Tuesday, May 21, 2024

5 tips to make your money go further each month

Successful money management has to be one of the most beneficial and desirable skills that anyone can acquire. The way we handle money can have a significant impact on the way we live our lives.

At the moment, 61% of millennials cannot afford to buy a house and many young people are in a completely different financial situation compared to where their parents were at the same age. This means that it is more important than ever for young people to learn how to properly manage their money in order to make it go further. Saving money is a completely different process today and putting pennies in a piggybank isn’t going to make the difference that’s needed to get on top of your finances.

Regardless of what you personally need to have money for – be it to build your life or afford a few luxuries – there are certainly some things you can do to make your income go further each month. Here are some of our top tips for those who no longer want to put off saving money:

  1. Embrace cashback benefits

Something that few people tend to consider when it comes to becoming better at managing their money is using the power of cashback. Cashback refers to getting money back on the things you spend money on and typically applies to things such as utility bills and council tax (among many others). Some banks offer varying deals and benefits when it comes to cashback, so be sure to check the best cashback solutions for you and your needs.

  1. Switch your energy supplier

While many people avoid this due to the perceived trouble and time associated with the process, switching your energy supplier can in fact be one of the best ways of saving a little extra cash each month. Take advantage of the many free comparison websites that exist to regularly check to see whether you are on the right tariff and really getting the most for your money. Sometimes, you will even be able to negotiate a better deal with your current supplier once you see an alternative quote online by another. Your current energy supplier will want to keep you on and most likely will be willing to try to meet or exceed what their competitors are offering.

  1. Seek out the best rates for you

As well as looking into alternatives for your energy supplier, you can also be saving a great deal of money by exploring alternative places to put your hard earned cash in terms of savings accounts. Every bank will be able to offer you something different based on your specific needs, so do not be afraid to shop around and find the best savings account rate for you.

  1. Work out a budget

One of the easiest initial steps to take towards making your money go further each month is through establishing a household budget. By calculating how much money you have coming in to your bank each month and looking at your outgoings closely, you should be able to better establish where you can make savings and put money aside.

  1. Live within your means

Finally – and perhaps most importantly – in order to save money you need to be aware of what it means to live within your means. This means spending your money in a wise and mindful way and limiting frivolous spending in a bid to avoid spending money that you want to save or may someday need for an emergency.

Elliot Preece
Elliot Preece
Elliot is the Editor at ABCMoney. He manages a team that writes and contributes to many leading publications across a number of industries.

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