Money doesn’t quite make the world go round, but it is important and can affect the way that you live your life in a big way. Want to get into a better spending routine with your money in 2021, and save/invest your money more productively in order to make it go further for your future? Take a look at this shortlist of saving tips to keep in mind as we come out of lockdown, into 2021, and beyond.
Streamlining Your Finances
The Christmas period is always difficult money-wise, with presents having to be bought and electricity/heating bills rising. Starting in January, it’s the perfect time to sit down and go through your finances with a fine-toothed comb, picking out here and there the things that you don’t necessarily need to be splashing out on, and what you can perhaps afford to cut out entirely going forward in order to put a bit of extra cash in your back pocket each month to spend productively.
Tip – Watching Christmas films and binging television series is a popular pastime during the winter months, but you might have a subscription to a streaming service that you don’t use in comparison to others, or perhaps not at all.
If this is the case, then consider canceling it and instead save the extra few pounds that you otherwise wouldn’t have used anyway, as the money will soon rack up. It is estimated that around £40 a month is wasted on products or services that we have forgotten about or never use, and so it can’t do you any harm to look closely at your outgoings and trim the fat a little!
Saving and Investing Your Money for the Future
Always wondered about seriously saving or investing your money, but have never quite known where to start? Having a buffer to fall back on in times of financial hardship is a great way of helping you to feel better about money, as you won’t always be worried about reaching the next paycheck, or how you’re going to afford certain things that you need in order to get by.
This can easily be done by putting to one side a small amount each week or month, but if you’re struggling to find the motivation then you might want to try one of the ranges of money-saving challenges and ideas out there. Examples of these include the 1P saving challenge, which has you saving 1p on day one, and increasing every day, ending the year with £3.65 for a total of over £670 – not bad to put towards a holiday!
Equally, if you want to invest some of the extra money that you’ve managed to accrue throughout lockdown, and put it into something more productive for your financial future, then you may decide that you want to invest your money and put it back to work for you.
Depending on the sort of investment strategy/asset class that you’re interested in, this can range from simple, small investments such as rounding up payments through a smartphone app like MoneyBox, or something more long-term and lucrative, like a property investment strategy.
If you’re eager to learn about developing markets in the UK, RWinvest has a range of different guides, podcasts, and videos that you can access for free, giving you all you need to know about the UK property market and the different areas of success worth looking into in the coming months and years.