Lexus Group Consultancy in Tokyo, Japan 13 tips to help save money if you live in London | Page 2

spending diary for a week or two where you write down everything you spend from the smallest stick of chewing gum to filling the tank
with petrol. This will help you identify items you might be able to cut back on.
7. Have a goal
Having a savings goal can help determine which account is best for you. If you have more than one goal you could use different accounts
for each one.
8. See if your bank offers bonus rates
Some accounts may offer a high bonus rate which is designed to tempt you in – but bonuses drop off after a certain period. If you don’t
have time to keep switching, avoid accounts offering bonus rates and look for a rate that’s been more stable historically.
9. If you don’t know where to start with bank accounts, try comparison websites
Best buy tables and comparison websites are a good starting point for anyone trying to find a savings account tailored to their needs.
Not all comparison websites will give you the same results, so make sure you use more than one site before making a decision.
10. Set up a savings account
If you want to earn a bit more interest then consider a regular savings account but remember, with these types of accounts or fixed term
accounts you might not be able to access your money immediately without paying a penalty.
What is the best way to create a budget?
11. Review your budget every few months
Life is unpredictable so try to review your budget and your spending if there’s a change, or at least every couple of months. You might
get a pay rise, which means you can save more, or you might find your household bills increase.
12. Put time aside to manage your money (like you put time aside to go to the gym, see friends etc.)
Taking the time to manage your money better can really pay off. It can help you stay on top of your bills and save £1,000s each year.
13. Use an app to help you budget
There are also some great free budgeting apps available and your bank or building society might have an online budgeting tool that
takes information directly from your transactions. Just grab as much information as you can about your income and spending (bills,
bank statements…) and get started.