You can save a lot of cash. Anyone can do it

The early days of January offer a great opportunity for everyone to create a list of goals they want to achieve over the coming year.

And when it comes to resolutions, saving money often appears near the top of that list as most people are keen to cut their spending habits and reduce their monthly outgoings, especially with more pierce hikes on the way for energy and fuel costs.

Although becoming stricter with your spending may seem like an uphill challenge, saving money is all about getting into good habits and there are lots of easy things you can do to get started – without sacrificing on the luxuries in life.

The experts at Family Money have shared five easy changes you can make now that will help you spend less, whether you’re preparing for a large purchase, keen to have more money at your disposal, or if you’re trying to build a savings pot.

Budgeting methods

Try budgeting methods such as the 50/30/20 rule, which is an easy budgeting method that can help you to manage your money simply, effectively and sustainably.

The rule suggests dividing your monthly income into three spending categories:

  • 50% for needs
  • 30% for wants
  • 20% for your financial goals

The 50% towards needs includes regular essential outgoings such as rent, mortgage and bills, while 30% should be set aside for wants such as hobbies, shopping or subscriptions. Finally, 20% can be used for financial goals such as paying off debt, making investments or contributing towards savings.

Meal plan

Reduce your weekly spending at the supermarket by meal planning for the week to cut unnecessary costs and to efficiently plan what you need to purchase each week.

Food shopping is one of the biggest weekly expenses for families across Scotland and the rest of the UK. From setting a budget each week to planning the meals and food you will need, there’s a range of things you can do to cut your spending.

Cut fuel costs

Fuel can be a large expense for drivers in the UK, keeping a close eye on petrol and diesel costs coupled with making small changes can help you save money each month.

Start by looking for the best prices in your local area – using a cheaper petrol station could save you a few pence for every litre. It is also worth taking advantage of loyalty card schemes, collecting points the more you fill-up, the more points you can earn to exchange for money-off vouchers.

Cancel unused subscriptions

The first few days following New Year are ideal for checking your current subscription plans. Whether it’s fitness apps, TV or magazine subscriptions, it’s easy to sign up to different services and then forget about them but still be paying a set price each month.

To do this take a look at your transactions and make a list of all the subscription services you’re paying for. Are there any you don’t use? Start by cutting those – even with the subscriptions, you do use, question if you could try cutting those temporarily to see whether or not you really miss them.

Look For Discount Codes

If you shop online, always invest an extra five minutes to search for a discount code. Sometimes, you may have to do something like sign up for a newsletter to receive a discount off your next order.

Other times there may be a promotional code you can find that will offer you a better deal. This can help you save money each time when shopping online by finding the latest discounts.