There are several tips on how to save money fast. Although it may seem impossible to get one month ahead on your bills, it is possible.
It takes hard work and dedication to make things worthwhile. Savings goals are no exception. It might require some sacrifices and changes and may take anything up to a year, BUT it’s an achievable financial goal that can change your life!
Whether you’re a student, parent, or just a regular person who needs to save some money, there are ways you can cut expenses and keep your bills under control. If you follow a few simple tips, you can be well on your way to saving money and getting one month’s worth of bills paid ahead of schedule.
1. How to Save Money Fast – Begin with a Budget
The first thing to do is to build a budget. Budgeting is key to getting ahead of your bills for the month. You can use a website like MoneyHelper to create a budget. The website also offers tips on how to budget for zero-hour contracts.
You can also look at your credit card statements to determine your spending habits. If you’re in debt, you can seek out debt advice or set up a standing order to gradually pay off your debt.
A budget serves one purpose: to help you keep a check on where your money goes. It’s crucial your bills are paid on time and that you reduce your spending so you can make progress towards your goals
2. How to Save Money Fast – Track Expenses and Calculate how much you need to save
If you are struggling to meet your monthly living costs, you may be able to save money quickly with a Help to Save scheme. These accounts can be opened by anyone who can make regular payments and they are available to people in the armed forces and couples who receive Universal Credit.
It should be simple to determine the exact amount that you can save if you are budgeting and keeping track.
Add up the expenses for each month and calculate an average. You have expenses that change from month to month so an average of the past few months will give you a good idea of what to aim for.
If you are in a financial position where you are worried about your future, you can get advice from Citizens Advice. They have representatives who can give you support over the phone or email. They can also offer you energy-saving advice.
There are also grants and payment plans to help you if you are struggling with your bills. Additionally, you can get help with your food bills and energy bills.
3. How to Save Money Fast – Establish a Separate Account
Another tip is to consider running a separate bank account for your savings. By keeping some of your money in a separate account, you will be less likely to spend it.
If you want to be able to save money for the subsequent months, keep it separate from your checking account, so you’re not tempted to spend it. Then for your emergency fund, you can open a savings account.
This savings account will be for your emergency spending only. And you can transfer money into it whenever you have the opportunity.
4. How to Save Money Fast – Reduce your spending
To protect your financial future, it is important to live within your means. Temporarily taking a step back to be able to pay your bills one month earlier might be the best way to go.
To save money, identify things that you can cut out on. You may be able to save hundreds by thinking of innovative ways to replace your current subscription to some services…
Such as cancelling your gym subscriptions and walking outdoors, then buying the smaller exercise tools to use at home. Magazine/ ezine subscriptions and any other subscription you’re willing to forego to achieve your savings goals faster.
You’ll be able to save money faster if you find more ways to reduce expenses. If you are able to reduce your spending even more, you’ll be able to reach your goal faster.
5. How to Save Money Fast – Take home or reuse your leftover food
One of the best ways to save money on your food bill is to reuse your leftovers. You can make use of your leftover meats, vegetables and rice by cooking them into a dish. You can also freeze your leftovers to enjoy later on.
The same goes for when eating out. If you’re unable to finish your meal, it’s OK to ask that it be packed for you – rather than them throwing it away. You paid for it anyways. 🙂
When you’re shopping, consider buying in bulk and avoiding multi-buy packs. Using coupons can help you slash your costs. You can also take a look at your fridge and pantry before going to the store. You might have things in there that you haven’t used in years. You might even be surprised by what you can find!
When you’re on the lookout for the best way to cut your food budget, you can start by doing some research. For instance, there’s a website called Love Food Hate Waste that provides recipes for using up leftovers, as well as other resources. They also have a handy Portion Calculator which works out what size portions of different foods are appropriate for your family.
6. How to Save Money Fast – Take a 30-day no-spend challenge
A 30-day no-spend challenge will help you cut down on your spending.
The no-spend challenge is a way to cut down on unnecessary spending for a whole month. This will allow you to pay your bills one month earlier.
best ways to save money by Martin Lewis: Video
This challenge will force you to reevaluate your spending, help you identify your priorities and break bad spending habits.
You will be amazed at how much money you can save by getting rid of unnecessary spending. This could change the way you view spending money for the better.
7. How to Save Money Fast – Avoid impulse buys
It’s no secret that companies want you to spend your money their way. They may even offer a discount or two for the savvy shopper who sticks to the plan. You can get your money’s worth in a month or two by making some smart financial decisions.
The best way to do this is to use the right credit card and pay off your balance in full each month. Then, you can spend your hard-earned money on other important things like vacations or a home remodel.
Also, taking the time to plan a menu based on your diet and allergies can go a long way towards saving you money. This is especially true if you eat in restaurants rather than fast food joints.
8. How to Save Money Fast – A side hustle
Although it is not easy to make more money as that will require more time and effort, it can be done. Side hustles can help you earn additional income each month to supplement your savings.
Side hustles that are flexible and low-cost to start should be considered. Side gigs should be able to leverage your existing skills and require no training.
The gig economy is here for the long term. You can either find gig opportunities through Upwork or offer your services on PeoplePerHour, or Fiverr if you have the right skills.
Deliveroo and JustEat allow you to deliver food and Taskrabbit lets you find low-skill tasks like raking leaves and assembling Ikea furniture. Rover allows you to register as a pet sitter or dog walker for free.
9. How to Save Money Fast – Reduce the amount of energy you use
The cost of energy in the UK is spiralling upwards, with annual household bills rising by a record 54% this year. The average household is now paying a staggering £2,320 a year on energy!
But what can you do to cut your bills? The first and most important step is to reduce the amount of energy you use. LED light bulbs are 90% more efficient than incandescent bulbs and using them is a simple way to save money. You can also close curtains, turn appliances off when you are not using them, and use draft excluders.
Next, switch your energy to the UK’s cheapest energy supplier. It’s ALWAYS cheaper than the government’s Energy Price Guarantee, what’s not to love?!
Another thing to do is to take advantage of the Warmer Homes Scheme. If you qualify, you’ll receive a grant of between £5,000 and £25,000 to help make your home warmer, so that you need less energy to keep it warm. And of course, pay less towards your energy cost and have more to save towards getting ahead on your bills.
10. How to Save Money Fast – Part-Time Jobs
Some people don’t mind starting a side business or freelancing. Part-time work is a great way to make more money.
Part-time work is a great way to make extra money without worrying about clients, self-employment taxes and marketing. The extra income comes with minimal overhead. Focus on your job and be an exceptional employee.
As you don’t have as many free hours, you’ll have to make sacrifices. You’ll need to evaluate whether a second job will increase your income if you are considering changing jobs.
11. How to Save Money Fast – You can save your extra paycheck
You may have to get creative to carve out an extra paycheck for yourself. Putting your extra paycheck in a savings account is a great way to go. Using a high-yield certificate of deposit or a money market account is a good place to start. This will make it easier to save for non-emergency expenses.
Another tip is to make an effort to pay your bills early. This will save you from paying late fees and overdraft charges. It also allows you to sleep well knowing that your bills are under control.
Finally, if you have the means, you can create and save your extra paycheck by setting up a formal emergency fund. It is recommended that you have three to six months’ worth of your monthly expenses in an emergency fund. This will help you weather any unforeseen financial setbacks.
Keeping your emergency fund separate from your other accounts is a good idea. This will also minimise your risk of dipping into your emergency fund for non-emergency expenses.
12. How to Save Money Fast – Save All Unexpected Income and Windfalls
You can add some or all of your windfall to your emergency account. You could get a bonus at work, a tax refund, a cash gift or an inheritance. You can use it to your advantage when you get money that you didn’t expect.
13. How to Save Money Fast – Assume You Didn’t Get a Raise
A raise can help you manage your finances. Be careful not to fall for the lifestyle creep trap.
People tend to spend more when they make more money. There is no rule that says you must spend more simply because you are earning more income.
Forget upgrading your lifestyle. Don’t keep up with the Kardashians 🙁 You can keep the same standard of living up to a month ahead.
Consider what you will do with the extra money you make each month once you have reached that point.
14. How to Save Money Fast – Sell stuff you don’t need or use
You might be interested in selling the items you no longer use, stuff you bought but later changed your mind about, or unwanted/ odd gifts from friends and families… You can make some extra cash by selling stuff that is just sitting in your closet or basement. It will be wanted by someone.
eBay, Facebook Marketplace, NextDoor and Vinted are easy places to sell your unwanted stuff online.
Alternatives to selling your stuff online are having a garage sale. Or you can rent your stuff out if you don’t want to part with it permanently.
15. How to Save Money Fast – Get the best rates on your utility bills and cashback cards
Get a month ahead on your bills by saving money as fast as possible. And by getting the best rates on your utility bills and cashback cards. Paying for your utilities can be an expensive proposition, but you can make it more affordable by using the right cashback card.
In conclusion
You’ll feel such relief when you are at least one month ahead on your bills. It’s easier to budget when you know all your bills will be paid before they arrive. This makes it easy to identify new opportunities and helps to eliminate financial stress.
As you know, you’ll save money if you spend less than what you earn each month. And you’ll be able to maintain financial health by staying at least a month ahead once you have done that.
