How to Save Money Fast
If you’re anything like me then you’re probably perpetually broke. I do like to spend my money, and fast. But, I also save what I can in order to treat myself to big things, like holidays or a larger purchase.
These are my top tips on how to save money fast.
Use Monzo to budget
Whether you’re trying to save for a particular reason, i.e. to save for a mortgage or a holiday, I would recommend Monzo. Monzo is a bank that allows you to measure your spending in real-time. You can also create lists to see where your money is going each month, and separate pots for savings and more. It’s fun to use, reliable and measurable. Great for getting to understand your budget.
Put a certain amount away per month without fail
This is my top trick, as it’s so easy. Set up a standing order to take out a certain amount of money from your weekly or monthly cheque into a separate account. The amount depends on what you can afford, or what you need to save. For me, I regularly put £250 into savings each month, but sometimes I adjust that to just £100 a month or sometimes more.
You won’t notice the money disappear after a month or two and then you can just forget about it until you need it. Trust me, when I say it’s a great feeling to look at your savings account after a few months of doing this and seeing a healthy amount of savings just sitting there.
Cancel subscriptions that you don’t use
A lot of us subscribe to services such as Netflix, Amazon Prime, Audible etc. But how many of them do you actually use on a daily or weekly basis? If you’re not using them, unsubscribe to them. You can always re-subscribe if they become relevant to you in the future.
Wherever possible, at the beginning of the month – or whenever you get paid – take out some ‘spending’ cash. This is the allocated amount you can spend this month. Trust me when I say you’ll be less likely to spend it when you can see it going down. It’s a trick of the mind to help you to slow your spending down.
Cancel cards and overdrafts where possible
You should only have one money card in your wallet: a debit card. Potentially a savings card as well, but I tend to leave this in a secure spot at home unless I know I’ll need it. That way I’m not tempted to spend it. If you have credit cards or multiple bank accounts it is highly likely you are over-spending. This is a habit to get out of immediately.
At the same time, you also need to pay off your overdrafts. It’s very common to dip into these heavily – especially when moving, paying off a large purchase or simply living in an expensive city. But the quicker you pay them off, the lower the interest and the easier it is to save as you’re not spending your monthly pay cheque on paying off a large portion of debt each month.
Avoid sales and shopping sprees
When I first came out of lockdown and went into town I was shocked by the amount of sales going on. Of course stores had to clear their March stock to get new stock in. However, I knew I didn’t have the money to spend so instead of going into shops to ‘browse’ and ‘grab a bargain’, I just didn’t go in. I didn’t need anything, so what was the point?
And when you’re saving this is the worst time to shop, as you think you’re grabbing a bargain but you’re probably buying things you don’t need just because they’re cheap. You’re still spending money you wouldn’t have if it had been full-price.
Sell items that you don’t need: clothes, books, films etc
If you need cash immediately then get selling. From eBay, Ziffit, Gumtree and more there are plenty of services that will take second hand goods for cash. Granted it’s likely to be small, but it’s still more money than you had before.
Cook at home/batch cook
And last but not least, we all need to buy food but it takes up a large portion of out monthly budgets. In order to save, and quickly, think about the food you’re buying and think about batch cooking in order to make it go as far as possible in order to save a little bit extra.
But there we go. Those are my top tips for saving money fast. You can do this. Not to quote Tesco’s, but every little helps. Cut corners here and there and you’ll save more than you thought possible and faster than you expected.