There are many ways to make small changes that compound over time to give big results
Are you constantly finding yourself strapped for cash come the end of the month? Despite your best intentions, it can be tough to spend your hard-earned wages wisely, let alone save for a rainy day or house deposit.
Life is busy and unpredictable – cars break down, children need new shoes, unplanned vet appointments have to be made, random social events crop up – but at a certain point, you have to acknowledge what’s in your control. There’s more than you think!
We chatted to Kel Galavan, aka. Mrs Smart Money, about what she thinks are the easiest everyday savings we could be making in our lives. Here are her top tips:
1. Meal plan and batch cook
Plan your meals for the week ahead and batch cook larger portions. This saves time and reduces food waste and the temptation to eat out, ultimately saving you money on groceries and dining expenses. It also gives time back during the week. Who doesn’t want more of that?
2. Join a community swap or borrow group
There are so many local community groups or online platforms where you can swap or borrow items such as books, clothing, tools, or kitchen gadgets instead of buying them new. It’s not only a great way to save money, it’s also a way to build relationships with like-minded people.
3. Pay yourself first
Paying yourself first is where you prioritise saving by setting aside a certain amount of your income before paying bills or expenses. It’s making you the first bill every month. As soon as your pay check hits your account, save some. Treat savings as a non-negotiable expense – out of sight, out of mind. If you’re new to this concept, start with a small amount and gradually increase it over time. You’ll create a consistent savings habit while ensuring your financial security and progress towards your desired life. This simple habit fosters financial stability and empowers you to build a stronger foundation for your future. It feels great, too.
4. Cancel subscriptions and memberships
In recent years, subscriptions have become very popular. Individually, each may not seem like much, but over time, they can add up, particularly if you’re not using them. Review subscriptions and memberships regularly and cancel any you no longer use or need. This includes streaming services, gym memberships, online subscriptions or any other recurring expenses that may be draining your finances unnecessarily.
5. No Spend Days
No Spend Days are massive money-savers. They are great for appreciating and using what we already have, finding joy in simple pleasures like reading, hiking, or spending time with friends and family. A “no-spend” day is when you do not spend money other than on groceries or essential bills. It’s a game changer for your money and was a big part of how I saved over €27k during my no-spend year.
