Tips on How to Save Money

Set up a budget

One of the most important things you can do is to create a budget. Not because the budget will save you money, but because a budget gives you a better overall view of where your money goes and whether you have overspending in your finances. A budget provides an overview of income, fixed and variable expenses, and divides your finances into categories. It is important to include everything you spend money on, such as rent, loans, transport, mobile bills, subscriptions, food, electricity, transport, savings, entertainment and social activities. Set up a budget and see where you can save extra money each month; typically, we see that many people can save on food and subscriptions.

Enter your information in our budget template and get your budget set up.

Combine insurance policies to get a multi-policy discount

When you gain an overview of your finances, another way you can save money is to consolidate all your insurance policies with one provider. You may have insurance policies with different providers, such as contents insurance in one place, travel insurance in another, and car insurance with a third provider. You can often receive a multi-policy discount by consolidating all your insurance policies with one provider, which means you can save money on the same insurance policies simply by consolidating them. See the discounts you receive when you consolidate your insurance policies with us.

Refinance or pay down debt with high interest rates

If you have debt with high interest rates, such as credit card debt or expensive consumer loans, Refinancing or paying down debt can be a smart way to save money. If you have several outstanding credit cards, consumer loans and similar debt with high interest rates, it may be wise to try to consolidate all these loans into a single loan with a negotiated lower interest rate. If refinancing is not possible, you can see whether you have the opportunity or room in your budget to increase your repayments. By either refinancing or increasing your repayments, you will pay less interest on the loans over time and thereby save money.

Take advantage of offers and fixed discounts when you shop

If you are in a situation where you need to buy a product, you might as well get it as cheaply as possible. You can save a considerable amount of money by staying alert and taking advantage of offers and fixed discounts. You can either sign up to various platforms to receive notifications when something is on offer, or use services that compare and find the lowest price. By avoiding impulse purchases and doing a bit of research on alternatives and prices, you can easily save some extra money on purchases you need to make anyway.

Don't forget that with the DNB customer programme you get access to fixed discounts with several well-known brands and retailers. See if any of the fixed discounts can help you save money on your next purchase.

Open a high-interest account

A good way to save is through a savings account where you receive a good deposit interest rate. It is not as easy to withdraw money from a savings account, and some savings accounts have specific terms and conditions for withdrawals. If you want to save long-term, you can check whether your bank offers a high-interest account, such as BSU home savings scheme for young people and fixed-rate deposit. You can either set up regular transfers or set up a specific amount to go into savings each time you make a transaction.

In addition to a savings account, you should always have a buffer account. The difference here is that with a buffer account, you must be able to easily access the money and use it for unforeseen events such as a new washing machine, dental bills, garage bills, water damage or similar. With a buffer account, you can avoid resorting to credit cards or similar solutions to pay.