A new year typically sparks greater attention to important things that may not have gotten the focus they deserved during the prior year. Fitness, both financial and physical, often comes into view at the start of the year, prompting awareness and action, devised to improve physical and financial health. Despite good intention, by the middle of the year, resolve may be lacking and efforts to prop up your finances may have fallen by the wayside. If you’ve lost track of your financial flow, it may be time to buckle down for a mid-year monetary review.
A close look at your mid-year finances can help put things back in perspective and highlight ways to improve your financial health. Proven strategies for strengthening your finances include these moves you can make to save money without changing your lifestyle.
Automate Personal Savings
Saving money is a priority for most British workers, but many fall short of their savings goals. Daily spending demands interfere with saving, so it’s easy to run out of money, before you get around to stashing some in your savings pot. If this cycle sounds familiar, you may benefit from a modern savings convenience, enabling you to have regular savings deducted from your bank deposits.
Automating savings removes the temptation to spend money earmarked for your rainy day fund. And establishing automatic savings deposits also keeps contributions coming on a regular schedule, so your money grows at a steady rate.
Review Before You Renew
Contract renewals may be convenient, but renewing can add unnecessary expense. Service providers commonly extend introductory offers, priced significantly below regular rates. After your promotional period ends, renewals cost considerably more than the introductory rate. Rather than automatically renew, you’re better off shopping the services you need, in hopes of landing a better deal. You can always negotiate with your present provider; many companies will make concessions in order to keep your business.
Save Online With Discount Codes and Apps
Passive savings are great, but sometimes you have to put in a little time, uncovering the best deals. Cashback sites such as Boom, Quidco, and others can be sources for savings. A minimal time investment may pay off with savings worth hundreds of pounds each year.
Reconsider Non-essential Spending
Certain expenses are relatively fixed, such as your rent, car payment, TV licence, and monthly energy obligations. Other examples of personal spending are discretionary, leaving buying decisions in your hands, at the moment each spending opportunity presents itself. There isn’t much you can do about the former; you’re rent or mortgage payment will continue coming due every month. Non-essential, discretionary spending, on the other hand, is within your control. Do you spend too much on non-essential items?
Money is available when you need fast cash until payday, but you may not run short as quickly, with discretionary spending under control. Streaming services, gym memberships, entertainment subscriptions, and other elective spending provides rich saving opportunities for committed UK consumers.
Whether you’re paying down debt balances or saving money for the future, working toward established goals helps you stay focused and moving in the right direction. For consistent results, break long-term goals into immediate and intermediate sections, making it easier to track progress and providing benchmarks to reach on the way to your ultimate goal.
Try Cheaper Brands
We all have our favourite products – some costing a pretty penny. If you’re looking for savings in your budget, try replacing expensive name brand goods with cheaper alternatives. You can always switch back, finding the extra cost of your favourites worthwhile, but you may not notice a difference, yielding fresh savings every time you buy.
Proven personal finance rules never fall out of favour; what worked yesterday will probably work again tomorrow. Your discipline and resolve, on the other hand, may require fine-tuning. If you started strong in 2019, only to fall off along the way, use mid-year financial review to recommit and get your finances back on track.