Sometimes it’s easy to find yourself with a larger monthly expenditure than you had originally budgeted for, simply due to extra expenses that you weren’t able to factor in, or maybe you’re just not getting enough monthly income to cover the basic costs. This can be overwhelming and stressful. Occasionally when we’re dealing with financial difficulties it’s hard to see what’s right in front of us. Sometimes it’s as simple as choosing the right bank account option or knowing how to use your debit card!

1. Start with a clean slate.

This might be a given but before you start saving you should:

  • Pay off any debts. Time will only keep adding interest to those and aggravating the situation, so they should be repaid as soon as you can afford to do so.
  • Never take a new loan to pay for an existing one as that would only worsen the situation.

2. Improve your savings rate

Even though interest rates are currently fairly low across all banks, it’s worth researching what other entities offer and comparing them with the one you’re currently banking with as you might be missing out on a higher interest rate!

There are some bank accounts that offer up to 5% interest a year, as long as you pay in a minimum amount every month. There may be additional terms, like a limited number of allowed withdrawals throughout the year, and often the interest drops after the first 12 months so it’s always important to check the terms and conditions of each account on offer before applying.

3. Get cash by switching bank accounts

Did you know that you could get up to £175 worth of cash by simply switching bank accounts? Did you also know that the bank you decide to switch to takes care of everything for you? So you can just sit back, relax and reap the rewards.

Again, you often need to pay in a minimum amount each month – generally around £1,000 - to be eligible to apply for this kind of account, which may seem a lot but all you need to do is ensure that your monthly salary payments are sent to this account and that will hopefully cover it!

Some banks are also implementing “refer a friend” schemes where you get rewarded for getting your friends and family to join your bank. They may pay you up to £100 if you refer a friend who signs up for an account. This is not always a quick way of getting cash fast as sometimes it can take months to receive the reward, but it could be just the boost you need to start saving! Check the terms as the referral reward is usually capped at a maximum amount, but it’s still a nice way of getting easy cash!

4. Use a cashback credit card

Wouldn’t it be great if you were rewarded every time you used your credit card? Look no further… With a cashback credit card, you earn a percentage of the money you spend back into your account every time you use your card.

By regularly making use of that card, you could make substantial earnings throughout the year. Nonetheless, it is important to always keep track of your expenses to avoid spending more than you can afford to repay as the interest charges could easily overshadow any rewards.

So why not try our top tips to help you save money each month and if you have any more money saving tips, we’d love for you to share them with us on Twitter at @cashasapuk.