Money saving tips can therefore help many people on the road to making significant savings which could change the way they currently live. While most find this endeavour difficult, it is clear that through just a few simple changes in mindset and habits, a large difference can be made. The first step is knowing where to begin, but thankfully, several people who have been in a similar situation have shared their tips.
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When asked about life-changing money saving advice, many users took to Reddit to relay their experiences, alongside their unique tips.
One wrote: “A lot of people do not realise that in most grocery stories, in small words underneath the price, it will tell you the cost per unit of weight.
“This makes it much easier to be able to compare related products of different sizes or brands.”
Another revealed the multiple spending habits they were able to kick in the quest to save.
They said: “Don’t spend. That daily £5 sandwich becomes £140 over the course of the month. Add in a soda and a bag of crisps for a £7.50 meal, and it’s £210 you’ll never see again.
“The ‘just £5’ or ‘it’s only £10’ is the trap that causes you to spend money. Make a budget and stick with it. Any extra immediately goes into a savings account.
“If you’re touching that savings account more than once or twice a year, you either have an emergency or you’re doing it wrong.
“Buy cheap things. You don’t need a £6 stick of deodorant when the £2 stick works fine. Pay for everything in cash because swiping a card feels like nothing.
“Using these methods, over time, I’ve never, not once, had to worry about money. Track your spending, and while it hurts to do that – that’s the point!”
And another saver agreed with the concept of budgeting.
When they switched to a “to-the-penny” budget, they were able to have enough money to pay all bills, alongside an extra emergency fund of £1,200 to £2,000.
For another user, their money saving habits were easily condensed down into five key steps.
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They wrote: “Don’t spend money because you are bored. Save money if you don’t need it now. Don’t be afraid to spend money when it affects your quality of life.
“Become as self-reliant as possible. If you spend more for someone else to do things for you – for example to make you a coffee – have it be because it makes your life easier or gives you an experience you enjoy.
“Finally, worry about making more money next year, instead of micro-budgeting and cutting things that make you happy.”
Several other tips were revealed by happy savers who managed to slash their spending.
These included eradicating debt as quickly as possible, by directing all ‘extra’ money towards meeting a goal, as well as planning ahead for larger purchases.
By buying in bulk, one saver stated they were able to save hundreds on non-perishable items to significantly cut costs.
It is clear various methods can be adopted to save, however, some suit particular people better than others.
The Money Advice Service recommends a budget planner or a savings calculator which can be specifically targeted to individual circumstances.
These tools can assist Britons in taking small yet purposeful steps towards meeting their goals.
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