This is how you can achieve your Money-Saving goals this year
These are not easy times financially. High energy costs, expensive groceries. Do you want to make progress in saving this year? We are happy to help you on your way.
Know what you spend
If you want to spend less money, you first have to know where it goes. Most of it probably goes to rent or mortgage and your fixed costs. How do you spend the rest? Only when you know your spending pattern can you save on it? Therefore, first, look at your bank transactions from the past month. Or, better yet, from the past six months. Write down what you spend every month on:
Groceries
Eating and drinking outside
Outings and extras
Clothing
New things for the home
Gifts for others
7 tips to spend less money this year
Now that you know what you’re spending, you can get started. So time for action! We give you 7 tips that will help you achieve your ultimate savings goal.
1. Save on food and drinks
You can save a lot of money on food and drinks. Especially now that groceries are becoming increasingly expensive. Keep an eye on offers, always make a shopping list in advance, and cycle ten minutes further to that cheaper supermarket. By shopping smart, you will spend tens of euros less per month.
In addition to groceries, a lot of money is also spent every month on eating and drinking out. Is it really necessary to get that sandwich at the station? Or that expensive latte at that trendy coffee shop? Eating and drinking outside is often not necessary. Take a thermos bottle of water with you and make a few sandwiches at home. Then you will get through the day just as well and, above all, much more cost-effectively.
2. Always shop with a plan
It’s a basic mistake: shopping without a well-thought-out plan. If you don’t know in advance what you want, you are vulnerable to temptation. Retailers know exactly how to make you buy more or more expensive items than you intended. Therefore, determine in advance what you need when you go to a store. Make sure you know what requirements it must meet and what the maximum cost may be. If you shop purposefully, you are much less likely to buy things you don’t need.
3. Do it yourself
Do-it-yourself is hip, fun, and a big money-saver. You can patch that bicycle tire yourself, whitewash that wall and anyone can put a button on a shirt. It’s not that difficult; you just have to make the time for it. By doing it yourself, you keep a lot of money in your pocket.
4. Don’t always buy new
Everything you need has already been used or worn by someone else
Fortunately, the time when second-hand was a dirty word is far behind us. Marktplaats, Facebook, and Vinted are full of second-hand products. From cars to wardrobes, from vacuum cleaners to children’s clothing—and everything in between. So always check whether the product you need is also available second-hand. This way, you can spend less money while still buying something new. And it is very sustainable, too! Be sure to check the condition of the product carefully, because there is, of course, no warranty.
5. Save on Subscriptions
Cancel subscriptions you don’t need. And check whether the subscriptions you have match how you use them. Can you make calls via the Internet? Then you may be able to significantly reduce the number of calling minutes on your subscription. Do you watch television via a streaming service? Then you may also be able to cancel your television subscription. And that expensive gym membership—is that necessary? Or perhaps you could also try running because it is free and is also something for you. Also, share subscriptions, if possible. Exchange books in the so-called mini libraries that you increasingly see in neighborhoods. A critical look at your subscriptions can often save many euros per month.
6. Make sure you are not in the red
Being overdrawn is a cost that many people overlook. You may not think about it, but being overdrawn is a debt to your bank. You pay interest on every day that you are overdrawn. This is often only a small amount per day, but it can add up considerably on an annual basis. It is therefore advisable to spend as little time as possible—preferably not—in the red. Many banks allow you to disable the option to overdraw. A handy stick behind the door.
7. Start budgeting
Do you find it difficult to get a grip on your expenses? Then start budgeting. At the beginning of the month, you make money for different types of expenses. You decide how much you put in each jar. The goal is not to spend more than you have in the pot. This way, you can see exactly how much you have left, so you spend less money.
Bonus tip: set it aside
Saving only becomes fun when you see what it yields! That’s why our bonus tip is: set aside (part of) the money you save. For example, put it in a special piggy bank for the holidays. Or save until you have enough to finally buy that jacket you’ve wanted for so long. Or, if you look further ahead, see how you can use it for your pension accrual. This is a great way to reward yourself for your good behavior.
