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This does not constitute advice and advice should be sought in all instances before acting on it.
It’s not surprising that pounds – whether that’s the weight or sterling variety – are always top of mind after the holiday season. But even if saving money isn’t one of your resolutions in 2019, it’s never a bad idea to tighten the purse strings after an undoubtedly expensive past few months.
Here are a five lifestyle habits you should take on to save more money this year.
1. Set it, but don’t forget it!
If you’re not already banking and tracking all your credit cards, loans, and investments online, start now. There are even sites where you can link all your accounts and have a dashboard of all your incoming and outgoing expenditures all in one place.
Ensure you’ve set up automatic payments on everything you can – bills, loans, etc. and build in these charges into your monthly budget so you know how your money is moving. Sometimes, you can also get a percentage off interest with automatic payments, so check all your accounts to make sure you’re not losing out!
2. Quality vs quantity
Sure, it might be tempting to load up your closet with fast fashion or constantly buy into the latest crazes and fads, and there’s a time and place for those indulgences, but you should know when to invest in quality products and when to go for volume.
It’s ok to splurge on items you know you’ll use time and time again, or for things that are very useful that will help you live a happy, more productive life in the long run. Mattresses and computers are worth the sometimes hefty price tag and there are some classic clothing staples worth the investment.
3. Pounds versus percentages
While it’s true that every little helps, it’s even more important to spend your time saving a large percentage on bigger purchases. Clipping coupons and buying in bulk does matter but do your research on big purchases, evaluate your current lifestyle, and if the opportunity ever presents itself for something that will save you a big chunk of money in little time, go for it.
4. Don’t be pennywise but pound foolish
If you’re aiming to save money, cutting back on after work drinks won’t really make a dent if you’re blowing all the money you’ve “saved” on lavish holidays or other expensive one-off endeavours. That’s not to say you can’t still enjoy travelling and doing the things you love, just be smart about it. Look for deals, go during the off-season, or compromise on accommodation to get to where you want to go.
5. Ask yourself these questions
Every time you’re about to head to the till with a new purchase, run through these questions in your mind before you pull out your wallet.
- “Do I need this or do I just want it?”
- “How often will I actually use this?”
- “Is the cost (time and money) really worth it?”
Once you’ve answered these questions, it should help you decide to either put the item back on the shelf or continue on to check out.
Let’s us help you plan your finances
If you’re ready to get your practice into shape just like your personal saving habits, we can help! Call us today for a financial review and bespoke recommendations to start your new year off right.