Money-Saving Hacks: Simple Strategies to Boost Your Savings

Paul Van Der Merwe once said, "Money makes the world go round; however, happiness greases the axle. Without this lubricant, life will seize." Of course, most people simply seize on the first part, and it's certainly true that money makes the world go round. Everything is easier if you have money to throw at the issue. For most people, that means committing to a savings schedule. However, many people live paycheck to paycheck, making it difficult to find money to save. Fortunately, we can help you save for a rainy day, retirement, or some other dream. Just use these money-saving hacks:

Save Before You're Paid

One of the most effective ways to save money every month is to do it the moment your pay hits your bank account. You'll first need to create a budget which shows what you can and can't afford. This will allow you to set a savings amount. If it leaves your account the moment you get paid then you can't spend it and won't even notice you're saving.

Check Employer Schemes

Before you set up your savings plan, check with your employer. The majority of employers are required to offer a pension scheme, which is a way of saving. Joining it makes sense as your employer will be paying into your pension, increasing its worth. However, some employers also offer a savings scheme. This can help you save before you're paid and even reduce the amount of tax you're liable for. Some will even offer additional funds as a benefit, boosting your savings further.

Try No-Spend Weekends

A great way to make your money go further and ensure you have enough to save some is to try not spending one weekend a month. It's not as hard as it sounds. You're likely to find museums offering free entry, take walks, play board games, and even have a movie night. Obviously, you'll need to skip the takeaway. However, this can be a good opportunity to use up leftovers. You'll be surprised at how much difference it can make to your disposable monthly income.

Buy From Savings

We live in a world that expects instant gratification. It's easy to order anything with credit and worry about the cost later. Try swapping this around. Instead of buying something you like on credit, wait until you have saved up the funds. You'll reduce your debt, which will free up more money to save. Alongside this, waiting often helps you evaluate whether the purchase is really worthwhile. It's often not! Every time you stop yourself from splurging move the funds into your savings account.

Check Police Auctions

When you're looking for something in particular you should take the time to check police auctions. Thousands of items are available through police auctions. They are all goods which have been lost or stolen and no one has reclaimed them. Goods available include bikes, electrical goods, and a variety of other items. Naturally, these items are significantly cheaper than buying new ones. You can also check used goods near you, any money you save between the retail price and what you actually pay can be added to your savings account.

Overpay Your Mortgage

This is a great way to reduce your mortgage faster, reduce the amount of interest you pay, and allow you to save significantly more in the future. Budgeting and implementing some of the above hacks will help you find a little extra each month to pay down your mortgage faster. The most effective approach is to put all your extra funds into your savings account and then, at the end of the month, transfer half of that to your mortgage. Of course, you need to verify that your mortgage company will let you pay down your mortgage in this way.

Get A Side Hustle

The internet is making it much easier than ever before to create a side hustle and earn good money. All you have to do is think of a service you can offer, preferably something you're good at and enjoy doing. Then, find people locally or online that need your assistance and charge them an appropriate rate. Anything you earn after tax can be put into your savings account.

Online Cashback

If you often shop online then make sure you sign up for as many cashback offers as possible. Some of the best-known are Quidco and Topcashback, but there are others. You'll either get cashback after purchasing something or you'll get a discount code to reduce the initial cost. Either way, you save money which can be added to your savings.

Summing Up

The best way to increase your savings is to change your habits. Start by incorporating one of the above hacks into your routine and making it a habit. Then, gradually increase the number of hacks, and habits, you have. You will be surprised at how quickly your savings account can grow.