Ways to save when you’ve got no money!

by Rachel Robson on 15 October 2009  |  0 comments
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If you're finding it hard to put some money aside into a savings account, check out these tips...

I don't know about you, but I'm finding it increasingly hard to find enough spare money at the end of the month to put aside into a savings account. Every time I get paid, I celebrate, but only days later my bubble has burst as I discover that my bank account is now looking decidedly less healthy.

But while saving can seem like a lot of hard work, and at times, completely impossible, I've come up with some ways to help you find that little bit of spare cash to save.

Change you electricity/gas supplier

Getting around to switching your gas and electricity supplier can seem like a bit of a chore. But believe it or not, it's well worth it. I finally got around to changing mine a few months back, and as a result I save an extra £200 a year - brilliant!

Use our comparison tool to see whether there's a better deal out there for you. And don't forget that by opting for an online deal, you're also likely to save money.

Get cashback

As I mentioned in my recent blog post, if you're shopping online, using a cashback website can be a great way to pocket some extra cash. So make sure you use one!

What's more, if you know you can pay off your credit card bill in full each month, why not use a cashback credit card - such as the American Express Platinum Cashback Card which offers 5% cashback in first three months up to £100, and up to 1.25% after that. This is an easy way to earn a bit of cash because you'll simply earn it as you spend.

Choose the right current account

Did you know that by opening the First Direct 1st Account, you'll be given £100 just like that? Yes it's true! Just be aware that you must pay in at least £1,500 a month and you won't receive interest on the account. But First Direct is renowned for its customer service, and if you're not happy, you'll be given another £100 if you decide to leave after six months.

Cut your food bills

Food is unbelievably expensive, but unfortunately it's an essential! So if you want to learn how you can shave money off your food bills, read Ten ways to slash your supermarket spend, and don't forget to check out our Cut your food bills goal. 

Create a budget

One of the best ways to save money is to create a budget. Draw up a list of all your outgoings and earnings - a calculator like this one the FSA should help you with this - and see if there's anywhere you can make cut backs. Do you really need that gym membership, for example?

If you tend to over-spend, a great way to help you control this is to set up a system of direct debits that will siphon off money for bills and mortgage/rent payments into a separate account so that you know how much money you've got left to spend and save!

For more tips on budgeting, read How to budget in five simple steps and check out our Manage on a small budget goal.

Hopefully by the time you've done all of this you'll have some spare cash to stash into a savings account! And if you want to find out where to put your money, read Earn the top rate on savings from £1 to £25,000+. Good luck!