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How Can I Save More This Year?

Personal_Finance / Savings Accounts Feb 02, 2022 - 08:10 PM GMT

By: Submissions

Personal_Finance Finding ways to spend less, and save more, could be a resolution that you have set yourself this year. Alternatively, you may simply want to make it easier for yourself to make tax payments, or pay other bills when they are due. Parents may also want to teach their children about good money habits, especially in a society filled with the ability to make convenient purchases. Adopting some better money choices could really benefit you and your family, and set everyone up for more stability in the future.

To teach your children about saving money, you might want to consider opening a tax efficient ISA for your child. Unlike some savings accounts, an ISA might not count for tax purposes, meaning you can save right up to the maximum amount without having to pay fees on the money, or the interest it gains.

Your child may be fascinated to see how their balance changes from each deposit you, or they, make and be genuinely excited by the free money, or interest, that is automatically added. Their positivity could help you to make, and stick to, your own savings goals as well. After all, it may be quite difficult to instruct your child on the benefits of having savings if your own pot is constantly depleted.

You may also want to consider where your money goes each month, to see if you are wasting your funds on unnecessary services or payments. Approximately £2 billion is spent on subscription services in the UK each year. Your money may very well be part of that figure. It can be a good idea to go through each subscription you have to see how often you use it. You may find that you certainly aren’t getting your money’s worth. Cancelling unused subscriptions or, if possible, reducing their frequency can allow you to put a bit more money into your savings account.

When it comes to your bills and even insurance, you may also be able to lower the cost, enabling you to save more money. Once your renewal comes up, or your existing contract ends, you may want to shop around a bit before locking yourself into a set deal. You could do this by calling companies, undertaking quotes online, or even through the use of price comparison websites which can do a lot of the legwork for you. When you have received a price that is better than your initial provider gave, you may want to switch. Alternatively, you could also inform your current provider of the better offer, as sometimes they may match that amount. Any savings made here could then be transferred into your savings account.

Saving money doesn’t necessarily mean you need a larger income. Sometimes, it can involve looking at your current spending habits and adjusting them based on usage and the deals that are available to you. Teaching your children how to save can also help to break the cycle of poor money management within your family.

By Emily Taylor

© 2022 Copyright Emily Taylor - All Rights Reserved

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

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