Take care of the pennies and the pounds will take care of themselves. How true is this saying? Indeed, most of us are looking for ways to cut back on our spending. By looking at where you’re spending your money and by cutting back just a little bit on a number of spending habits, it is possible to save a substantial amount each month. Rather than spending your money on everyday treats, such as getting the morning takeaway coffee or buying the latest fashionable item, think of the bigger rewards you could treat yourself to, like for example being able to travel to your dream destination. You will also get peace of mind that you have a nice nest egg to tide you over should you get sick or lose your job.

Here are some tips on expenses you can easily cut back on:

Bring lunch from home

You can easily spend anything between €10 to €15 a day on a lunch when you eat out, which equates to some €50 to €75 a week. Why not pack some of your leftovers from your weekend lunch or evening meal, or perhaps even prepare some lunches at home? The advantages here are twofold: you’re not just saving money, but you are also cutting back on wasting food.

If you are in the habit of eating out more than once a day, then preparing meals at home, can help you save even more.

Pass on that cappuccino

Admittedly stopping for a takeaway coffee on your way to work can become an easy habit to look forward to. But takeaway coffees are far more expensive than making your coffee at home or at the office and by cutting back on this daily habit you will certainly help contribute towards your savings.

Do you really need all that data?

It is easy to get caught up in a mobile plan where you sign up for more than you actually need. Perhaps it started out as a promotional offer, however you are now paying significantly more. Switching your plan can be a simple way of cutting down on expenses. 

Stop paying interest

Don’t let your credit cards run into the red by making sure you pay them off on time and in full every month. The interest charges on credit cards can really add up, so you can save the money you would otherwise spend on paying the interest. This is one of the best ways of saving – avoiding getting into debt.

Give yourself an allowance

Budgeting how much to spend each month will surely help keep your expenses in check. However, everybody deserves a treat every now and then and therefore putting some money aside for you to spend however way you want will still help you save in the long run, because it allows for some splurges but stops you from overspending.

Try store brands

You can substantially cut down on your grocery expenses by buying supermarket products. These are normally cheaper than other well-known brands. Having said that, before you go and buy those 20 packets of supermarket brand cereal, buy one pack to try it out first and ensure that you actually like it. Some supermarkets are better at one kind of food, say tinned foods, while others may produce better toiletries, so you might want to start shopping at different supermarkets. Also look out for any promotional offers that stores might have, such as buy two for the price of one, or reduced prices due to imminent expiry dates.

Stay healthy

It is no surprise that getting sick can be costly – not just because you cannot work, but also because of medical bills. Keep your health in check and have an annual check-up. Also, visit the doctor sooner rather than later if you are unwell. Maintaining a healthy lifestyle can also help you avoid the health complications that come with being overweight and will help you reduce or stop other unhealthy costly habits such as smoking and alcohol consumption.

Start saving now

Saving brings the peace of mind that many of us crave.  It is easy to set up a savings account and by doing so you can make your money work for you without having to do anything. With an interest rate of 1% when locking your savings for one year, MeDirect makes it easy to start saving with as little as €100.

And to make it easier, MeDirect are giving you the facility of becoming a customer from the comfort of your home by completing a short questionnaire through their our website when clicking Become a Customer.

Click here to find out more and to open a term deposit account online today. 

MeDirect Bank (Malta) plc, company registration number C34125, is licensed by the Malta Financial Services Authority under the Banking Act (Cap. 371). The Bank is a participant in the Depositor Compensation Scheme established under the Maltese laws. Rate quoted is gross of tax on a per annum basis. Interest is paid into a savings account. Terms and Conditions apply.