Money saving tips
Saving money can be a tricky thing to keep up with. Sometimes life gets in the way with annoyances like a broken boiler or a faulty car.
But in most cases, actually knowing where to begin is the hardest part.
Here are some top tips that can be the push you might need to achieve the financial goals you are aiming for.
A clear goal
Firstly, it’s important to identify what it is you’re saving for. From that you can figure out the cost and a time where you hope to reach this goal.
With this, you will have something to work towards as well as keeping you on track to reach your goal.
Record your expenses
Keeping track of your expenses is a great way to see what you’re spending your money on. From this, you can identify the items that aren’t a necessity. For example your morning cup of coffee or a magazine subscription that never ends up getting read.
It’s the little things that add up, so eliminating that could do a world of good for your savings even if it doesn’t feel like it will.
Make sure the goals are achievable
Motivation is arguably the most key aspect to all of this. If you set goals that might not be achievable then it could limit your motivation to save.
A good way to counteract this is focusing on your needs versus wants. For example, making sure your bills and other expenses are taken care of allows the rest of your income to be saved, whether that’s a proportion of it or a majority of it.
This method takes the pressure off you and the notion of saving everything in order to achieve your goals.
Sending the money you have saved each month to a separate account enables you to forget and focus on the next month of saving. Logging into your online banking or looking at a cash machine and seeing all your income, it’s easy to dip into the savings for odd coffee or take away but it’s a slippery slope.
Having it in a separate account means you can focus on the money you have allocated yourself to spend. It’s important to add that your savings account should be easily accessible in case of an emergency.
‘No spend’ weekend
It’s always good to treat yourself, and the weekend is your time to do that. But when it comes to saving money, having a weekend in can be majorly beneficial.
This doesn’t mean that you can’t have fun at all. Instead replace activities such as going to the cinema with a at home movie night or even a at home games night.
Give yourself two of these ‘no spend’ weekends per month and you’ll be surprised what you can save while having a good time.
If you work weekends, pick two weekdays where you are not working to do this.
Branded doesn’t always mean its better
A small little tip that many don’t consider are branded items. Switching from branded items such as cereal, toiletries etc to a cheaper alternative adds up the pounds in your savings account.
Remember, take care of the pennies and the pounds will take care of themselves!