8 easy ways to save money

No matter where you are on your financial journey, it’s always wise to be sensible with your money and save on costs where possible. This blog explores 8 ways in which you can save money without having to make any major changes to your way of life.

1 Turn off the TV

Over the last few months, many of us have been spending extra time in front of the TV, due to lockdown. Whether you’ve been watching the news, movies or reality TV, the increase in viewing time can be entirely excused.

With lockdown easing around the world it’s time to jump off the sofa and turn off the TV. There are a lot of benefits associated with lowering your TV viewing time.

Firstly, you will spend less time watching adverts! Whilst it can often be difficult to see the extent to which adverts affect our spending, constant exposure to adverts which are psychologically designed to make us spend will inevitably cause us to spend more. You will also save money on the electricity used to power your TV.

You can also save money by reviewing or cancelling your subscription. You may well be paying over the odds for your subscription. Shop around, utilise cheaper contracts and save money!

2 Master the 15-day rule

If you want to achieve financial freedom, you will need to master financial control. Having your smartphone in your pocket means you can go shopping whenever you like. For many people, this is dangerous and leads to impulse spending.

If you really want something, you will still want it after 15 or even 30 days. If you don’t want it after 15 days, great, you’ve saved money! If you do, then you’ve proven it’s not an impulse purchase.

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3 Buy a reusable water bottle

Most people are lucky to have free water at the office and at home from the cooler or tap. Drinking water is a fantastic way to save money. It’s also far better for you than drinking soda or sugary fruit juices. Buy using a reusable water bottle, you’re saving money and helping the environment.

4 Stop smoking!

If you’re a smoker, you will be well aware of the costs, in many countries a pack of 20 cigarettes costs more than $15 USD. This can easily tally up to $100 USD per month.

However, this is not the only cost of smoking. Smoking is proven to harm your health and lead to cause cancer and other life-threatening diseases. Contraction of any of these diseases can cause major financial problems for you and your family with treatment costs and potential loss of income.

5 Buy quality

The phrase ‘you get what you pay for’, holds a lot of weight. If you can afford to do so, it always pays to invest in quality clothing, appliances and machinery. This doesn’t mean you shouldn’t seek out bargains, but if you’re purchasing a product which you are intending to own for many years, it pays to invest in quality.

Do your research, ensure you have a guarantee, see if you can get a discount. An hour’s research on Google can save you hundreds or thousands of dollars on certain products.

Finally, if you are buying a product which requires fuel or electricity, seek out fuel efficiency, this will save you money!

6 Go through the books

We’ve all been guilty of forgetting to cancel a subscription we no longer use. Have a look at your direct debits and examine your bank statement on your online banking and see if you’re still paying for something you no longer use.

You may also hold a membership for something you don’t use as much as you used to. There’s nothing to lose by asking for a better rate from the provider. Play a little bit of brinkmanship and threaten to cancel your subscription. You’ll be surprised at how often companies will offer you a better deal!

7 Volunteer at the weekends

If you’re looking to save money, weekends can be a difficult obstacle. When you’re at work, spending little to no money is quite straight forward. However, on the weekends, it can be difficult to entertain yourself without spending money.

Volunteering is a great way to fill your weekend with an activity you enjoy, without spending money. Perhaps coaching a football team, helping at a dog rescue centre or doing a beach clean. It’s a great way to save money, meet new people and do good.

Volunteering in the UAE

8 Remind yourself of your debt

If you’re in debt, it’s likely your number one priority should be clearing that debt. It’s often unwise to look to start building your wealth before you clear your liabilities.

Build discipline by reminding yourself about your debt on a regular basis in a constructive manner. Try adding a sticker to your debit card, this will remind you of your debt every time you try to use it, it might just make you reconsider a purchase.

About us

deVere Insights is a proud component of the deVere Group. Our company has always prided itself on leading the way in the sphere of wealth management. This website is in place to share information and expertise.

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