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Savvy money saving tips

Savvy money saving tips

We asked you on social media for your savvy money saving tips when it comes to looking after your money and you didn't disappoint. From piggy banks and standing orders to low spend challenges and financial tracking, here are your simple solutions for making sure you've got a bit tucked away for a rainy day.

Set a regular standing order

It might seem obvious, but putting a little money away every now and then is a great way to manage your finances more carefully. Just after payday is the ideal time to stash some cash, whether it's for a holiday, spa break or just a rainy day.

Big annual costs

No matter how many times you've paid them, annual costs like car insurance and Christmas still manage to creep up on you. Finding a chunk of money in one go can be tricky - especially as those bills always seem to come at the same time - so stay one step ahead and put a little away each month to cover the sum of your annual costs.

The piggy bank

Not content with being consigned to children's nurseries, the humble piggy bank was a popular money saving tip and we're very pleased you shared it with us. It doesn't even have to be pig-shaped; you could always use an old tin or, an empty wine bottle!

A financial tracker

Creating a spreadsheet that tracks all of your income and expenditure was one of the most popular budgeting tips we received. Not only does it force you to look at everything you're currently spending, it can also help you plan exactly how much you need to meet the cost of monthly bills and even annual expenses.

Live within your means

Setting a fixed spending allowance also came out as one of your favourite budgeting tips. You'll need a spreadsheet to check what the exact amount is, but once you have it, stick to it like glue for a healthier financial outlook.

Multiple accounts

Putting clear divides between your money is a great way to stay focused on your saving and your spending. Many of you told us you'd opened more than one bank account or savings account to keep a closer eye on your finances, making it less likely that you'll dip into a university fund or a holiday savings pot.

Michaela Jay Williams: "Put your savings into a separate bank account. You won't be as tempted to dip into it and being able to see savings adding up is great motivation."

Ask yourself three questions

If you struggle to resist temptation, changing your attitude towards budgeting could strengthen your money-saving endeavours. Taking a mini timeout the next time you find yourself caught in the throws of a spending spree can help and you could do what @V82CHRIS suggests and ask yourself these three questions:

1. Do I need it?
2. Can I afford it?
3. Do I really want it?

Low spend challenges

When you really need to tighten the purse strings, why not set yourself a challenge with a daily or weekly budget? You shared lots of great ideas with us, including a £1 a day allowance or simply cutting back on luxury purchases for a week. Yes, Prosecco probably would be a luxury item.

Leave the car at home

When was the last time you drove when you really could have walked? Over the course of a year those little spins can add up to a lot of miles, so why not leave the car keys at home and take a stroll instead? If you're feeling adventurous, you could even try cycling.

Published 19/07/2016