Whether you’re a savvy saver or you like to splash your cash, extra expenses can add up over time and eat away at your finances. Controlling your spending habits sounds easy enough, but for some people it can be hard. If you’re looking to start saving money or you just want to get your spending habits under control, PayPlan have created a quiz that allows you to diagnose your spending which is the first step to taking back control of your finances. Once you have an idea of the type of spender you are, read these simple and effective tips that will help you budget and save to get the most out of your money.
Stop paying on card
If you ask most people these days whether they use cash or card, the majority of people will say they pay for things on card. With contactless becoming more widely available in shops, bars and restaurants, it’s easy to forget how much you are actually spending especially if you are out enjoying yourself.
The best way to tackle this is to take cash out before going shopping or for drinks with friends and then make sure you leave your card at home. This way you’ve given yourself a limit of how much you want to spend and you can’t be tempted to take any more cash out. When you see your money being spent, it will make you realise how much you were overspending.
Track your spending
Once you’ve stopped paying on card all the time, you’ll see the difference in your spending straight away. But one of the best ways to take control of your spending is by tracking your money. You can start by making a budget and sticking to it. If you’re not used to budgeting, you’ll want to ease yourself into it as it can take a couple of months to get used to spending less.
Another way you can track your spending is by making use of expense tracker apps, as most have features that allow you to monitor your spending while setting up notifications to let you know if you’ve gone within a certain amount.
Become a savvy shopper
If you’re trying to save money then you need to cut back on how much you spend on shopping. Obviously you’ll still need to buy things whether it’s replacing an item of clothing, a gift for someone at Christmas or buying someone a birthday present. But if you look in the right places, and at the right time, then you can bag yourself some serious bargains.
There are plenty of deals you can find online and there are tools like Google shopping that help you find the cheapest prices of products that you’re searching for. Quite often sites will send you a discount code to your email address if you leave items in your shopping basket and if you sign up to the retailers’ newsletter, they often give you a percentage off.
These are some simple and effective steps to follow to help you budget and save money. It’s important to #DiagnoseYourSpending to get you back on track with your finances.