Getting to the end of each month and always wondering where your money has gone? Are you working hard to earn your money but still wonder if there are ways to make it go further? For inspiration, take a look at this list of quick savings tips for 2019.
Trimming the Fat On Your Weekly Shop
One major outgoing for anyone each week and month is the amount of money they spend buying food, and doing the big ‘weekly shop’. You’ve seen those cliché television adverts where people make the switch to a different supermarket and save a bit of money for themselves each month by avoiding branded items, so why not try out the idea for yourself? Before you know it, you can accrue a decent amount of money that could be saved away or put towards more important purchases.
If you want to challenge yourself to save even further, you could even consider visiting multiple different shops and planning what to buy where. There are always items on offer in certain stores, and many even offer coupons, or incentives when you spend over a certain amount. Be vigilant with your shopping habits!
Have adequate savings stored away and want to put it to work on generating you further income? Pouring some of your capital into an investment can be a lucrative way of exponentially growing your savings for the future. Investing in stocks and shares is simpler than ever with smartphone apps and computer programmes, and if unsure of where to start then there are even apps and guides to help get you started.
For those with a bit more capital to put down, investing in property is a great, tactile asset class that can generate a healthy secondary income through regular rental yield payments. RW Invest are one of the many property investment companies offering a wide range of properties and apartments across North West cities, a perfect, manageable asset class for both the inexperienced and experienced investor alike.
Teaching Your Children to Save
If you have children, then what better way is there to prepare for the future than to pour some of your financial and world knowledge into them from a young age? Teaching your children the value of money from a young age should not only make them grateful for what you do for them and encourage to help out, but it should also give them a sound knowledgebase as they start earning money for themselves. Remember: These sorts of lessons aren’t necessarily taught in school, and children will often lead by the example that you set them!
Building a Buffer Fund
There’s nothing worse than having to fork out for an emergency expenditure, such as a car breakdown or house problem, and being left with little to no money to try and scrape your way through till the end of the month. Luckily, these problems usually happen few and far between, but that doesn’t mean that you shouldn’t still prepare for them. Allocating a certain amount of money each month to a separate account of savings pot will not only give you a financial cushion should something unexpected occur, but it will also give you peace of mind and remove the guilt you might feel when buying things that aren’t the bare necessities.