by Lina Martinez
Saving money is one of the ultimate goals in many of our lives. As adults we always want to save for a rainy day, for a holiday, for a startup… and it is important for us to know the best ways to save every day.
Whether you are a newbie to finance or a digital vat software expert, these money saving tips can be used by all and will allow you to maximize your profits this year.
1. Pay debt
We have to start with the serious stuff, and although we are talking about saving money we also need to think about any hurdles which stand in the way. It is always incredibly important that we pay off any debt we have before we think about saving because debt accrues interest over time and if we leave it for too long it can become too much to handle. Pay off your debt and then you can start saving money unencumbered.
2. Try a new bank
A great way to earn a little bit of cash right away is to switch your bank account and open one with another bank. A lot of the time when you switch to a new bank you will receive a monetary reward and a thank you, and you can place this straight into your savings.
3. Look for high interest
If your main goal in life right now is to save money for the future, it is incredibly important for you to search for a high interest savings account. Interest is something which you will accumulate when you open a savings account and put money into it, and over time this money will build up the more you put into the account. A high interest savings account means that you can earn passive money simply by having money in your account in the first place.
4. Compare prices
Whenever you want to buy something new or try a new service, it is incredibly important for you to compare prices across the board. For example MoneySupermarket will allow you to compare prices of insurance, energy providers, supermarkets and more and this will allow you to save money on everything you decide to buy.
5. Sign up for loyalty cards
Loyalty cards can be a lot more helpful than you may think. When you sign up for a loyalty card with a shop you will be able to scan the card every time you shop and accrue points. Over time these points will translate to real money and you can spend them in store. It is a helpful way for you to save some money when in a pinch by using the points on your card to pay for the little things that you may need.
6. Be smart
It is important if you want to save money that you have better habits. Think about saving money by making your lunches at home, skipping the morning coffee and generally making your life a little less moneycentric.