We often speak of bad habits, but there are some very good ones as well when it comes to saving and making money!
Here are 7 daily habits we think you should incorporate into your daily life to make money much faster.
We’re not saying you’re going to become a millionaire overnight, but by incorporating these 7 money habits below, we can guarantee you will lead a richer life.
- Only pay for what you need
- Learn to haggle
- Keep a spending diary
- Swap skills
- Use point cards
- Make the most of coupons
- Bulk buying
We’re all guilty of it – the odd £3 coffee, the new clothes we don’t need, the overpriced branded products we could do without.
Every day without realising it we are wasting money on little things that if saved could make us some serious cash.
So what’s the solution? It’s simple really – only pay for what you need and you will get rich fast. Learn to do away with the tempting luxuries of life, and money will stick around for much longer.
Everyday essentials like heating, car insurance and internet are mostly unavoidable, but there are areas we can all do with cutting down on. Try to reduce spending on things you don’t need, or better yet, things you could get at a cheaper price! Think food, furniture, haircuts, cinema tickets and much more.
Little changes in your everyday spending can turn into big savings!
Give haggling a go and it will soon become one of your new favourite hobbies!
There is nothing embarrassing about haggling over the price of anything. It takes a bit of front but anyone can do it if they know how.
You can save money on anything from clothing to electronics, homeware and sports equipment. Simply asking for a discount can take you surprisingly far, but don’t accept the first offer. Remember, shops would rather make a lower sale than no sale at all, so push a little more and hopefully you’ll get a good deal.
Whether they say yes or no, stay pleasant and be friendly, particularly if you would like to come back to that shop later. It’s tough for everyone, particularly shop owners, so be nice and you’re likely to get more in the long-run!
A great way to ‘get rich fast’ is to keep a spending diary.
MoneyMagpie’s top tip to keep out of debt is to live within your means. Genius, huh? The problem is that many people have no idea what is going into their bank account each month, and even less about what’s flowing out.
Most people think they know exactly what they spend, but a spending diary can really help show you where you are throwing your money away on needless purchases.
Get into the habit of tracking everything you spend so you can see just how much money slips through your fingers. This will help you become better at money management, and hold on to more money than you thought possible!
Many entrepreneurs reduce costs and grow their business by swapping skills, we even do it here at MoneyMagpie HQ.
You don’t always need money to get what you want. Everyone has something to offer in terms of skills, it could be anything from accountancy to decorating, gardening to dog-walking or child-minding. You might have goods to exchange or even be willing to lend out equipment.
By simply swapping skills with others, you might be able to save hundreds of pounds. There are a number of organisations out there that cater to whole communities of skill-swappers if you want to widen your horizons.
Remember! It’s not just skills that are swappable – your unwanted stuff is too. There are hundreds of sites around devoted to swapping clothes, DVDs, books… pretty much anything you can think.
Give skill swapping a go! You’d be surprised what you can get.
Are you making the most of your spending?
Of course, spending money on life’s essentials is unavoidable.
However, most shops these days offer some sort of points or loyalty card. Sign-up for the ones you think you’ll need and every time you shop, you’ll earn reward points which can be used towards your next shop. It’s amazing how many of us collect up points and rewards and never get round to using them.
Tesco, Sainsbury, Superdrug, Boots, The Works, Starbucks, Costa, The Body Shop and even Nandos are just a few high-street shops that offer loyalty cards.
Discount vouchers, coupons and apps top the list of the nation’s favourite money saving tips, with half of UK adults using them to cut the cost of goods and services.
Scour Facebook for couponing pages. You’ll find hundreds of dedicated people who post regularly with tips and links to coupons. Follow their pages and keep an eye on their posts.
Want to get rich fast? We really recommend you master the art of bulk buying.
The MoneyMagpies are big advocates of buying in bulk to save money. Everything from food, energy, groceries and Christmas cards could be bought cheaper if you buy a lot in one go, and this will increase your wealth in the long run.
Shops often run discounts if you purchase in bulk – and it makes sense if it is an item that you know you’ll need to keep buying such as washing-up liquid.
What habits do you live by for a richer life?
Let us know in the comments below or on Twitter @MoneyMagpie.