Top tips for saving money

Top tips for saving money

Saving money can be simple when you know how, and where, to cut down. At the beginning, it can seem like a big task, but with these useful tips, we hope to simplify it for you.

 

  1. Open a savings account

Opening a dedicated savings account for a deposit for your home is a good place to start, as you can add money into it and watch it build. There are a range of saving accounts you can open, so it’s a good idea to do your research first.

 

  1. Plan and budget

Reviewing your monthly income, bills and non-essential outgoings can give you a much clearer view of what you spend each month. It can also show you areas where you could back cut-backs.

You can do this by adding your most important payments and commitments, such as your mortgage, bills and other monthly subscriptions, and taking it away from your monthly income. Start planning a monthly budget and what you want to save at the end of each month.

Having monthly savings goals can help as it gives you a target to aim for. You can create spreadsheets and documents that gives you a visualisation of bills to pay, where you spend your money, and how much.

Banking apps allow you to keep track of spending, so you don’t have to keep hold of loose receipts. These apps can help you keep on top of your spending habits and gives you your total savings at a glance. Depending on the app’s features, they can even put money away for you that you can withdraw at any time.

 

  1. Review and cancel any subscriptions you no longer use

There are alternative ways of staying active and healthy without a hefty monthly gym membership. This could be exercising outdoors, using household equipment as weights and YouTube which has endless workout videos depending on what you enjoy. Reviewing your streaming services is also useful to see which services you use the most and least.

 

  1. Food

Planning your meals in advance, batch cooking and freezing meals are all great ways to cut the weekly food shop spend, as you’ll only buy what you need, which will also reduce food waste too. Taking a packed lunch or leftovers to work can also save you some money, if you tend to buy daily lunches. Buying frozen items, such as fruit and veg, will last longer than fresh and they even come chopped and ready for cooking. Or how about trying to grow your own vegetables and herbs in your garden or windowsill?

 

  1. Cash back and credit card rewards

It’s worth getting a credit card that you can earn cashback and rewards on, if you use a credit card regularly and responsibly.

 

  1. Use a budget calculator!

We have a range of calculators, from mortgage repayment calculators to budget calculators. Just enter your monthly income after tax, your household essentials, such as rent, mortgage, food and groceries, bills, leisure activities and insurance. It’ll then give you a breakdown and show you what you could save monthly and yearly. It also gives you a chart to show how much money goes into each category.

To speak to a professional about how to get on the property ladder, please contact our friendly mortgage advisers. We have access to over 90 different UK lender, so we’re perfectly placed to find the right one for your needs.

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Why Bishop & Co Mortgage Services stands out from the rest:

• We search thousands of mortgage deals to find the right one for our customers' circumstances and needs

• We can provide face to face and telephone advice for our customers

• We can offer flexible appointments times

• We pride ourselves on our professional Premier Mortgage Service, which does not stop when the mortgage has completed

• We continue to offer an ongoing service to our customers by advising them on family, home and income protection so that they are covered against the unexpected

• We provide a full range of lifestyle and income protection cover to protect you from the unexpected

• We feel that keeping in touch is a good thing to do to ensure our customers are kept abreast of developments in the mortgage world

• We help our customers understand the benefits of paying off their mortgage debt as quickly as possible so they can become financially free to enjoy an early retirement!

Because we play by the book we want to tell you that…

Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances.
The fee is up to 1% but a typical fee is £499.

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