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Small changes that can help you to save more money

Many people believe to have more money, they need a pay rise. But what about making small changes to the way you live your life? We have a few tips which can help you to make a few lifestyle tweaks to aid your saving efforts.

Imagine being paid €1 million a month. If only! Although if you end the month and have spent the full €1 million, then your finances are no more in balance than someone who earns a lot less. Therefore, even if you are earning a salary as large as this, the fundamental steps should still be put in place. You still need to save, you still need an emergency fund and (a healthy) nest egg for a rainy day – just like everyone else.

What we’re trying to get at is whether you’re bringing home €1,000 or €1 million a month. There are lifestyle changes everyone should make to help you make the most of your money.

Compare prices of everything

This one is a bit of a no brainer. But the simple act of making sure you’re paying a fair price for an item can save you a lot of money. The best example being your Wi-Fi bill as you are probably on a rolling contract, which may double or even triple after your first year. Always keep an eye on your bills and pop the contract end date in your calendar. It can be a yearly task to determine how much money you could save. It’s pretty liberating!

Buy quality over quantity

The lowest price is not always the best option. Quality can override cost in some instances. For example, buying cheap fast fashion which will not last is a worse investment than buying a classic well-made piece of clothing, which may be more expensive, but last the long haul. Remember, more expensive does not always mean better quality. Do your research.

Eat before you shop

Shopping on an empty stomach is not good for your calorie intake or your bank balance. Studies show that shopping when hungry can make you more likely to impulse buy not only food, but other items too [1]. So no matter if it’s the food shop or some retail therapy, have your breakfast first to save the pennies and make wise choices!

Budget, budget, budget!

Budgets are the best practice in the financial world. Budgeting gives you a better understanding of your money, where it’s going, and what you have left to spend each month, as well as what you have available to save. It doesn’t have to be complicated, and there are many apps which can aid you in keeping track of your budget. You may surprise yourself when you’re more honest with yourself about what you have and what you’re spending on what.

Get savvy with finance automation

Saving money does not have to be a chore. Instead of actively moving money to a savings account each month, you can set up an automated direct debit to save a certain amount each month. It means you don’t have to think about it, and you can steadily build your savings pot month on month. Before you know it, you could have a healthy nest egg tucked away.

Another tip is to use ‘save the change’ automations on your current accounts. Most banks now offer this feature, which means anything you spend will be rounded to the nearest €, and the remaining money will be automatically transferred to your savings account. So for example, if you buy a coffee for €3.50, then €0.50 will be transferred to your savings account. You will be surprised how quickly it adds up!

Reduce meat consumption

This may be something that not many people consider. Although reducing your meat intake has huge health, economic and environmental benefits. Ethical investors, this is one for you. If everyone in the world followed diet recommendations for meat consumption, then the environmental benefit alone could be worth over €272.3 billion[2].

Sell your unwanted items

Are you a hoarder? Are “I might wear it one day” or “I’ll keep a spare” common place in your household? While many first thought is to either throw away or give to charity. You can make money from your old items online. One person’s trash is another person’s treasure. Facebook selling pages or second-hand apps, such as depop are an excellent place to start.

Don’t keep your credit card in your wallet

Studies show that you’re more likely to spend money using cards than cash. And this is intensified by credit cards[3]. The theory behind this is there’s a delay between spending money and the amount being deducted. So, if your credit card already provides a notification when you spend, this may not help you, but if your bill shocks you each month, then this could be a potential solution. Don’t burn a hole in your wallet… or should we say your finances!

These are not short term fixes

Remember these lifestyle changes are no instant fix or boost in cash. Although if you commit to these changes over the coming months, you will start to notice a difference to your bank balance. It is also important to remember that you need to make these changes and follow them through as lifestyle changes to notice a long term effect to your finances. To discuss your situation, schedule a no obligation initial consultation with one of our financial advisers here. 





Lawsons Equity – Financial Advisors Malta

Information is based on our current understanding of taxation legislation and regulations. Any levels and bases of, and reliefs from, taxation are subject to change.

The value of investments and income from them may go down. You may not get back the original amount invested

Lawsons Equity Limited is a company registered in Malta with company number C49564 and licenced by the Malta Financial Services Authority as Enrolled Insurance Brokers under the Insurance Intermediaries Act 2006, and to provide Investment Services under the Investment Services Act, 1994.

Lawsons Equity Ltd have passported their services across the EU. To see a full list of countries click here

In the United Kingdom, Lawsons Equity Limited is deemed authorised and regulated by the Financial Conduct Authority. Details of the Temporary Permissions Regime, which allows EEA-based firms to operate in the UK for a limited period while seeking full authorisation, are available on the Financial Conduct Authority’s website.

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