How cutting back could help you get your finances into shape

Saving can seem hard, but small cut backs can add up to big savings that could make a real difference to your financial future.

When you look at your monthly outgoings it can be hard to see where you could cut back to save for your future, to finance a big new purchase such as a car, to help your children or to pay off debts.  But it can be easier than you think. 

Every little helps

Looking to make big economies can be hard.  But often it’s the little purchases that you make without thinking about them – precisely because they are so small – that add up to sums that could make a real difference to your financial future.  Buying one app at just 99p a week mounts up to £361.35 a year.  Buying a £2.50 coffee every day on your way to work, comes in at £650 a year.  You probably wouldn’t miss the apps, and you could take your own flask of coffee to the office – bingo!  More than £1,000 a year saved effortlessly.  

Compromise

Of course, it’s still nice to have a treat.  But turning those optional extra purchases into real treats, rather than every day or weekly occurrences, can mean you enjoy them even more.  Spending £30 a week on takeaways for you and your partner costs a staggering £1,560 a year.  Spoiling yourself once a month, rather than every week, would still give you an extra £1,170 to play with by the end of the year.

Work it out

To see how quickly your small cut backs could add up to real savings, use the ‘quick cash finder’ calculator on the Money Advice Service. 

You don’t have to make huge economies to make a big difference to you financial future: cutting back the little things can give you more options than you dreamed of.

For expertfinancial planning advice, call Graham on 07740 192505 or email gkinns@coreifa.co.uk to book a no-obligation consultation at our expense