By Amelia Murray, Deputy Editor of Be Clever With Your Cash
There are a number of simple steps you can take to make your money go further and the good news is, you don’t need to be a financial expert!
Keep an eye on where your money is going
Reviewing your spend is a fundamental part of budgeting. Knowing where your money is going helps you stay in control of where your money is going and rein in spending where you need to. Back in the day, you’d have to wait for your monthly bank statement through the post, but now it’s much simpler.
Not only can you check your transactions in real time by simply logging in to your online banking app, but a number of banks and building societies also let you set up notifications so you’re alerted every time money leaves or is paid into your account. This means you can keep on top of your transactions and also swiftly spot any fraudulent transactions.
Make the most of free tools from your bank or building society
You don’t need to pay for budgeting apps when many financial institutions have free helpful features that help you save. For example,digital savings pots are a really useful way to organise your money and achieve specific goals, whether it be saving for a holiday or home improvements or building an emergency fund. Some banks and building societies let you set up regular automatic payments to each pot so you don’t even need to think about moving your money.
“Round-ups” are also great if you struggle to save. Lots of banks and building societies offer this feature and once activated, every purchase on your debit card is rounded up to the nearest pound and stashed in a separate account, so you can save with very little effort. The key here is ensuring the spare change that’s been rounded up isn’t languishing in a savings account paying a piddly rate of interest.
Earn hundreds of pounds by switching
Switching your current account and taking advantage of the bonuses is a sure-fire way to make some quick cash. These deals come and go but you’ll usually find a handful of banks and building societies offering between £100 and £175 to switch your current account to one of theirs (and there are usually bonuses on top). And if you like your current account you don’t even have to close it – you may be able to switch using a dummy account!
Don’t forget cashback
Before buying anything online, see if you can earn cashback via sites like Quidco and Topcashback. These sites earn a commission from retailers when they signpost customers and give you a cut of their earnings. All you have to do is sign up for the cashback sites, search for the retailer you’re wanting to buy from and click through to their website to shop as normal. Be warned though, the cashback isn’t guaranteed and it can take ages to come through. But if you’re planning a purchase anyway, it’s worth giving it a go.
Check out Be Clever With Your Cash for more ways you you can make the most of your money.
