18 Strategies for Increasing Your Savings

18 tips on how to find more money for your savings pot

1. Cut Down on Impulse Purchases

Impulse buying is a common behavior that often leads to unnecessary spending. The casual coffee runs, candy at the checkout line, or extra pair of shoes you didn’t plan for can significantly drain your budget. Make a resolution to limit these impulse purchases.

Before shopping, make a list of what you need and stick to it. Remember to pause before you purchase by asking yourself if you truly need it, or just want it. Often, waiting a day or two before making a decision to purchase an item can help restrain impulse buys.

You can use various tools to help you manage impulse buying. Budgeting apps, for instance, can let you know when you’re nearing the end of your budget. You could also consider having a designated ‘splurge’ account, where a set amount is dedicated to spontaneous expenses.

– If you visit grocery store with a shopping list in hand, sticking strictly to it can save you from unnecessary expenses.

• Avoid getting lured into discounts and deals that lead you to buy more than you initially planned.
• Purchase only what you planned for, even when you spot something tempting.
• Maintain visibility of your spending with budgeting apps that give real-time updates on your expenditure.
• Try the “30-day rule”, where if you feel the urge to buy something non-essential, wait for 30 days before deciding to buy.
• If possible, try to shop online as it can help reduce impulse buying because you are less distracted by displays around you.
• Set aside a small amount for your indulgences so your budget isn’t blown off when you eventually decide to satisfy an impulse.

2. Dine-In More Often

Dining out regularly can take a significant chunk out of your monthly budget. While treating yourself occasionally is fine, try to make it the exception rather than the rule. Cooking at home not only helps save on dining out expenses but also allows you better control over what goes into your meals.

Meal planning and prepping can be key-activities towards reducing restaurant visits. Prepare a weekly meal plan and do your grocery shopping accordingly. This way, you’ll always have what you need to whip up a quick meal in place of fast food or takeaways.

Home-cooked meals bring more benefits merely than saving money. They are often healthier, allowing you to control both portion sizes and ingredients. Plus, cooking can be a relaxing and rewarding hobby, helping you save while enjoying some quality time to yourself.

– Let’s say you’re used to going out for lunch every day, with an average spend of $12 per meal.

• If you made your own lunch instead, each meal might cost you about $3, saving you $9 per meal.
• In a month (presuming five working days), you’d save approximately $180.
• This means yearly savings of around $2160, enough to give a major boost to your savings pot.
• In addition to savings, preparing your meals ensures you know exactly what’s going into your body.
• Also, leftovers can be reused or reinvented for another meal, making sure nothing goes to waste.
• The act of preparing meals can also foster a sense of achievement and pleasure as you relish your self-made culinary creations.

3. Use Cashback, Rewards and Discount Offers

There is a multitude of cashback and discount offers available that many shoppers do not capitalize on. Using these when shopping can significantly reduce your expenses which means more money to put into savings.

There are payment cards that offer cashback, loyalty points, and discounts on specific categories like groceries or gasoline. Compare the benefits offered by various schemes, and choose one that aligns best with your regular spending habits. Remember to pay off credit card balances in full each month to avoid interest charges, which could negate any benefits received.

The same applies to shopping online. Utilize comparison sites and cashback portals to ensure you’re getting the maximum value from your purchases. As for discounts, check if there are coupon codes available before checking out. Many e-commerce websites offer discounts and rewards for referring friends as well, plus others have seasonal or occasional flash sales.

– Say you spend $200 every month on groceries.

• If you use a credit card that offers 2% cash back on grocery spends, that nets a return of $4 each month, or $48 over a year.
• Coupons and store promotions could save you a further 10%, or $20 per month – that’s an additional $240 per year.
• Meanwhile, buying groceries from cash back sites or apps may save you another 3%, adding up to $72 yearly savings.
• Therefore, some smart shopping would save you $360 annually for groceries alone.
• Note: Remember to pay off your credit card balance at the end of every month to avoid interest charges. Otherwise, they might offset your cashback benefits.
• In addition to collecting cash backs, deal hunting during seasons of heavy discounts like Black Friday can help you secure your needs at lower prices.

Summary Table

Remember, these are just 3 out of the 18 tips to boost your savings. The idea is to get creative with how you can reduce expenses and save more in ways that align with your lifestyle.