22 October 2021
Let's start saving some money!
We all want to save money don’t we? When we have sufficient funds to pay our bills and enough left over to put some aside in a savings account it makes us feel great and less stressed. Having some savings means you have a fund to dip into whenever you need money for a home purchase, important life event or even a family holiday. But to be in this position, we have to be very careful on how we spend our hard earned cash so it’s important to understand what we are actually spending our money on. It’s so easy to get into a cycle of overspending and incurring debt so we all need to consider taking some steps to improve our financial situation.
MCU always tries to support our members so we have compiled a Top Ten list of ideas to help you save some money each month and which we hope will put you in a better financial position:
- Cancel unnecessary subscriptions or memberships like music, TV or gym
- When shopping, buy supermarket branded goods rather than more well-known brands as they will be cheaper
- Use a budget planner or budget App so you can keep track of your expenditure
- Open a savings account so that you have funds set aside when you need them
- Transfer credit card debt to a 0% balance transfer card or consider a debt consolidation loan with us for a cheaper interest rate
- Separate wants from needs - don’t spend money unless necessary
- Unsubscribe from retailer emails as you won’t be tempted to spend money if you see flash sales or money off vouchers
- Take a packed lunch to work instead of buying from a sandwich shop where you might be tempted to buy an expensive coffee too
- Check your workplace benefits as there may be healthcare plans or childcare support you can access
- Declutter your home and sell unwanted items and clothes on sites such as eBay or Vinted
Even if you only consider 2 or 3 of these Tips, you will save some money and can place it in your savings account with us. We have lots of money saving tips to share with you so look out for more tips on our social media channels.