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When it comes to today’s society, a lot of people assume that it’s more difficult to save money. Being able to pay for a grocery shop or a substantial meal out using your phone or smartwatch is now the norm, which is very different to how we would have paid even 20 years ago.
When cash payments were more common, many people found it easier to budget and save money. A common way to do this was simply placing money into savings, and taking out a weekly budget of money to spend. With online banking apps, it’s easy to access savings and bank accounts, meaning it’s also easy to spend money.
Even so, living in a cashless society certainly has its benefits, even when it comes to saving money. Here are a few useful ways you can save money effectively:
Rounding Up Payments
Rounding up payments is a great way of saving small amounts of money each day. If you’re paying for a coffee for example and it costs $4.80, you could save the odd 20 cents and transfer it into your savings.
While the odd cents may seem pointless to begin with, doing this each day will help you save money over time. You’ll be surprised by how much you can save by doing this.
Setting Up a Standing Order
You can create a standing order from your current account that gets directed straight into your savings account. This can be set up for the day you get paid each month.
That way you won’t be tempted to spend the money you’re planning to save as it’s already been taken out of your savings account. The money can be set to a specific amount that you can realistically save each month.
Budgeting Apps
There are many budgeting apps available to download, such as Plum, Emma and Money Dashboard. These allow you to see how much you’re spending each month and what you’re spending money on.
This helps you to budget your finances better, which can allow you to save more money in the long run. You can spot where you’re spending money on unnecessary things, and this will allow you to set yourself specific budgets for things such as grocery shopping and eating meals out each month.
Alternatively, you can choose to set your own budget using a spreadsheet, or physically write it down to work out your spending and expenses. This is a great way of keeping track of everything and ensuring you don’t overspend when it’s unnecessary.
Cashback Programmes
There are a number of cashback and reward programmes you can use to help you save money. If you’re purchasing more expensive items this is great as you will save a noticeable amount of money. Even earning cashback on smaller items is useful too.
Different programmes will offer different types of rewards and cashback. Some useful programmes to consider are Quidco, Rakuten and Ibotta.
As you can see, there are many ways in which you can effectively save money in a cashless society. While there is always an incentive to spend money, it’s now easier to save money and keep track of your spending. By following these tips, you will be able to effectively save money in no time.
Dave Sayce is the CEO and founder of Compare My Move, a comparison website dedicated to helping customers save money on moving services. The service matches customers with trusted and verified partners to assist them with their moving journey.
Name: Dave Sayce
Company: Compare My Move
Position: CEO and Removals Expert
Company Website: www.comparemymove.com
Headshot: Dave Sayce Headshot.png
Email: dsayce@comparemymove.com
Location: UK
