6 Easy Ways To Make Your Money Go Further
The easiest way to make your money go further is to cut your spending and save.
Here’s what you can do exactly:
1. Earn money on your savings
Did you know you can earn good interest on your rainy fund savings while still having instant access to it?
I used to think that a good interest on savings can only be earned when you lock your money away for a certain period.
I was wrong.
In the UK, you can earn an average of 2.5% of interest on your rainy fund savings and still access it any time if you just put your money into a high-yield savings account 🤯
At Leeds Building Society, you can open a Regular Saver Account and earn up to 3.2% on your savings every year.
Good interest is a good enough incentive to save for the longer term by using a savings account that provides interest. Set aside an amount from your income each month to add to your savings. Make sure you deposit this or, alternatively, set up a standing order so you’re not tempted to spend it on luxuries.
For years, I had my money in my standard savings account earning 0.4% per year on my savings. I just didn’t know I could make my money work harder.
That mistake cost me about £700 of free cash over a few years – the money I could have potentially earned by doing absolutely nothing (well, except putting my savings into a different savings account, which takes about 5 min)
2. Cut or pause underused subscriptions
Look through your bank statements for subscriptions and try to cut the ones you don’t use enough.
This can be a fitness membership, streaming service, or anything else.
Check that you can cancel without breaking the contract. If you’re still locked into a contract, set a reminder for when you can cancel.
Cutting these can save you a lot over the course of a year, but often if you ask to cancel, you’ll be offered a discount, so it might be good to check even on regularly used services.
3. Use comparison sites to reduce your utility bills
As with your subscriptions, things like utilities and insurance can start to get expensive if you let contracts roll on without changing providers.
Use comparison sites to quickly see if you could get a better deal elsewhere.
4. Batch-cook meals in advance
Meal-planning and batch-cooking are two of the best ways to save money on food.
This way, you always have something nutritious and delicious on hand, and you’re less likely to buy expensive readymade store food.
Try to plan your weekly meals and do your weekly shopping in one go. This will help you spend less as you will only buy things you need (not things you crave), which reduces your monthly grocery spending.
5. Make second-hand your first choice
Need a new winter coat? Set up an alert for your favourite brand, size, and budget on eBay and wait for the right coat to appear in your inbox in a matter of a few days.
I rarely buy new any more. Be it furniture, clothes, books, or anything else.
Vintage clothes are in vogue! Websites like Depop.com, Vestaire Collective, eBay etc are a godsend for finding authentic, low-priced, beautifully crafted, and ethically made designer clothing that last.
6. Make the most of your tax allowances
There are several different tax allowances that you might be entitled to claim, yet don’t know about.
Take the marriage allowance, which is a tax perk worth up to £252 this year. You can claim it if you’re married or in a civil partnership and one of you is a basic rate taxpayer and the other doesn’t pay tax.
Did you know you can go back up to 4 years, so you could claim around £1,000 in all.