After pay day arrives and monthly essentials have been paid for, many struggle to find pennies to put aside for the future. Thankfully, SimplyFinance offers a network of money experts who can tailor their guidance to suit you. The key to saving money is to work out where your money goes, and whether these expenses are in fact ‘essential.’ Here are top 10 habits to quit to help save you money, which you can put towards life insurance, a pension or even just a nice pair of shoes.
1. Limit your party habits. Do you regularly wake up after a night out with a stack of receipts? Work out a budget, then only take the exact cash out with you.
2. Quit smoking. Not only will you be improving your financial situation, but your health.
Number 3. Cut back on your morning coffee. 3 on coffee every day adds up to over 700 a year. Invest in a flask and bring in your own from home.
4. Beauty DIY. Manicures, haircuts, etc, can prove costly. Look into the services you could do yourself at home. A mobile hairdresser is an option, as they tend to be cheaper than professional salons.
Number 5. Avoid cabs. If you’re going out with a group of friends, assign driving duties to a friend and swerve the expensive costs of catching a cab home.
6. Homemade lunches. Start making time to make a packed lunch. It may seem tedious but it can save you over 1,000 a year.
Number 7. Avoid expensive gym memberships. Opt for the outdoors – it’s not only free but the fresh air will do you good! In winter, look to buy second hand gym equipment and exercise from home.
8. Organise your food shops. Avoid regularly popping to expensive local shops – weekly supermarket shops will help keep costs down.
9. Rethink your TV package. Do you watch all the channels you pay for? A better option for you could be terrestrial TV and film rentals.
10. SimplyFinance also recommends asking yourself ‘do I really need this?’ the next time you go to buy something. More often than not, you’ll be able to admit that you don’t.
Jenny Bailey is a finance writer who regularly turns to SimplyFinance when she has money queries. For more information, visit simplyfinance.co.uk
Tags: life insurance, SimplyFinance