How to make your money go further

15 Apr, 2024

Struggling to push through to payday? If so, you’re not alone. Thousands of workers across the UK are searching for additional streams of income and taking on second jobs. Amid the cost-of-living crisis, it’s worth holding onto your cash wherever possible.

Whether you’re working towards a savings goal, or you just need more cash, it’s worth learning some of the best tips and tricks to make your money go further.

 

5 ways to make your monthly pay last longer

  1. Keep track of your spending

Firstly, it’s important to keep an eye on your outgoings and incomings too.

Using an online banking app like Monzo or Starling could give you real-time updates, spending reports and even notifications when you use your debit card either in person or online. If there’s anything that simplifies the process for you, take advantage of it!

Old-fashioned methods are just as effective. Keeping hold of your receipts or jotting down your spending in a notepad or calendar could give you a very useful visual understanding of where your money goes each month. From there, you can spot opportunities to save.

 

  1. Save, if you can

Saving every month is a luxury in the cost-of-living crisis, but there are ways to make the process easier. Whether you open an easy-access savings account or opt for fixed rate bonds instead, simply opening a dedicated account could motivate you to kickstart the savings habit.

If you’ve got some wiggle room within your budget, it’s worth trying to save. It doesn’t matter how small you start out: over time, every effort you make will soon add up. You might be surprised by how much you could save in just a few months.

 

  1. Think about investing

If you already have some money saved, it could be worth investing some to accumulate greater capital over time. Investing for the first time might feel daunting, especially if you’re not familiar with typical trading websites, strategies, and technical terms.

By using an accessible online trading platform, you could start stock trading at your own pace. There’s no set amount of money needed to start trading, since costs vary depending on the total value of investments required. These are decided by the brokerages, but could include stocks, bonds, cash, or partnership interests.

 

  1. Unsubscribe

Next, if you’ve had that gym membership that you don’t use, it’s time to cancel it and make better use of your money. Likewise, if you’ve got a streaming subscription that you don’t use, it might be time to let go.

There’s no shame in purging your neglected subscriptions – and it’s certain that you could be better off after doing so. Try to limit unnecessary financial commitments or rolling monthly commitments, especially if you’re pressured by someone else.

 

  1. Pay off your debt

Lastly, it’s never worth ignoring your debt when you’re trying to get through the month. Outstanding payments will only add more pressure to your budget and a weight on your shoulders too. Without that burden, you can focus on your current spending and future goals.

Talk to your bank or get in touch with a financial advisor if you’re struggling with debt. The sooner you can get things back under control, the sooner you can start making your monthly pay last longer.