How people deal with finances can be completely different; from what they choose to spend their money to how they save. Whether we save a little or a lot, it is something that the majority of people want to do. I don’t know of anyone that doesn’t think saving for a rainy day is a bad idea. But sometimes, saving with something specific in mind can make saving even more fun. Take a large purchase like a once in a lifetime holiday or a new car, for example. These are both things that are lovely and can be well deserved but there is no point in splashing out on it when you don’t have the money coming in to pay for it. So savings it is!
If you’ve got a big purchase coming up, then here are some tips to help you save. You don’t have to scrimp on your lifestyle either. I hope it helps!
Open a Savings Account
Now I know that this one might sound a little obvious but having a physical savings account can make it much easier to save. Out of sight and out of mind and all that, right? So, if you have just been using your current account previously and mentally making a note of what are your savings and what isn’t, it isn’t surprising if you’ve not had much success before. With a separate account, you can send the money out of your account right away then you don’t have the temptation of it being sat there in your current account. A savings account with a good interest rate is key too. So shop around a little, so to speak, when it comes to savings accounts. Make sure that you get the best deal.
Keep a Money Diary
Keeping track of your money is one of the biggest ways to save and help you to be strict with yourself. Like a food diary, when we actually have to write down what we have spent on, it can be pretty shocking. It really makes us accountable and can make a difference. You can also look for trends to cut back on. Is your grocery bill rising and rising? Do you eat out too many times a week? Take that money and instead move it over to your savings account.
Consider a Loan
If you have a job with a good regular income, then you could think about getting a loan if you need your larger purchase sooner rather than later. If you’ve had a bit of trouble with debt in the past you might think that you can’t ever get credit again. Luckily, that is incorrect. There are things like poor credit homeowner loans are available if needed. Just make sure that you have a steady income and have budgeted enough to be able to pay off the loan amount each month.
Save Certain Coins
Having a piggy bank doesn’t have to just be for children. Dealing in cash can be a good way to spend less, as you literally can only spend what you have with you, rather than relying on a card. Your next step would be to pocket the change and put it all away, or just certain coins, into a piggy bank. I know people that have done it just with their pound coins before and it really does add up. The same goes for coppers. There are plenty of machines out there where you can weigh them and get the money for them. So don’t despair if you get given a lot of change from time to time.
Generate a Second Income
If your current income is enough to cover things as it is but doesn’t leave you much in the way of savings, then why not think about getting a job for a second income. It could be just something that you do from home, such as online surveys, copywriting, selling items, or even renting out a room through a site like Airbnb. Then anything you generate from that could go towards your holiday or new car fund; whatever it is that you’re saving to buy. You can have fun with a second income too as it is less pressured than a full-time role.
It can be quite straightforward to make some extra money for those things in your life that you want and need. A little research, creativity, and know-how and you’ll be saving better than ever before.
Do you have any tips to add to the list?
* This is a collaborative post. For further information please refer to my disclosure page.