As time has gone on there has been a steady increase in prices on a number of different goods across the worlds markets. From basic natural resources such as oil and gas to foodstuffs and services for different trades. What this has resulted in is record numbers of people cutting down how much they spend across the UK as a direct result of harsh economic circumstances which have reduced many family’s basic incomes as well as their spending abilities. This has come mainly as a result of the global recession and prices have been pushed up further by the uncertainty surrounding brexit and the effects it has had on trade and business globally. In this mini guide I will explain some of the best ways in which to cost cut and save money overall in 2019.
Setting A Budget
Whether it be for the weekly shop or saving up for a new car , budgeting is by far one of the best methods you can employ in the pursuit of saving money in 2019. Surprisingly a lot of budgeting apps or programmes can complicated budgeting and often ask users to pay for the application. One method which we can recommend would be to create a spreadsheet listing your income and also your expenses. For 1 week try keeping track of every purchase and check monthly bills so you know your in comings and outgoings. Once this has been listed , categorising different bills by type e.g food , transport etc would be the next stage. The final stage of budgeting is choosing how much to spend on each category. It is advisable to mark priority categories and spend a larger portion of the budget on necessities such as food and family holidays. Overall budgeting is an extremely effective method of keeping track of money as well as reducing your costs as it allows you to keep track of what you are spending and manage your finances accordingly. Failure to do this can lead to debt or financial hardship in the long term.
Savings Accounts
There are of course other ways in which you can improve your overall money habits and that is by opening a saving or multiple saving accounts. Saving accounts are used by millions of people across the UK and provide interest paid into accounts. One of the main benefits of savings accounts is that normally the money has an interest rate paid yearly to supplement the balance although the rate varies a lot from bank to bank. There are often different varieties of savings accounts available. Some offer unlimited access to your savings at anytime whereas others only provide a fixed number of withdrawals before charging you for further withdrawals. Overall we concluded that it may be best to have two savings accounts and not necessarily both with the same bank. Look for accounts with high interest rates as well as a good overall reputation. Having an access saver as well as a more restricted account means one account can hold emergency funds whereas the other can have money deposited in it in increments.
