11 Oct

Written by Morgan Woods on October 11, 2017

Back in 2016 my family and I found ourselves in a really tough financial situation. Due to mental health issues and a few other negative events we hadn’t been particularly financially savvy. Money seemed to be a constant struggle and I lived in my overdraft. We managed to build up a substantial amount of debt & found out the house we were renting was to be sold (through no fault of our own). We had to rely on family and friends financially to help us move and get back on our feet. I was so embarrassed I had let things get so bad.

That’s when I realised I needed to turn things around! My family and I set the goal of buying a house in 2018 and I started writing down a realistic savings plan. I started to save money on groceries by couponing, meal planning and getting creative with super cheap ingredients. I started to earn extra money from home by matched betting, selling our junk on eBay and completing surveys.  Our debt was paid off in just a few months and we could finally start saving for our first real home.

Now, I’m becoming increasingly frugal and thrifty. If we don’t need something we don’t buy it, it’s as simple as that. So how did I do it?

I would recommend that first you have a goal. Weather it’s to pay off a holiday, save for your first home or get out of debt, the more you want the goal the more you will do to get it. Without a goal you have nothing to aim for and in a moment of weakness you’re more likely to spend.

Next you need to write down your budget. What money do you have coming in? Include all of your bills and expenses for that month, then work out where you can cut back & what money you can save or pay off debt with.

I focused on saving money before I started making extra money, a penny saved is a penny earned! The first thing I cut back on was groceries, we halved our budget from £400 a month to £200. Meal planning weekly is a must, moving down a brand level, shopping around for cheaper prices all helped too. If you hit the shops at the right time you can also pick up some awesome reduced products, most of which are safe to eat over the next few days or freeze.

A great way to start making money from home is selling your old junk. You would be amazed at what people will buy, as they say one man’s trash is another man’s treasure. This is one of the easiest ways to quickly free up some cash.

Matched betting is what saved Christmas 2016 for us as well as some survey earnings and eBay cash. This year however I’m better prepared! I started saving back in July and have accumulated quite a few gift cards through phone apps and using cashback sites when I shop online.

Leave a Response