THE “CASH STUFFING” METHOD

@stephtalksmoney, 10.1m views

According to @stephtalksmoney, the best way to save money is by buying yourself a cash wallet and labelling all the sleeves with all the mini-budgets you’d like to start saving money towards.

This can range from bills and short-term goals to holiday money and luxuries like clothes or shoes.

When you get paid or receive any money, take some out as cash and split as much as you can afford to between each category – it’s guaranteed to make you feel ahead of the game across the board.

THE 100 ENVELOPE CHALLENGE

@amoochlife, 2.7m views

When it comes to tips on how to save money, this challenge – which promises to help you save £5,050 in just 100 days – stands out from the crowd.

First, get yourself 100 envelopes and mark them 1 to 100. Place all the envelopes into a box and, each day, pick out one at random.

Simple put the same amount of cash inside the envelope as the number written on it (eg. for number 10, put a tenner inside), and you’ll break through the £5,000 barrier in no time.

And if it’s too ambitious to save money across 100 consecutive days, simple stretch out the challenge over the entire year to maximise your savings.

THE 50, 30 AND 20 BUDGET RULE

@kaseyhgammons, 81.5k views

This method is a great way for getting to grips with your monthly budget – meaning you can really know how and what you’re spending and saving month on month.

At the start of a new month, simply split your total budget into three distinct categories:

• 50% – this is for your essentials, such as rent/mortgage, bills and food.
• 30% – this is for your “wants”, such as eating out, your hobbies, travel, entertainment, etc.
• 20% – this is for your savings and investments.

One of the best ways to save money realistically alongside your other financial responsibilities.