In the current economic climate, there’s a good chance that getting to grips with your finances features high on your list of priorities. But aside from working longer hours or taking out a costly credit card, what other ways are there to keep a tighter grip on the purse strings?
Whilst none of this advice is revolutionary, it might just encourage you to keep a closer eye on your cash. Here’s our list of how to save money in 2013:
Check your salary
Before you know how much money you can start saving, always consider your current income. And, if you are currently in employment, it’s vital that you know your worth.
Think about the last time you had a raise was or the last time your salary changed. If you’ve been at a company for a long period of time, there’s a possibility this may have been overlooked. And, as the average salary for someone in your position changes, it’s important to make sure you haven’t been left behind.
Use our average salary checker to find out the average pay rate for your job title and location. Think about what you’ve accomplished since being with the company, and if you’ve expanded your workload since starting in the role.
Can you justify to your employer why they should invest more of their budget in you?
If the answer to this question is yes, it may be time to ask for a pay rise.
Check average salaries for your role
Keep a diary
Being aware of your outgoings is a key part of getting your finances in order. One of the easiest ways to do this is to keep a spending diary. Aside from your rent, mortgage payments and other bills, it’s a great way to highlight where else your money is going.
For maximum impact, be sure to note down every transaction, no matter how small. At the end of the week/month, group everything together and come up with a total for every expense. You’ll quickly see where you need to cut back.
For example, spending a few pounds on breakfast every morning may not seem like much, but over the course of a month, it really adds up.
Make your own
This one is a classic. Once you’ve compiled your spending diary, and you’ve identified where you need to cut back, it’s time to start being practical. And where better to start than a bit of Do-it-yourself?
Feel like you won’t function properly without that first coffee in the morning? Invest in a flask and you’ll never be deprived of your morning pick-me-up again.
Spending too much on lunch every week? Make yourself a sandwich every day. We admit, it’s not radical or exciting, but you’ll be surprised how much you save if you stick to it.
But remember: Your DIY shouldn’t apply to everything. Clothes, shoes and medicine should always be left to professionals.
Use technology
If you’re too busy (insert lazy where appropriate) to keep track of your outgoings, don’t panic. Luckily, there’s a whole raft of useful technological innovations, all designed to do the hard work for you.
Aside from the savings to be made from online shopping, there are also a wide range of price comparison sites, covering almost every product and service imaginable. They’re a great way to see if you’re paying over the odds for things, and make sure you get the most for your money.
And if you live on your tablet or Smartphone, there’s a great selection of apps to help you cut costs on everything from pricy restaurants to parking your car. Most supermarkets now have apps which allow you to do your weekly shopping online and have it delivered to your door, particularly useful if you’re a bit of an impulse buyer.
Sell, sell, sell
OK, so some people aren’t great at getting themselves organised. Try as they might, every month they live on the edge of their overdraft, and saving simply becomes something to ‘start again next month’. If you’re struggling to save money and cover your costs, it may be time to consider having a clear out.
Selling your unwanted gifts, dated DVDs or even old mobile phones can all help boost the coffers and get the ball rolling. You’ll be surprised at what people will pay good money for. Check online auction sites for a price guideline and get started.
Whoever said you can’t get money for old rope?
Once you’ve gotten into a routine, you’ll be surprised how easy it is to keep to these tips. And, once you’ve started saving, it will quickly begin adding up.
If you’re not currently in employment, you were ineligible for a pay rise or you’re simply looking for a change, you can then start thinking about that new job…
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