Tue. May 17th, 2022

Soaring energy costs and an overall rise in the cost of daily living mean that the situation is currently difficult financially for many people. A recent study by Tesco Bank found that 7 in 10 Britons (71%) had an increase in their cost of living in the past three months, while 42% had to cut their daily expenses.

75% of Britons are concerned about rising costs through 2022, and many are unsure how they will get through these test times going forward.

The current situation is an important reminder to organize your budget and savings, and Tesco Bank shares 5 tips to help you ease financial worries or put your mind at ease.

start a budget

Budgeting may sound like a scary concept, especially for those who have never done it before, but it’s not all about reducing voluntary activities or small daily perks. Small steps like setting up a budget app on your phone to keep track of where your money goes can really help. You can then use the insights in the app to set yourself a goal for the month and even reward yourself with a little pot you accumulate. A little bit like going to the gym, the more you do it, the more likely you are to keep doing it.

Buy round-ups you make

Many banks and apps allow you to round up your spending to the nearest pound and put it into your savings account. It can be an easy way to unknowingly save and make healthy savings on time.

collect points as you can

Many retailers have a point system that is worth maxing out as it can be saved and used on future purchases or discount coupons. Sign up for a scheme where you can accumulate extra points and don’t forget to use your double or triple point vouchers you have.

Save whatever you can afford – even coins

Many of us tend to think that we have to save big or that it is pointless to do so. But this is not true. Saving as much as you can afford, big or small, is a good habit. You might start off with a family penny savings challenge one day, raising a penny, the next two, and the next three, and after a year you’ll add hundreds of pounds.

Set your goals

It’s good to have a goal in mind to help you stay on track. Giving yourself something to work on is a great way to stay motivated. Your goals can be as large or small as you want. Perhaps a dinner with friends, an addition to a summer vacation, or a car upgrade. Keep this goal in mind whenever you save.

Sophia Anderson

Sophia Anderson is a blogger and freelance writer. She is passionate about covering her topics on money, business, careers, personal development, motivation and more. She believes in a positive attitude and a driving force for continuous improvement.

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