How to Save £100 a Month: Tips from Tom Payne at Abaqus
Posted on 1st May 2024
As we step into the new financial year, many of us are looking for ways to tighten our financial belts and save more money in 2024/25. Tom Payne, a seasoned financial expert at Abaqus Limited, shares valuable insights on how you can easily save £100 a month.
Abaqus, a trusted name in financial consultancy, has been helping individuals and businesses navigate the complex world of finance. According to Tom, adopting a few simple practices can make a significant impact on your monthly savings:
1. Conduct a comprehensive budget review:
"Understanding your cash flow is crucial. Start by reviewing your monthly expenses and identify areas where you can cut back without compromising your lifestyle," advises Tom. This includes scrutinising utility bills, subscription services and discretionary spending.
2. Embrace the 'Ask Abaqus' approach:
Abaqus Accountancy encourages a proactive approach to financial management. "We're here to answer your financial queries. Whether it's about tax planning, investment strategies, or budgeting, the Ask Abaqus team is ready to assist," says Tom. The new tagline, 'Ask Abaqus – Your Questions Answered, reflects their commitment to helping individuals make informed financial decisions.
3. Leverage tax-free saving opportunities:
"Take advantage of tax-free savings options available in the UK," suggests Tom. Contributions to an Individual Savings Account (ISA) or a workplace pension scheme can offer tax benefits, helping you grow your savings more efficiently. Ask Abaqus work alongside financial advisors to ensure tax efficiency… we’re here to help.
4. Slash your grocery bill:
"One of the biggest areas where individuals overspend is the grocery bill," notes Tom. Planning meals, buying in bulk and avoiding impulse purchases can significantly reduce your monthly grocery expenses.
5. Explore energy efficiency measures:
Tom emphasises the importance of energy efficiency. "Simple changes, like using energy-efficient light bulbs and appliances, can lead to noticeable savings on your utility bills," he says. Additionally, consider switching to a more cost-effective energy provider.
6. Monitor subscriptions and memberships:
"Audit your subscriptions regularly. Many people forget about ongoing memberships that they no longer use," Tom warns. Cancelling unnecessary subscriptions can free up funds for more meaningful expenses.
7. Plan for unforeseen expenses:
"If possible, create an emergency fund to cover unexpected costs," Tom advises. Having a financial buffer can prevent you from dipping into your savings or relying on credit when unforeseen expenses arise.
By incorporating these practical tips into your financial routine, you can often save £100 or more each month. As Tom Payne and the Ask Abaqus team suggest, taking a proactive stance toward financial management can lead to a more secure and stable financial future. So, don't hesitate to reach out with your questions for 2024/25 – we’re here to help.
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