Money-saving tips: six ways for Britons to ‘save money fast’
With Independence Day approaching, many people will find themselves splurging on frivolous shopping trips and luxuries simply because they can now.
OpenMoney is an online financial counseling service that blends technology with human advisers to make investment accessible and inexpensive to everybody. Anthony Morrow, CEO of OpenMoney, revealed his top money-saving suggestions with This website to assist Britons escape this spending spiral.
To determine how much money someone can save, they must first determine how much money they spend.
“To do this, check through your bank statements and try to categorize payments into things like rent, bills, travel, food, subscriptions, and anything else you spend on a regular basis,” Mr Morrow suggested.
“Writing it all down can help you figure out where the majority of your money goes. You might be surprised to learn that you spend £100 per month on business lunches or that you’re still paying for a service you don’t use!
”Once you’ve categorized and written down all of your monthly expenses, it’ll be easier to figure out which ones may be cut — subscriptions, shopping sprees, and everything else that isn’t a requirement is classified as discretionary money.
Mr Morrow advised, “Now is the time to start building a budget for your disposable cash.”
”If you have £600 in disposable cash per month, aim to stick to a £400 budget – around £100 each week.
“If you stick to your budget, you’ll save £200 every month, or £2,400 per year.”
“You can even go further and establish budgets for each area you defined, such as eating out, weekly food shopping, and entertainment, to ensure you stay to your total budget,” Mr Morrow continued.
Many people attempt to save without having financial goals in mind, which leaves them feeling as if they are wasting their money and making them more eager to spend again.
“Set yourself a deadline and choose a reasonable goal,” Mr Morrow advised. Is there a significant occasion in the horizon for which you want funds? It will be more significant to save if you write it down.
“As a general guideline, having a pot of savings for any emergencies or unforeseen bills, such as a car breakdown, is a good idea. We’d recommend aiming to save three months’ worth of committed spending – just in case.”
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