3 ways to save money by being more mindful

Do you get to the end of the month and wonder where all your money has gone? Then it’s time to take some action. Here’s how...

1 Be aware of your spending

If you’re not sure where your money is going, then it’s essential you find out. Go through your bank statements and check everything you’ve been spending your money on. You may find you’ve spent a fortune on takeaways without realising how much it all adds up to every month. Next, set a monthly budget and, if possible, commit to an amount you plan to save each month, too. And to keep track of what your money is going on day-to-day, note down everything you spend in a diary. You may also find the act of writing it down makes you think twice about buying an item. Win, win!

2 Focus on your goals

Sit down and think about what you could spend your money on that would make you happy. Consider short-term goals like saving up for a weekend away, but it’s important to consider longer term goals, too, such as saving for a house deposit. Work out how much you’ll need to save each month and for how long in order to reach these goals. And think about how you’ll feel when you achieve them. Having a plan and knowing that each pound saved gets you a step closer

should make it easier to resist spending on other temptations along the way.

3 Slow down and plan your buy

It can be easy to burn through money quickly without really thinking about it, especially if you’re shopping on your phone while distracted by the TV, or if you spot what looks like a bargain on a new dress and you’re too caught up in the moment to consider if you’ll actually wear it. So slow down and make sure you think carefully each time you’re planning to spend. Ask yourself, ‘Do I really need it?’ If the answer is yes, then ensure you shop around for the best price. And take time to search for discount codes that could save you cash, too.