How to save money, whatever your income

Here are 5 simple steps to help you to save money whatever your income.

1 Write it all down

Take time to jot down ALL your income and spending, every week or month. That means being completely honest, even if, looking at things in the cold light of day, you bought things on impulse that you don’t really need.

2 Follow the money

Look at what you wrote down and use the numbers to identify all spending because, no matter if you spent €2 or €20, it all adds up.

3 Eliminate the negative

Highlight all your unnecessary spending. Things you could have done without or did not need or could have avoided spending on.

4 Look for the patterns

Can you see a pattern to your spending that you might want to fix? A habit of hitting the online sales every month or of rewarding yourself at the end of the day with a take-away?

5 Bag the balance

Be mindful of these patterns when you spend, cut back or switch to cheaper alternatives where you can, and put aside what you save.

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The information contained in this article has been prepared by Bank of Ireland (“BOI”) for information purposes only and is not meant as advice. BOI believes any information contained in the article to be accurate and correct at the time of publishing.