Wouldn’t it be wonderful if money grew on trees? We would all have so much fun! But, seen as it doesn’t, managing your money is a vital skill. A quick search of ‘money saving tips’ will throw up a gazillion search results, all of which will result in you having to stop buying your morning coffee, jogging instead of gymming and not wasting money on the things that bring you joy.
Well, here at Wellspace we are all about joy, so we thought we would bring you our top 5 money saving tips that won’t make you miserable.
These tips are assuming you have enough left over at the end of the month to put some aside. If you have debt it is important you work to clear that before saving much money.
Money saving Tip 1-The Dreaded Budget
Ok, this one might make you a bit miserable, but only for a short while.
Budgeting is horrible, we get it. How are you supposed to know how much you are going to spend on ‘leisure activities’ each month?
We are big fans of the ‘skinny budget’. It is a simple incomings/outgoings calculation and here is how to do it. Feel free to skip on if you already have a budget.
Tot up all the money you have coming in. For most people that will just be your wages.
Then, look at last month’s bank statement and write down all your direct debits and mandatory expenses. Rent, phone, gym, insurance, whatever. Add it all up.
Then, minus the outcomings from the incomings and there is your ‘pocket money’!
In a negative figure? Don’t panic. Go back through your direct debits and subscriptions and decide what you can cull. Be brutal. If you are living beyond your means you are going to have to be a bit miserable now to save a lot of misery in the long term.
Believe us, debt is not fun. It is a leading cause of stress and will usually impact on the overall wellbeing of the individual.
If you have a bit left over, take the pocket money total and divide it by 4.5, because that is roughly how many weeks are in the month. There is your weekly allowance.
Ok, now write down everything you HAVE to pay for out of that each week, such as your weekly shop, fuel or bus fare, for example. Try and put a rough figure next to it if you can.
Now take that away from your pocket money. Whats left is your leisure money! Allocate a portion of that to your savings and there you have it!
If, at this point, you are thinking saving money is not going to be a reality for you, have a look at tip number 3. Everyone can do that one!
Money Saving Tip 2-Put it Away Now
Don’t wait until the week before payday to move your allocated savings into your savings account. Do it now. Otherwise you will spend it.
Whilst you are in your bank accounts, set up a standing order for that amount of money to go out on pay day each month. You can’t miss what you don’t see.
Money Saving Tip 3-The Big Whisky Bottle
Literally everybody’s uncle or nan had a big whisky full of pennies, silver, or even pounds! Imagine the amount of money those things held!
Well you might not have an actual big whisky bottle knocking about but get yourself a metaphorical one. A taped-up Tupperware box will do! Something that you can’t crack open when you are down to your last few pounds.
Get into the habit of popping your spare change into it at the end of the day. You will hardly notice it is gone and will be amazed how much there is when you do open it up and bank it.
Money Saving Tip 4-The Pre-Paid Card
Pre-paid cards are awesome for budgeting. They allow you to put your spends onto them and you can see where your money is going.
We like the Monzo card because it allows you to transfer any left-over funds into a ‘rainy day’ pot, maximising your saving opportunities.
You will be in control of what you are spending and so won’t go over budget and dip into your savings.
Money Saving Tip 5-Shop like a Pro
Food shopping is expensive. You already know not to go when hungry, and to check out the market for cheaper fruit, fish, and meat.
Cutting back on your food shop is a sure fire way to make you miserable. With bit of forethought, though, you can eat like royalty and still save money. Just plan your meals for the week and shop online!
Shopping online allows you to walk round your house and check if you have the things you need. It saves you from having 40 tins of tomatoes and no bread. No bread means a trip to the shop, which means impulse buying loads of stuff you don’t need.
Online shopping also lets you see the total as you go, so no nasty surprises at the checkout, by which point it is too late.
By planning your meals, you will make sure you only buy the stuff you need and will save those expensive auxiliary trips to the shop for ingredients.
Get in Touch
Financial wellbeing is a big part of your overall wellbeing, and here at Wellspace we are wellbeing experts. If you would like to talk to us about getting the most out of your wellbeing app, or any other aspect of our corporate wellbeing service, just drop us a line on firstname.lastname@example.org or call us on 0808 178 0748.