I would like to start the new year by being more mindful of what I am spending my money on. We spend a similar amount on food (2 adults) as we do our mortgage which is insane, although we eat out very often.
What tips/ ideas can you share? Maybe we can all learn from one another.
Whilst I can spend, I can also save. I had a savings goal in mind this year which I have achieved and below are some of the things I did to help:
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I have direct debits set up which transfer my salary into my bills account, my emergency fund (instant access), my savings goal account (cash ISA) and my holiday account. It’s all automated so once set up, I don’t need to do anything. This means on pay day, I feel “skint” because I’m only left with money for everyday use.
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I use a credit card with cash back feature and buy everything I need to on there - fuel, coffees, etc. I then pay the credit card off at the end of the month with that “everyday use” money.
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I diarise any large expenses 2 weeks in advance. When the house insurance needs renewing, I’m alerted 2 weeks in advance and I can start searching for a better deal. I do the same for car insurance etc.
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I review my savings/ bills regularly but more importantly mid-March. I then transfer up to 4k into my LISA before the new financial year begins. The Government will give you 25% on amounts up to £4k as a bonus so you can benefit from an additional £1k.