Saving money can be difficult, especially if you’re already on a tight budget. If you want to save those pennies to better your finances or pay off debt, here are some top tips to help you with your money-saving journey;

• Set yourself a budget and stick to it
• Look at ways to cut down on spending
• Pay off your debts
• Get rid of any bad spending habits
• Be more energy efficient
• Stick to your shopping list
• Have no spend months
• Sell your unwanted items
• Earn ‘free money’
• Look at cheaper alternatives
• Make saving a priority
• Take part in mystery shopping tasks
• Set yourself savings challenges

Set yourself a budget and stick to it:

Having a budget is a great place to start when it comes to saving money. Budgeting allows you to see where your money comes from and where it goes and can help you to understand areas where you can afford to cut costs. You can use an excel spreadsheet or a budgeting app to monitor your incomings and outgoings.

Look at ways to cut down on spending:

Once you have set yourself a budget you can look at different ways you can cut back. For instance, if you find yourself spending too much on your weekly food shop, then why not look at switching to own-brand products, using price comparison sites for car insurance deals, using cashback sites or buying train tickets in advance to help start saving.

Pay off your debts:

If you want to be better at saving money, then you’ll need to pay off your debts as a priority. Outstanding debts, including missing and late payments can mean that you’re racking up high-interest rates in addition to the money you borrowed. However, if ensure that you pay off your debts such as personal loans and credit cards. If you have trouble remembering when your repayments are due, set up a standing order with your creditors.

Get rid of any bad spending habits:

Are you an impulse shopper or do you find yourself going online shopping when you’re sad? Or perhaps you find yourself needing the latest gadget, only to discard it soon after. Analyse your bad spending habits and try to work on them. Your bank account will always thank you in the long run.

Be more energy efficient:

Making small changes to your home and your habits to become more energy-efficient can benefit your finances in the long run. Turning televisions off instead of onto standby and making the switch to energy-efficient lightbulbs and insulating your home properly will allow you to be more green while still saving you money on bills.

Stick to your shopping list:

Supermarket shopping can be tempting. In fact, a lot of supermarkets are designed and laid out in order to entice you to purchase new and in some cases, more expensive items. If you write your shopping list before you go grocery shopping and stick to it, you’ll be sure to get everything you need without wasting your money on other unnecessary items.

It may also pay off for you to sign up for a loyalty card, that way you can collect points that contribute to deals and discounts every time you shop!

Have no spend months:

Treating yourself and having a little bit of a spend up once in a while isn’t always a bad thing. However, if you’re trying to stick to a budget and get more from your money, a great money-saving tip is to try out no spending months. This entails you to choose a month where you only purchase the necessities, including bills, food shopping and toiletries.

Anything else will have to take a back seat until the following month. This will deter you from making unnecessary purchases and enabling you to think about whether you need the item or not while helping you to save.

Sell your unwanted items:

Whether it’s an old mobile phone or gift card you’ll never use again, why not consider freeing up some space and selling any unused or unwanted items you have lying around your home.

Earn ‘free money’

There are many ways for people to make money at home and online, such as being paid to do be a secret shopper or even filling out a few surveys. Make the most of your free time and earn some money any way you can.

Look at cheaper alternatives:

For the most part, there will normally be a cheaper alternative out there. Therefore if you’re looking for ways to save, look for cheaper alternatives. Whether you’re looking for a cheaper mobile phone tariff or the best deal on a new washing machine, do your research.

Make saving a priority:

If you don’t make putting money away one of your main financial priorities, you won’t be likely to get far. Instead, you should be fully committed to ensuring that you pull out all the stops to save money. If you haven’t already signed up for a savings account then you can visit your high-street bank or online bank - many banks offer a variety of savings accounts including cash ISAs, regular savers and even tax-free help to save accounts.

Take part in mystery shopping tasks:

Becoming a mystery shopper is one way to both earn money and save money while you shop, what could be better than that? All you need to do is sign up to a company who employs mystery shoppers and put yourself up for any assignments within your local area. If chosen you’ll be given a task of purchasing an item and then reporting back to the company about your experience and the item itself.

Set yourself savings challenges:

Got something in mind that you want to save up for? Well whether it be a holiday, night out or a special outfit - why not set yourself a savings challenge to help you come up with the money. Give yourself a (realistic) time frame for you to reach your goal and work towards your goal by doing challenges such as the 52 week savings challenge or try the ‘no spend’ challenge for a month!

The average household will have to account for household bills and expenses such as;

• Utility bills
• Shopping bills
• Travel expenses
• Home insurance
• Council tax
• TV licenses

All of these items can accumulate to a lot of money each month, and if you’re saving money, you might be wondering how you can reduce your monthly expenditure. Here are a few ways you can save on your monthly bills;

• Make sure that you have the best tariff from your service provider
• Compare your options to ensure that you’re getting the lowest price
• Use energy-saving light bulbs and insulate your home properly
• Turn off your devices if you aren’t using them, don’t leave them on standby
• Opt to pay your bills annually, instead of paying monthly
• Have a smart meter installed to see how much energy you are using
• Check to see if your eligible for any discount schemes

Food is a monthly expense that we can’t live without, so how do ensure that you can still stock up on the necessities all while getting what you and your family need? Here are some expert personal finance tips which will help you to spend less money on food;

• Buy in bulk: buying wholesale can help you to cut costs on those items you need.
• Freeze fresh produce: freezing food for a later date can ensure that you don’t waste food.
• Switch to own brand: supermarket own brand can be just as good but half the price of branded items.
• Create a weekly menu and stick to it: planning your meals ahead of time will ensure that you only buy and use what you need.
• Grow your own fruits and vegetables: growing your own fruits and vegetables is a fun family activity that could help you to cut costs.
• Bring your own lunch to work: eating out daily can be costly, prepare your own lunch from home to avoid paying for a pricey lunch.
• Utilise leftovers: use your leftovers for lunch or for dinner the next day to lower food waste and costs.
• Shop in the reduced section: the reduced section can be a great way of getting food at half the price you normally would.
• Stick to your shopping list: don’t get tempted by things you don’t need, plan your meals ahead of time and stick to the list to stay within your budget.