This Financial Expert Reveals How to Save £50 in Supermarkets
Ellie Austin-Williams created the ’This Girl Money blog and a financial platform to share her insightful thoughts. She also presented the Money Unfiltered Podcast and revealed to Express.co.uk how she saved £50 with little effort.
Ellie stated that she used specific applications for regular activities such as shopping and purchasing lunch. The applications round up the change, which is then saved in a pot. She also stated that she withdraws from Monzo or Starling regularly as a small reward.
Ellie went on to add that she would frequently not go into those accounts for a few months, and then she will go in and see whether they are £40 or £50, which is around the period when she tends to steal part of it.
She noted that without much work or attention, simply going to the grocery or Pret, these roundups rapidly piled up to a reasonable sum.
She went on to add that she was a huge lover of utilising that app and that there are a lot of applications that make it extremely easy to save. Her favourite tool for loading them was the roundup tool, and she used Monzo daily.
Every time she spends an amount that isn’t a whole number, it rounds up and deposits the difference into another port for you, and it’s incredible how much money you can save without even realising it.
There are also several excellent auto-saving apps, such as Plum and Chip.
They will analyse your bank accounts and your expenditure. They will take money from your current account and deposit it into a savings account based on how much they believe you can afford to save, which I think is fantastic.
They, once again, take the work out of saving and make it simple.
Ellie thinks that saving challenges is helpful. In most cases, a little challenge can motivate saving for even a short time, but it’s important not to perceive saving as a chore.
She suggests that one should figure out how to incorporate their daily life in practical ways.
An example of a challenge would be the 52-week money challenge, where participants save £1 in a week, £2 in two weeks, and so forth. In a year, a participant can save up to £1,378
Pay Yourself First
According to Ellie, another essential consideration is whether you are attempting to save a significant sum of money. When you’re paid so securely, it’s an excellent time to save.
She also adds that many people recommend that you pay yourself first, but you need to figure out how much you can afford to save and then do that stock month. Besides, you won’t have to make sure you have any money left to save at the end of the month.
It’s essential to save your money first thing in the morning, and then you can relax knowing you’ve finished your monthly savings.
In addition, she explained how much money individuals should set aside each month for savings. As a general rule of thumb, aim to save between 10 and 20 percent of your gross monthly income for the future.
To achieve this, put money away in a savings account or investments based on your personal financial situation and goals.
There is no question that if you have extra money available, you should put as much aside as possible for the future.
Denzil is an experienced writer and a procurement graduate on a mission to eliminate poor regurgitated content while advocating for top-notch digital content. When he’s not writing, Denzil joins the rest of the world watching the English Premier League games.