There’s no shame at all in needing to manage your money better. No matter what your personal financial circumstances might be, putting away a little extra in savings each month is beneficial for you; it’ll help you in later life, and it could even ensure that you can afford those nice little treats more often! Of course, good financial management is one thing to think about and quite another to implement. Here are ten tips to help you manage your money.

Cut Back on Outings

If you’re someone who regularly goes out – whether that be to the cinema, to concerts, or even to coffee shops – it might be time to start cutting back on those trips. The costs can really add up; according to Betway, going to see shows by artists like Drake, Ed Sheeran, and BTS “can prove to be costly”, with ticket prices reaching upwards of £150 and resale tickets costing eye-watering amounts. Consider scaling back your gigs and other outings, and you’ll save money.

Create a Budget

If you haven’t already, then it’s a good idea to sit down and create a comprehensive budget. This will help you get a better handle on your finances and understand where you might need to make some cutbacks. It’s not easy to do so; you might need to wave goodbye to some expenses you really don’t want to lose.

Even still, a budget is really going to help you figure out how to optimize your finances, so it’s always worth creating one. When creating your budget, it is a good idea to consider the amount you can save each month. Do you want to leave cash on the side at home or open a savings account – it’s up to you. You can do a little research and see how much money do you need to open a checking account, for example, as different banks have different fees, but you can easily find a bank that offers to open this account for free and start your savings journey. 

Walk More

You might be surprised by just how many of your regular destinations are within walking distance (assuming that you’re physically able, of course). Why not consider walking to work if you can? Not only will this cut back on costs significantly, but you’ll also boost your physical and mental health into the bargain, so it’s a real win-win situation. If you’re not a fan of walking, then you might also want to consider cycling, as this can have similar benefits and is much less costly than driving.

Sell Your Stuff

Many people have stuff lying around in their homes that they’re not going to use anymore. If you know that this describes you, then it might be time to think about saying goodbye to some of the things you’ve got stored up in the loft or in your cupboards. Be harsh with yourself when it comes to judging whether or not you’re ever going to use that stuff again because some of the things you have could actually be worth quite a lot of money.

Change Your Habits

Habits like drinking alcohol or smoking cigarettes can run you a huge amount in the long term, so if you want to save money, then it’s a good idea to ditch habits like that. Quitting smoking can, of course, be extremely difficult, especially if you’re already struggling with stress elsewhere in your life, so don’t be afraid to turn to friends and family for help with this if you need to. With a little dedication and determination, you should be able to make some positive changes both for your life and for your wallet.

Shop Own-brand

Supermarket brands are often much cheaper than their name-brand alternatives, so it’s definitely a good idea to search for own-brand bargains (which are often more plentiful than name-brand bargains!) when you’re out shopping.

Looking for bargains in supermarkets can save you a lot of money, especially if you take advantage of deals and look for “basics” brands (which are often nowhere near as low-quality as people would have you believe). Be a savvy shopper!

Cancel Your Services

If you’ve got extraneous services that you’re no longer using – subscriptions you’re signed up to, for example – then it’s time to let them go. That gym membership you’ve been telling yourself you’re going to use? Ditch it – the honesty might be painful at first, but you’ll save a lot of money, and you can always create an exercise routine for yourself at home if you need to. Comb your bank account carefully and try to figure out if there are ways you could be cutting back on services.

Cook More at Home

Creating home-cooked meals is a healthy, joyful, and satisfying way to save money. Ingredients will almost always cost you less than pre-packaged meals; while a ready-meal curry from a supermarket can cost upwards of £3-£4 per portion, making the same curry with your own ingredients will cost you much less and will also likely make more portions, so it’s worth it. Cooking more meals also boosts your mental health and is often better for you than eating pre-packaged food!

Pick up a Side Hustle

If you find yourself with a lot of spare time on your hands outside your regular job, then you might want to consider picking up a side hustle to earn a little extra income. This could be as simple as just teaching English to non-native speakers; there’s a lot of demand for this particular skill, and if you’re a competent teacher, you’ve already got everything you need to offer that service online. Other options include freelance writing or web design. You can even take a delivery driver job. Simply search for terms like “driving jobs Australia” or “delivery driver jobs near me” on the internet, and it should provide you with options.

Optimize Your Travel

You don’t necessarily have to wave goodbye to travel if you’re trying to save money, but you will have to make some changes. These include switching up your method of travel (going by ferry is usually cheaper than air travel, for instance, and often better for the environment as well), traveling during the off-season, and visiting more out-of-the-way attractions. There are always methods for making your travel just a little more cost-effective, so consider them if you really must get away this year.