A Guide to Saving
Remember when you were a kid and having savings seemed like the most boring thing in the world?
Now, tucking away a few pounds here and a few pounds there and seeing the numbers in your saving account add up can be incredibly rewarding. But if you’ve been looking at the same digits for a few months now and, no matter what you do, things just aren’t moving in the right direction.
In this guide to saving we’ve got some top tips for how you can put aside a little bit more.
1. Get rid of debt
This seems like an obvious one, but it’s amazing how quickly the interest on debt can rack up and you can find yourself paying hundreds of pounds in interest every month. There are different kinds of debt – and it’s worth looking into your interest rates as well.
If you can cleverly move money between interest-free credit cards to give yourself a bit of breathing room while you pay it off, then that’s a great way of managing your debt. And, as soon as it’s gone, start channelling the money you were paying off into that savings account.
2. Make more money
If you have a bit of free time at the moment, one of the easiest ways to quickly boost your income is to make more money. With the internet now at most people’s fingertips, there are hundreds of ways you can start bringing in a bit of extra money to supplement your monthly salary and put straight into savings.
You can try forex trading – it’s a lot simpler than it might sound and there are step-by-step guides that will take you through getting started. Alongside your money ticking away and generating more, you could look at tutoring. There are plenty of sites and you can offer online lessons without leaving the comfort of your home.
3. Set savings goals
Start by making a budget and then setting some savings goals. If you have something you’re aiming towards, then it’ll be much easier to motivate yourself.
Set little reminders of what you want to achieve. You can stick notes around the bathroom mirror with your goals written on them, so you see them whenever you brush your teeth. Or, if you’re saving for something particular, like a new car or a holiday, why not change your phone’s background wallpaper to a picture of that? This might work less well if you’re saving for a new boiler!
4. Use technology to help you
We’re all guilty of using our phones all the time – so take advantage of this and download some apps to help you save money. They all work in slightly different ways. Some might add up how much you spend on certain things each week, like takeaway coffee or lunches out, so you know how much you’d save if you cut back a bit here. Others round your money up to the nearest dollar and save the change. Have a look and find what works for you.
Whatever you’re saving for, whether it’s a holiday, a new car, or a just-in-case fund, use these tips as a guide and soon you’ll have plenty stashed away.