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We all know saving money is important. We know that it will help financial security in our futures. That it’s good to keep some money away in order to afford better things in life. Most people are also well aware of how important saving is as a safety net. This is in case something goes wrong and we will need to support ourselves with no income for a while. 

However, most young adults fail to put this into practice. Statistics in the UK show 53% of young adults (22-29) have no savings whatsoever. They live paycheck to paycheck. If any adversity occurs in their lives they either have to borrow from family members or worse, take out debt to resolve the situation. This post will share with you 5 tips to help you save more money for when you really need it. 

Tip 1: Pay yourself first:

This money saving tip refers to having a preset amount of income you will set aside each time you get paid. The intention is to put this extra income in a savings account or another form of investing portfolio. Allow yourself to only use this money if you are in dire need for it. This can sometimes be hard to execute but is a highly important strategy for you to stay disciplined with your savings. 

Instead of taking funds out of your set savings, a better strategy would be to predict for the foreseeable month if any added expenses will need to be accounted for. You can then adjust the percentage savings taken for each month, relative to what you expect to spend. I encourage you to be strict and live off the rest of your income. Going into your savings should be an absolute last resort.

Tip 2: Don’t follow the crowd:

In order to be more financially secure than others, you are going to have to make more sacrifices than other people. Most people are so attached to the idea that to be cool or socially accepted, they must continue to buy the latest fashion and appliances. This is expensive and is the main reason why most people today will never put away any significant savings. 

I don’t blame them though. Businesses are very clever at creating this impression. Through advertising and the use of influencers that many people look up to, they show off the latest phones and clothes and express this life of luxury as it were the only way to live in success. Business marketing is why there is a different fashion collection for each season. It is also why we feel the need to upgrade our phone every year or purchase the high end, branded goods.

The best thing you can do is be aware of this. If Gucci handbags make you happy, then great, I won’t judge you. However, the reason this lifestyle is cool is because of the businesses selling it to you, not your friends or random people. There frequently is no harm in waiting longer to buy a new phone or purchase clothing without a fancy brand. Don’t follow the crowd simply because it’s cool, your financial future will thank you.

There’s a great quote I read from a financial guru named Dave Ramsey- “You have to live like nobody else, so one day, you can live like nobody else.”

So start saving money today, so you can live a much more successful, secure and worry free life in future.

Tip 3: Keep track of your expenses:

This is another brilliant money saving strategy. One day try to write down all of the expenses you have on any given month. Out of all of these expenses, I guarantee you that there is at least one thing you can either cut out or reduce your expenses on. 

Look at your monthly bills or insurance payments. It may be worth looking around to see if switching your service or supplier may give you a better deal. You could also aim to buy cheaper alternatives to certain foods from your weekly food shop to the supermarket. Perhaps you notice you could eat in more or drink coffee at home rather than going to Starbucks every morning. 

You can really use your imagination with this one. There is often always something you can do to cut costs. For example, last month I noticed I was paying more than I needed to on my monthly phone bill. I switched to the lower rated service offering less internet and call time. I realised the extra minutes I were rarely being used so it’d make sense to cut the price of my service. Having a few extra minutes of call and internet time was an unnecessary luxury.

Tip 4: Have somewhere to put the money you save: 

It can be a great motivator to have somewhere to put your money and see the value of your account grow each month. Saving money will be much easier once you have a tangible place to see your your financial goals being met.

Although it’s important to remember, due to inflation, the value of each £ decreases over time by on average 2-3% a year. So to combat this, you need to put your savings into an account which can earn you interest. Often, the higher return you can receive, the more risk involved.

For safety, you can look at a cash ISA. Many banks will give you around a 0.5-2% tax free return to save money with them. ISA’s are a great way of safely putting your money away for a set period of time. This however, still loses you money in the long run against inflation. 

If you are looking for a better return and are willing to hold your savings for a significant amount of time, great wealth can be made out of investing your savings. Average annual return of the stock market is around 8%. There are many investment funds and trusts that can give you this return. You just need to spend a bit more time, learning about these investments to mitigate risks. 

The Investing section on this website aims to post lots of content to help the beginner investor learn successful investing strategies. From the stock market to property investing, we will help you get underway on your investing journey.

Tip 5: Start saving money by buying second hand:

A brand new car loses 40% of its value once it is sold and driven out of the shop. Phones tend to last around 3 years yet many people trade theirs in after a year or 18 months. Many people get into new sports or activities, buy the equipment to use it once or twice. 

Some things don’t make sense to buy first hand. Not when you can often purchase the same item for a hugely discounted price due to it being used a small amount. There are many great bargains out there if you know where to look.

The next time you need to buy a new car or major piece of sports equipment, I challenge you to have a look on some second hand sites. You’ll be amazed to see some barely used equipment at bargain prices compared to it’s RRP. You’ll end up spending a lot less on something that effectively does the exact same job, just as well.

It’s also a great idea to take advantage of sales to make your purchasing. If a shop has discounts on offer, use this as an opportunity to stock up on what you need and will probably need in future. 

learn more financial skills with Money Your Concern…

Thank you for reading my post. I hope you’ve found it useful. As a challenge, see if you can pick out at least one tip you’ve learned here today and implement it into your financial life. Let us know in the comments section below the strategy you will use to help you save money.

If you’re looking for a way to make more income in your life, check out and follow my £1 a day challenge. In this challenge, I push myself to make at least £1 a day online, no excuses. This goal is in the hopes of increasing that £1 goal to a level where I don’t need to work any more. To become financially free! Saving money and investing is a very important supplement to this challenge too.

Thanks. Best wishes with your financial future.

Harry