batch cook at the weekend and freeze items you can then reheat in the oven or microwave.  

·        Home-made lunches: It is so easy to nip to the sandwich shop for a pre-prepared lunch. Try making them and home the night before work. There’s nothing like having home-made soup at work on a cold and wet winter’s day!

·        Saving: As soon as your paycheque hits your bank account, place a percentage in a savings account. This gets you in the frame of mind of saving, but also you can decide beforehand what you want to save for. Call it that too, as it motivates you to keep saving.

·        Cash: When you pop to the shops for milk, only bring the amount you need for milk.  More often than not, people spend way more than they intended when making a trip to a corner shop. If you don’t have the cash, then you can’t spend it!

·        Bills: Pay bills on time to ensure you don’t receive a late payment fee. Also, set up direct debits to pay for bills as companies often offer a discount if you pay this way. It’s a great way of saving money.

·        Consolidation: Consider combining any debts into one payment, you could also opt for no guarantor loans or researching the best deals around for any finances you do have, including credit cards.

·        Clothing: Too often, we purchase items that require dry cleaning. Stay clear of these clothes by checking the washing label.  It will save you money on dry cleaning bills.

·        Transport: Car sharing is a great way of cutting down on the costs of transportation. Similarly, you could opt to walk part of the journey and get public transport the rest. This will improve not only your health but also your cash flow too.

·        Bank charges: Check your account and see if you have been charged for items that you should not have been. Keep a close eye on your account to ensure it is always in good health, and you know exactly what is going out at all times.

·        Loose Change. There are times when loose change is hanging around our purse, wallet or in our bag or pockets.  Start saving this change, and before you know it you will have an amount which you can use for a special treat for yourself or a loved one!

·        Wait before buying: Don’t buy on impulse. Note what it is you want and think about it for a few days. If you still feel the same about the item it’s then that you buy it. If it’s clothing, ask yourself what it will go with that is already in your wardrobe, will you wear it at least 30 times, and do you have something similar already. These questions will stop you from making an impulse buy, which you may regret later on.

·        Move suppliers: No matter what the item, you can ring up your current suppliers of gas, electricity, phone, TV, Broadband, and ask for a better deal.  Be prepared to change to another company if they don’t offer you a discount. It pays to shop around these days.

·        Store own brands: Non-branded goods are equal if not better than some branded food. Do a test taste and see which ones you and your family are happy with. These are often so much cheaper and will save you a lot of money on your grocery bill.

·        Preloved: If you do need to purchase something, why not choose preloved? Buying items that no-one else needs is a great way of saving money on the cost of new.  

·        Cancel memberships: once upon a time, it would have been a gym membership that people needed to cancel to save cash. However, there are so many monthly subscriptions these days from TV networks or music streaming, to name but a few. Check that you still use these memberships and cancel if you don’t.

These are just some of the little ways you can save money each month.  Are there any other ways you can think of?