How to save money on a tight budget

Posted on 10 February 2019

We get it, saving money isn’t the most exciting topic. But with the right mindset, it can go from a daunting chore to a promising look towards a happier future. We’ve picked out some great money saving tips to help you change your life for the better.

Do you really know how much you are spending?

It’s quite shocking how many people don’t always know how much money comes out of their account each month. It’s now very easy to open an app or log in online and view previous statements, so why not start by going through your last few months' worth of expenses?

Ignore your splurges to begin with. Instead, take a look at how much your regular bills cost, from phone and rent to Netflix and Spotify, work out how much is coming out of your account and why. Once you have all of your monthly expenses noted, think carefully. Do you really need Netflix, Amazon Prime, and Now TV? Could you save money on music by getting Spotify Family with your mates? Are there other services and subscriptions you can cut out?

Once you’ve cut out the fat, you can start looking at the small splurges. Dinner out with your mates? A few drinks on the weekend? It all adds up. Now, we’re not saying cut this out completely, just take a moment to see how these small spends can make a dent in your account. Already gone out this week? Maybe invite your mates around for dinner instead of hitting your favourite spot in town. 

Ultimately, it all comes down to being more thoughtful about your future. Once you know how much you are spending, each purchase can be a victorious ‘yes, I can afford this!’ as opposed to a grimacing groan the next day as you look at your bank balance.

Who’s hungry for money?

When you’re on a tight budget, it all comes down to thinking about how you spend your money. One of the biggest money pits is food. Nature’s most important survival element has turned into society’s biggest form of entertainment, which means we often end up paying more for food than we actually have to.

Eating Out

No need to go for beans on toast every weekday, but there are likely some savings you can make if you carefully plan out your weekly or monthly shops. Sound like a chore? Why not plan out some exciting meals ahead of time. Look forward to stocking up those cupboards. Start by making a plan by browsing any online grocery shopping site like Sainsbury's or ASDA. Now that all the big supermarkets are online, you can shop around from the comfort of your own home.

While you're browsing, start to think carefully about what you actually need, and write a shopping list out for the week. Look for deals each week, substitute branded items for the non-branded stuff. You’ll be surprised at how often the cheaper stuff is just as good, or sometimes even better. Shocking, right? You can even consider going from store to store to find the best savings on your shop. If you’re truly on a tight budget, taking a few hours each month to plan out the best shopping list could save you a surprising amount of money.

Cash out, don’t splash out 

One of the biggest mistakes you can make when you’re on a tight budget is falling into the payday splurge routine. This involves scraping by for most of the month then treating yourself to nice food, clothes and all sorts of other good stuff when you get a big cash drop in your account.

It’s nice to treat yourself every now and again, so consider fitting a ‘good times’ allowance into your budget. That way, when your next payday comes around, you can spend a set amount on splurges and feel good about doing it. You’ll know that the money you are spending is free to spend any way you please, and you'll still keep some to the side for saving. 

Think forward when you spend with Yonda 

These tips are great for those that can create some wiggle room, but how do you save with no money spare each month? 

Why not try Yonda? With Yonda, you can get rewarded any time you spend at supported retailers. Whether you’re picking up new clothes, eating out, or simply doing the weekly supermarket run, spending with the Yonda card will help. Each time you use the Yonda card, you’ll see Coin hitting your account. You can then look forward to using your Coin to treat yourself or someone else. As you continue to Coin it in at your favourite locations, your coin balance will grow.

Use that money for more fun spending, or create a savings goal with a seperate money pot within the Yonda app itself. It’ll help to separate what’s there to spend and what’s not. The pot will always be there to check up on whenever you need a motivation boost.

If you’d like to learn more about how Yonda works and how you can get paid on your upcoming purchases, check us out on the app store.

What’s next?

Want to try Yonda out for yourself for free? Find us on the Google Play Store and iOS app store. Or, take a browse through our blog for more great money saving tips.

Grab life by the Coin

Click on the app store links below to download the Yonda App