FROM sorting your direct debits to preventing impulse buying – your bank balance will be thankful for these handy hacks.
January is a notoriously difficult month for our finances – especially after we’ve used up all our funds on festive fun.
In the new year, many set themselves targets to help themselves overcome debt.
This is often easier said than done as many still worry about cash.
Thankfully, the Daily Star Online caught up with finance experts to hear about some simple ways to save money. Here are their top five tips:
1. Check direct debits
Taking a look at your direct debits should be the first thing you do if you’re trying to save money, reveals finance director Helen Page.
It’s easy to forget about the money that automatically leaves your account every month.
Be sure to check that every standing order you make is completely necessary.
If you’re paying over the odds for a gym membership you never use, it could be time to ditch it.
It’s not just these extras you need to think about, as you could also make a fortune by switching out some of your services.
Changing your internet, TV or energy provider are ways to save hundreds in minutes.
2. Double budget
Money saving experts at B, a personal finances app, explained the reason why budgeting doesn’t always work.
You are not necessarily thinking through your spending by setting one broad goal.
After outlining how much you want to splash out every month, it’s advisable to get into more detail about where you’re going to allocate your cash.
Double-budgeting helps you stay on track as you know how much you’re forking out in each area.
For example, if you set-aside wonga for travel every month, think about how much of this you’ll allow for taxis or Uber.
3. Ditch contactless
It can be easy to lose track of how much you’re spending when you’re using contactless.
Finance expert Helen Page said: “It can feel like card payments aren’t real money.”
For those on a very tight budget, getting out the amount of cash you can spend per day will instantly show you what you’ve got to play with.
If this is a bit too extreme for you, cut back on contactless and manually put in your pin number.
This extra time at the till should help your mind process the amount you’re paying out.
4. Don’t impulse buy
Psychologist Dr Linda Papadopoulos believes that we are driven to overspending because of our emotions.
She explained: “We live in such a materialistic world where more feels like better.
“The relationship between the way we think about and manage our finances and our mental health is actually circular and can therefore lead to a vicious cycle.”
It’s easy to use shopping as a quick pick-me-up when you feel down.
You can avoid this by problem by talking about your money worries instead of bottling them up.
Finding another stress-relieving outlet can also prevent you from impulse buying.
5. Make simple cut-backs when you can
Lifestyle blogger Kristabel Plummer manages to live an Instagram-worthy lifestyle on a budget.
The social media influencer, who also forks out a fortune on London rent prices every month, believes that the key to success is making small cost-cutting measures here and there.
Batch cooking and avoiding spending on convenience food is a simple way to cut your monthly spend.
And you don’t always need to feel like you’re missing out, the Insta star revealed.
There are plenty of free classes, activities and restaurant vouchers that allow you to have fun and be active without breaking the bank.