Saving money for a house, a new car, or just for a rainy day can be tough, especially if you have multiple outgoings. Luckily there are some simple ways you can review what your spending, cut back on your costs and put some money away in your saving fund.

Pay off Debt and Start Saving Instead

If you have credit cards or loans, then it’s likely you will be paying interest on them to the bank. This means that the overall amount you end up paying back will be greater than the amount you borrowed in the first place.

There may also be scenarios where you have failed to pay back a loan, and it has been sold on to another company to collect it. If you notice something like portfolio rc on credit report, then it’s likely your debt has been sold on and you should find out how to get this resolved as soon as possible.

If you know who you owe outstanding debt too and have money left over in your paycheck every month, it’s usually better to spend it paying off credit cards or loans with high-interest rates rather than put it into savings.

Paying off credit cards first is important because the interest every month could be higher than the amount you are saving, which will keep you in debt. Once you have a debt paid off you will be able to start saving safe in the knowledge that any money you put away is yours to keep.

Get Public Transport to Work

Running a car or a truck is expensive with things like insurance, gas, and maintenance to think about. Running a non-electric vehicle is not great for the environment either. To combat this, you could look to start using public transport to get to work or on the weekends to head into town.

If you decide to stop using your vehicle completely, you will notice significant savings straight away. If you still want to keep it for emergencies or for longer trips, you will still notice savings on your gas costs, and probably your maintenance costs too.

If you live in a city, then there are many different public transport options. Usually, it’s quicker to jump on a subway than it is to drive across a city. The other option is to get a bicycle. This is the ultimate eco-friendly mode of transport and cycling to work is a great way to get some exercise on your commute too.

Create a Grocery List

This is the simplest tip on the list and the easiest to follow, but it could have the biggest impact on your bank balance. Writing a list before you head out to do the weekly or monthly grocery shopping, and sticking to it, will help to save you money it a number of ways.

• You will only buy what you need in the quantities you need
• It will help to stop you from making impulse purchases
• It will help you to set a budget which is another way to regulate your grocery costs

It can be far too easy to get caught in up multi-buy deals at the grocery store which can lead to having too much food and ultimately wasting it which means you’re just throwing money away.

Another great way to save money on your grocery shopping is to look out for coupons in the local newspaper and magazines. Coupons could save you hundreds of dollars over the course of a year which you can put directly into your savings for a rainy-day fund.

Pick Up Thrift Store Bargains

Shopping in thrift stores has become so popular recently that even TV shows are made about people buying and selling thrift store bargains. If you’re looking to make some money on the side and have good knowledge about a certain type of product like old clocks or vintage designer clothing you could make some extra money fixing and reselling these items online or at swap meets.

If on the other hands you are just looking for some ways to save some cents then thrift stores are a treasure trove for high-quality second-hand items. Clothing tends to take up a lot of space in these stores, so it’s likely you will find some items that fit your size and style. The price is likely to be much less than new clothing in a store. Shopping for thrift store clothing like high-quality jeans, shoes, and handbags are all items you should look for.

Homeware items can also be found in thrift stores, so shopping for these if you are planning to redecorate or refresh a room can be a great way to do it on the cheap. From lamps to furniture to curtains and blinds, if you search in enough stores, you are likely to find what you’re looking for, possibly even all for less than you could buy one item brand new!