Whether you want to save up for a weekend getaway or the latest pair of Nike’s, every penny counts. Here are some tips that will help you make small changes to your daily routine to help you notice significant results in the long run.

 

Trade in your old tech

We all have that one drawer filled to the brim with old technology that is no longer functional in our lives. Tidy up while saving money and trade in that prehistoric iPhone 4. Who knew you could get money back for your clutter?

Apple is a company that frequently promotes their trade in deal, be sure to take advantage of the programme when you need an upgrade. You can get hundreds of dollars in discounts by recycling old Apple products.

 

Look into better mobile/data plans (shop around)

Could you be saving more on your monthly expenses? In our digital age, most of us have mobile phone and data plans that cost hundreds of dollars every few weeks. Many mobile phone companies provide promotional deals that may help you to lower your rates. In addition, competing brands may offer to pay for a “buyout” as well, meaning you’ll have no upfront cost to switch to a new plan.

 

Discount websites

Use Google to your advantage, by entering a quick search for your favourite brands combined with the term “discount code” your query should provide multiple options.

Groupon is a popular website for deal seekers and provides new listings daily. Not only can you save money on regular purchases, but they also offer opportunities to save locally at nearby shops as well as hotels and aeroplane tickets.

 

Hi-yield savings accounts

After you take your first steps on the money-saving path, if done correctly, you’ll probably find yourself with a lot of spare cash, and you’ll need a place to manage it safely. This would be the perfect time to research Hi-yield savings accounts, which compound your interest and help you earn pounds with no work necessary.

If your bank doesn’t offer this option, look into online banking. Not only is this convenient for accessibility on the go, but it also means you can set everything up immediately from home.

 

Refinance Loans

Even if you have loans, there are still opportunities to make the most of your money. If it’s been a while since you first borrowed, it might be a good time to talk about refinancing. This process will allow you to consolidate your debt and possibly pay off your loans faster with less interest.

 

Haggling/Bargaining

Next time you are in the market for something, try your local shops. This is a great way to support small businesses, but it also allows you to get better deals. Small shop owners can work with you on pricing and are frequently open to fee adjustments by customer request. Haggling will help you save those few extra pounds, and over time this can add up to more significant savings if you continue to provide patronage to these locations.

 

Sell old clothes online

Bell bottoms were so last year. If you find yourself staring at your closet helplessly, with old styles and outfits that no longer suit you, selling your old clothes could bring in added revenue. Also, any designer gear you may have acquired throughout the years will likely still hold a hefty price tag. Parting with these items may be tough, but it’s better to replace that old unused LV wallet for a stack of cash.

 

Break out the rainy-day fund/coin counter

Every time you have spare change, it’s good to get in the habit of storing your coins in a rainy-day fund receptacle. Over time a few pence will turn into a decent stockpile, and you can use a coin counter to convert the spare change into usable pounds.

 

Couponing

Instead of throwing out the newspaper with the rubbish after reading, make sure you’ve inspected it thoroughly for any provided coupons. Those newspaper discount inserts are practically gold! If you continue to collect coupons throughout the week, but the time you go grocery shopping you could be paying virtually nothing for essential staple items.

 

Follow favorite stores on social media

Have you ever been scrolling on Facebook and Instagram and see a sponsored ad for a retailer with information on their new items? These social media pages are not only an excellent resource for keeping up with trends, but they also tend to provide savings codes and give notifications to remind you about sales and clearance events. If you don’t want to be bombarded by advertisements on your personal accounts, feel free to create a new account for free and use it specifically for following retailers.

 

Garage sales

One man’s trash is another’s treasure. Next time your neighbours are looking to get rid of unused items at a garage sale, see if there’s anything you can use instead of dealing with marked up department store pricing. This is also an excellent opportunity to find cleaning products such as working vacuums or dusters for a fraction of the price.

 

Save at the supermarket

Most of the time supermarkets offer deals when buying multiple items. For example, instead of getting a single roll of paper towels once a week, buy in bulk for the upcoming weeks and take advantage of a buy two, get one free deal. This is another simple way of saving money without actually doing any work. You have to be more mindful of the items you place in the trolley. The cost may be a little more at first, but again the increase in disposable income will be quite surprising after consistent practice! Also, supermarket brands are typically cheaper than the marketed brands you are familiar with from infomercials. Do not be swayed to go for branded paper towels when the supermarket branded ones are just as good.

 

Keep a spending diary

Last but not least, an essential part of becoming more frugal is keeping track of your spending habits. This will be helpful to provide a new mindset for your spending habits and will keep you on track with budgeting. Some apps like Mint can connect with your checking and savings accounts, as well as credit cards, mortgages, and loans. Over time Mint will analyze your tendencies and provide a comprehensive report on your money allocation and popular trends in spending activity. These apps may also provide recommendations on how to build your credit, and which credit cards are best for you to earn your money back.

Saving does not have to be tedious or time-consuming or even painful. By following these simple money saving tips, you’ll be on your way to more financial freedom.

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