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10 Money Saving Tips

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If there is an issue affecting many people no matter what, it’s money. Instead of applying for a loan when you face money problems, it is generally a better idea to learn saving money tricks. That way, lenders won’t become your best friends! We’ve outlined 10 money saving tips below:

1. Set Up a Budget

Money is a big issue for many people because they don’t have an accurate idea of their expenses. They are not able to track their spending. Creating a budget will help you to determine the amount of money you’re spending on certain things. That way, you will know where you can reduce your expenses and save money.

2. Allow a Margin of Error

No matter the size of your budget, it is important to have a bit of wiggle room. That way, you will be able to afford new or unnecessary things from time to time, that will make you happy. Without having some allowance, you may find yourself in a bit of a pickle over time.

3. Set Up Goals for Yourself

You do not have to rush things with your budget. Create small goals which are easy to reach when it comes to saving money. The achievement of these goals will boost your confidence in saving money. Take your time and do not expect miracles.

4. Be Generous

While you don’t have to stop buying people gifts, you can be smart about it. If you decide to buy gifts for everyone over Christmas, for instance, the costs will add up. Consider doing a secret Santa instead – ask each member of your family or friendship group to buy a gift for one person, rather than for everyone.

5. Use Paper to Wrap Your Gifts

There are a lot of small ways you can save money. For example. you do not have to spend money on wrapping paper! Try making it yourself by using grocery bags, newspaper, or even pieces of fabric. You can paint something on it to make it attractive if you’re feeling crafty too. You can save money this way and the receiver of your gift will hopefully be grateful that even the wrapping is personalised! Not to mention the fact that these methods are better for the environment.

6. Be Realistic

You do not need to go completely overboard. For example, if your monthly income is £1,000, you may want to save £500 a month. This is a great idea in theory, but it is not likely to be possible. Small goals should help you to save money. Otherwise you may give up before you even begin, feeling too disheartened.

7. Be Patient

Big things do not happen overnight! Unfortunately you should prepare yourself for some disappointments – not all your goals will be met. Patience is a virtue.

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8. Avoid Temptation

Do your best to know your weakness and avoid tempting shops or other vices. So if you like sweet shops, eat a chocolate bar at home before going out. That way you will not need to visit such places.

9. Don’t Sacrifice Everything to Save Money

If you stop spending money on anything fun, you will be miserable. You will feel like you are not progressing. Giving yourself little rewards at the end of a positive month will encourage you moving forward.

10. Write Down Your Objectives

If you write down your goals, it will be easy for you to track your progress. You can also divide your goals in weekly and monthly targets. At the end of each period, check your progress, and as mentioned above, celebrate the little wins!

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