If you want to make 2022 the year of saving then cutting down on your existing spending is the way to do it. Whilst it may sound easy, cutting back can be hard and sometimes feel like an overwhelming task. We’ve put together a list of things you can look at and cut down or back on if you want to watch your savings account grow. Read on to find out how to adjust your budget to make smart savings.
Check Your Insurance Policies
Home, health, life – all insurance policies that you need. However, you could be overspending by hundreds of dollars each year. Shop around on price comparison websites, for example, look for the cheapest car insurance you can find that gives you safety and the necessary cover without blowing the budget. If you’re not locked into a long contract, it’s easy to make the switch for each type of insurance you need. Who knows, maybe with all that money you save you might be able to buy a new car to insure!
Plan Your Meals
Wandering around the grocery store without a plan can be one of the easiest ways to overspend. Before you head out to the shops sit down and plan your meals for each day. Try and organize what you’re eating by incorporating produce that can be used across more than one meal and then buy that product in bulk. For example, if you can get a large fillet of fish and then use it for three dinners that week, you’ll be spending less than buying three separate proteins for each evening. If you can cook a large one-pot meal such as Bolognese or a casserole you can freeze the leftovers for those weeks that you need to put extra cash in your savings pot, leaving money a little tight.
Switch Up Your Bills
Like your insurance, you can search online for more budget-friendly gas and electricity providers that can help reduce your unnecessary outgoings. Find a company that doesn’t sign you up for a long contract and you can switch your providers regularly with little effort. Often companies have new joiner offers that you can take advantage of. Keep an eye out for deals and move around as you see fit.
Use Cash And Cash Only
Swiping your card is simple, which means it is easy to lose track of spending. Each payday take out your budgeted allowance in cash from an ATM and use that for all of your expenses that aren’t paid out from your bank account. Food, gas, whatever it is you need use that cash, and when it runs out. It will teach you how to stick to your budget and you won’t have to live in dread of checking your bank accounts each week. This is a particularly useful method if you tend to become the most generous person in the bar on a night out.
How do you switch up your budget to make maximum savings? Share your tips in the comments to help other readers!