Are You Financially Savvy?
Would you say you’re financially secure? Are you able to afford the important things in life like buying a new home, a new car or maybe even enrolling in university? If not, then now’s the time to start making a few changes. Most people struggle with money at some point in their lives. If you want to become financially savvy then the first thing you need to do is learn how to save. It may be easier than you think to take control and start saving for those important milestones in your life.
Opening up a savings account
If you don’t already have one, the first thing you need to do is open up a savings account. There are different types of savings accounts on offer so it’s important to compare your options. The main thing you need to think about is this: when would you like to access your account? Some savings accounts are designed so that you can’t withdraw any money from them for a set time period. These can be great for long term savings goals. However, if you’re saving up for a driving test or to go on holiday, you’ll want an account that lets you access your money whenever you need it.
Don’t forget to compare interest rates and double check that you meet the criteria before applying.
Cutting back to save money
Having a savings account is one thing, but having something to put in it is another. If you find money is pretty tight each month, there are ways you can cut back. You can make small changes in practically every area of your life to save money. MoneySavingExpert is one of the best online resources for money saving tips. It’s frequently updated and can provide advice on anything you’re struggling with.
Just some of the ways you can save money include:
- Comparing utility and insurance services
- Stopping your gym membership
- Cooking at home
- Being a savvy shopper
Comparing utility and insurance providers to ensure you’re getting the best deals could save you a small fortune. It’s easier than ever before to make a switch to a different supplier. Compare your options today to see how much you could be saving on everything from your auto insurance to your utility bills.
Do you have a gym membership that you don’t make use of? Stop the membership and start doing free exercise. Go for a walk or a run or maybe even spend a little money on exercises DVDs. This will all help you to cut back on your fitness.
Cooking at home is another simple tip to follow. If you eat out a lot or order a lot of takeaways, it quickly drains your money. Cooking from scratch is cheaper and a lot better for your health too.
Finally, become a savvy shopper. This means shopping around for bargains and stopping impulse buying. Ask yourself if you really need the item you’re thinking of buying and how frequently you’ll actually use it. These simple tips can help you to save hundreds of pounds each year that you could be putting towards something that matters.