When on the move we are often tempted to spend more money than planned. The following options are available when it comes to expenses on the go: Make food and drinks to take with you: Bowl, smoothie, sandwich: with good planning and a little time, you can make significant savings by preparing your own food – and also avoid packaging waste. Compare prices: A trip, a hotel room or even an event can often be booked through more than one provider. Since there are usually different prices and discounts, it’s worth shopping around. Booking tools are useful for an initial overview. However, you often save on fees if you book directly with the hotel or airline. Book as early as possible: Whether it’s transportation, accommodation or activities – booking in advance can often save you money.

Day to day

Saving money day to day: the best tips

How to save money on a regular basis so you can fulfill big and small wishes.

by UBS Women’s Wealth 23 Oct 2024 8 min read

Saving money on a regular basis can be a challenge. We show you how to spend less in everyday life and systematically save money. This will put you in a good financial position today and tomorrow.

More money left at the end of the month – with our everyday savings tips

There are various adjustments you can make in everyday life so a certain amount comes together quickly each month, which you can consistently set aside.

Subscriptions and insurance in check: keeping ongoing costs under control

Your fixed costs are a good place to start. You don’t have any influence over your rent, but there is often potential to save money on subscriptions and insurance.

Check your current subscriptions and set priorities: Which are your must-haves and what are your non-essentials? Does it really have to be the paid version, or is there a free alternative? Did you also cancel all free trial subscriptions in time?
Compare different offers: Sometimes you stick with the health insurance or insurance company you already have (or know from your parents). However, it may be worth comparing offers and choosing a different provider for each product.
Check combined offers: With some subscriptions, you can save by using multiple services from the same provider (e.g., phone, internet and TV). There are also attractive offers for couples and families.

Energy heroes: reduce ancillary costs

Check your daily utilities consumption:

Save electricity: Always turn off the light when you leave a room. It’s best not to leave devices in standby mode, but to turn them off completely. Power strips with switches make this very easy.
Don’t heat too much: Before turning up the heating, it’s better to put on another layer of clothing. Also: ventilate in short bursts – it’s better to fully open the window for 15 minutes than have it tilted for several hours.
Energy-efficient cooking: When heating food in a pot, put the lid on. Also use a suitable hotplate (one that is not larger than the pot).

Spend less on the go

When on the move we are often tempted to spend more money than planned. The following options are available when it comes to expenses on the go:

Make food and drinks to take with you: Bowl, smoothie, sandwich: with good planning and a little time, you can make significant savings by preparing your own food – and also avoid packaging waste.
Compare prices: A trip, a hotel room or even an event can often be booked through more than one provider. Since there are usually different prices and discounts, it’s worth shopping around. Booking tools are useful for an initial overview. However, you often save on fees if you book directly with the hotel or airline.
Book as early as possible: Whether it’s transportation, accommodation or activities – booking in advance can often save you money.

Smart shopping: with a plan and understanding

A major item in every budget is shopping, from regular household purchases to more expensive items. How to save when shopping:

Write a shopping list: Plan ahead before shopping to determine what you really need. When it comes to groceries, this can save you money and also prevent food waste. There are also special apps that allow you to save money and stop food from going to waste.
Look out for discounts and promotions: When creating your shopping list, take a look at current promotions. This is especially easy online as with most retailers you can filter for promotions/ sales.
Use loyalty programs: With loyalty programs from supermarket chains, stores or shopping platforms, such as UBS KeyClub, you benefit from additional promotions and cashback credits.
Try out alternative brands: We often reach for a certain brand out of habit. Try cheaper alternatives such as store brands, some of which offer the same quality for less money.
Do it yourself instead of buying: Whether it’s the Sunday loaf, the marinade for the grill or chopped nuts – doing it yourself often saves you money.
Shop against the general demand: The fewer people currently want to buy the product, the lower the price will be. Order a new ski helmet in the summer and an inflatable boat in the winter.

Pay smart: choose the right payment method for every expense

Save money when paying? It’s easier than you think.

Adhere to payment deadlines: Always check the payment terms carefully. You can sometimes save money by paying bills as soon as possible or even in advance.
Pay invoices in one go: Many subscriptions, insurance premiums and fees can be billed not only monthly but also every three, six or twelve months. You often benefit from a discount by paying in fewer installments.
Tip: Plan for irregular expenses pro rata in your monthly budget and set aside the amount consistently, preferably through a standing order. This way, you won’t be surprised by a high bill and will still benefit from the bonus.
Choose your payment method wisely: You can also save by using different payment methods. In small stores, you might be rewarded for paying in cash. With some online providers, you are better off using a card than an invoice. In everyday life and when traveling, you can pay with your prepaid or credit card and benefit from bonus programs such as the UBS KeyClub.

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Small steps to big savings goals: how to set yourself up for the long term

Now you know how to save money in everyday life, your expenses will reduce. This means you’ll have more money left over, which you can set aside every month. This is your savings amount.

Tip: Set up standing orders so that the amounts saved are transferred to a separate account immediately after the salary is credited. If your situation changes, simply adjust the standing order again.

But how and where is it best to save? Ideally, you approach this question in three steps.

1. Ensure liquidity: for peace of mind

First, you need to have enough money that you can access at any time. This means the balance in your account that you can access whenever you need to. You use this money to finance your living expenses and unforeseen expenses.

Goal: to build a reserve. You should have at least three months of expenses set aside.

2. Save for retirement: for a good life in old age

Do you have enough cash on hand? Next, dedicate yourself to saving for your retirement. This is the way to ensure a good standard of living in old age and remain independent in the long term. By saving privately for retirement you’ll also save on taxes.

Goal: to pay the annual maximum amount (CHF 7,056 for employees with a pension fund; as of 2024) into pillar 3a. This is how you lay the foundation for long-term financial security.

3. Save any spare cash: for long-term financial independence

Any money left over can be saved and invested. For more significant goals and dreams as well as a higher standard of living in old age.

Goal: a specific amount or simply as much as possible. Build wealth step by step. This way you will also achieve your long-term goals and take your future into your own hands.

The three levels of saving

Savings pyramid with the three levels: liquidity, retirement savings, and liquid funds — Source: UBS; for illustrative purposes only

With the savings pyramid in mind, you now set specific short-, medium-, and long-term goals.

Short-term goals: one to five years

These are wishes and needs that you want to fulfill in the near future such as a new laptop, a high-end bike, a vacation or a training course. Since you will need to access the money again soon, it is best to put it in a traditional savings account.

Medium-term goals: five to ten years

Typical medium-term goals include a new car, more extensive education or training or starting a family. Depending on how long you can leave the money untouched, different solutions are recommended, such as a fund account.

Long-term goals: ten years and more

There are also wishes and dreams that lie one or more decades ahead, such as buying property, children’s education, retirement planning or passing on wealth. If you want to save successfully in the long term, you should consider investing the money.

Either way, the most important thing about saving is simply to get started. The sooner you begin, the more time you have to build wealth strategically, which is the foundation for a successful future.

Don’t hesitate to seek support to set and tackle your savings goals. Our experts will be happy to advise you.

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