Best way to save money in 2017?
One of the main questions I get asked is “What is the best way to save money?” This is not an easy one to answer, because there are many different ways and I could be here all day!
My biggest tip for saving money
One thing is for sure, no matter what your financial situation is, everyone can save money by reviewing their finances on a regular basis. This is my biggest tip for saving money and the beginning of a new year is a great opportunity to have a major financial review. Adopting this simple process is the best way to save money in 2017.
1 Investigate your feelings, attitudes and habits
These things have a massive impact on your spending and on your finanical fitness, but they are rarely investigated. Research by the Money Advice Services suggests that:
“To have an impact on an individual’s behaviour towards money, you need to look beyond their skills and knowledge into their attitudes, their motivations, and the opportunities they come across.”
Taking time to look at these can bring about incredible postitive change. If you would like to start investigating your own feelings about money and the impact it has on your situation, why not start with my FREE Your Money Sorted mini challenge? It is motivating and inspiring and will definitely help you to start making fantastic changes to your financial life.
2 Prepare your paperwork
Another thing you should do is to get the paperwork sorted – get into that filing cabinet, box, pile – wherever you keep your paperwork and make sure that it is in order. Getting yourself some pretty storage can make it seem more pleasurable and less of a chore when dealing with paperwork.
3 Analyse previous spending and plan for the future
Firstly make a list of all your income and expenses. Include all the direct debits and standing orders, as well as any regular savings that you make. You will then want to list any other outgoings you have which are not automated. Eg: grocery shopping, clothes, toiletries, school trips etc.
If you do not know how much you spend on these things each month, it might help to go through statements and receipts for a 3 month period and work out how much you spend each month on average. This information will then allow you to see exactly how much you have coming and going out each month and you can then use this information to plan better for your future.
4 Checking carefully is the best way to save money
Check through all of your monthly outgoings to see if you can get a better deal elsewhere. There is a huge amount of information on the web to help you to compare one deal against another and make a valid comparison, before making any changes. Make sure you also consider customer service reviews before switching to a new company – the cheapest quote may not always offer the best value for money. Include any debts in this checking process – if you have any debts, check to see if you can get a better rate of interest and consider what you could do to get these debts paid off.
5 Plan for your future
Once you have done all the above stages, you really should be looking at your future needs. Think carefully about what you would like your life to be in the future and think about how your finances will affect this. Have you adequately prepared for your future? Will you have enough money to allow you to do what you want? You may discover that you need to make changes to your current spending if you are to have the life that you really desire later on in life.
Once you have completed this process, you will find that your finances are easier to control. You are also much more likely to be able to use your money to lead the life that you want, rather than be worried and restricted about money.
One last thing
My FREE Your Money Sorted online challenge will help you to complete all of the above stages, by giving you a simple process to follow. If you would like to get 2017 off to a good start, then sign up today. If you are serious about looking for the best way to save money, then you have nothing to lose………and everything to gain.
I am Eileen Adamson, Your Money, Sorted coach, working online with UK based women. I can help you to develop a better relationship with money and feel calm, relaxed and positive about money. This will allow you to feel confident, in control and able to make good financial decisions. Through creating a good relationship with money you can then live the life that YOU want to lead.