How to Save Money Fast

How to Save Money Fast

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Whether you need to cut back, or want to save up for something, you need to know how to save money, fast. There are a few ways you can do this, which I’ll outline below. 

Cut Back on Bills 

This one will require setting aside some time to focus. There are lots of things you can cut back on, including insurance, broadband, mobile phone bills etc. (providing you’re outside of your contract period). Don’t let your bills auto-renew. Make a note to renew and get the cheapest price you can. For utilities, I highly recommend Look After My Bills. They take over the hard work of searching for the best deal for you, and automatically switch you when you’re due for renewal. This means you never pay over the odds for your gas and electricity. Read more about Look After My Bills in this post here.

For many people, one of the most significant drains on their monthly incomes is vehicle expenses. Some people might be proud to say they don’t finance their cars, but the downside is spending so much on maintenance.

In those cases, it makes sense to consider “nearly new” used cars for sale as they won’t have so many age-related wear expenses that need covering. What’s more, they will be cheaper to run due to having newer, more efficient engine technology.

Sell Some Stuff

This is one of my favourite things to do! There’s something really satisfying about listing something, getting interest, then receiving payment for something you no longer want or need. It’s empowering, actually, and makes you feel quite entrepreneurial.  If you’ve not tried reselling some of your old stuff (one person’s junk is another one’s treasure), or haven’t done anything for a while, have a sort out. We recently went through our toy box and found some old toys to list. Branded stuff will always fetch a good price. Not only are you recycling, you’re also getting some money back. 

Start a Savings Challenge

Budget planner printables

Another popular way of saving fast is to use a savings challenge. You can do this in an app like with Starling Bank, or you could use physical paper and pen, filling in a chart as you go.  I’ve created a savings tracker, which you can download together with other budget tools when you purchase the Financial Planner Bundle.  

Use Plum

Plum is a really great tool to help you set aside money, fast. You connect it to your bank account, and using a clever algorithm based on your income and expenditure, it works out what you can afford. Then, it puts money aside in your Plum primary pocket. The really great thing about this is that Plum sets your money aside little by little, without you even noticing.  While you’ll receive regular updates on your bank balance and how much Plum has calculated to set aside for you, eventually it becomes something that happens in the background. Before you know it, you’ll have accumulated a nice little pot thanks to Plum. What’s more, it’s instantly accessible and can be withdrawn to your bank account within 5 minutes.  For full information on using Plum, see the post How to Get Started Saving and Investing with Plum.

 

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