By The Pocket Your Pounds Team | Published June 22, 2021
With the nonstop bills and payments that come with home ownership, it’s tough to find any leftover cash to save. But if you want to achieve financial freedom at some point, it’s important to make saving a priority—even if it’s only a small amount!
By automating this system, each month a designated amount of money will go directly into a savings account that you can’t touch. This money can collect compound interest over time, effectively making you money while you sleep. Several financial gurus, including Tony Robbins, recommend putting your money to work for you to get ahead. The earlier you start, the more wealth you can build.
Use this compound interest tool
to see how much money you can save over time.
2. Use Public Transportation
This one is a little bit of a lifestyle shift but can go a long way in terms of monthly savings. With gas prices at an all time high, taking the bus to work or to visit friends is a smart alternative. When you drive less, you save on gas, parking, and car maintenance—you also get bonus points for saving the environment! Try to only use the car for long road trips and on big shopping days.
If you live in London, get yourself an Oyster card and preload it for the most affordable way to get around the city. You can use it to tap on and off on the Tube, buses, and most local overground trains—it’s much cheaper than buying paper tickets. For example, a short Tube journey in Central London will cost you £4.90 in cash, but is just £2.40 on an Oyster Card.
3. Search for Deals on Monthly Utilities
Unfortunately for homeowners, utility providers have a monopoly on the market. For too long, they have been charging unreasonable prices for basic utility services. But new options have been sprouting up that put the customer in the driver's seat, taking back control of their monthly utility spend.
Companies like Look After My Bills
(L.A.M.B.) offer a free service that makes it effortless to switch over utilities to green energy suppliers. 7/10 people have switched to renewable energy companies, and members save an average of £262 a year. Signing up for their service takes mere moments, and they auto-switch you to providers with reputations for outstanding customer service. Just sit back and watch as the L.A.M.B. algorithm sets you up with the best company and the best deal.
The best way to secure your future is by becoming financially literate. By learning the fundamentals, you will eliminate the need for a financial advisor.
Unfortunately, there were no high school courses that taught us about financial fitness but the internet is full of golden tips and tricks for those who are looking to take control of their finances.
HBSC is a great resource for financial education, with articles on a wide range of financial topics. Spend an afternoon soaking up free information to gain the confidence you’ll need when buying cars, homes, and other investments.
One of the smartest things you can do is to create an emergency fund/security net. You never know when life will throw you a curveball and hit you with some unexpected bills.
Many people don’t actively take care of their financial health—they’d rather just brush the subject under the rug. By regularly scheduling time each month to audit your finances, you’ll set yourself ahead of the pack.
Some companies like LAMB make it easy for you to save by providing an auto-switching service that puts you on the best plan available.
Look After My Bills highlights:
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