When you want to boost your savings account, how do you go about it? Maybe you’re struggling to kickstart those savings or aren’t sure how to really make savings and keep them as savings, not spendings. Here are some top money saving tips that actually work.
The Income/Expenses Spreadsheet
One of the first things to do is to actually see how much money you make every month. A spreadsheet is so much easier for keeping track of this. Put your monthly income in and then tally up all the outgoings you spend. This includes bills, food, fuel, everything you spend cash on in a usual month. The difference between the final number of your payments and the amount you get paid if how much free money you have per month. From this number you can figure out where to direct this cash. Perhaps to a savings pot you don’t touch or maybe an emergency fund. Of course, if you have no spare cash and your outgoings exceed your income, you need to start budgeting so you can actually afford to live.
Cut Your Spending
Finding ways to cut your spending is one of the top money saving tips. If you’re not spending, you have money you can save. Stop spending on takeaways, you can save at least £20 with a fakeaway. Do you need the dress you’re about to spend £50 on? Are you able to fix your jeans instead of buying a new pair? Its so easy to spend money without physically handing cash over. By tapping our contactless cards or scanning our phones, we pay with virtual money and its often easy to ignore the fact its real! If you struggle to not spend, remove banking apps from your phone and take cash with you to the shops instead of your card. If you really want to start paying into a saving account, you need to take this seriously and ask yourself if you need the thing you’re about to pay for.
Check out these 6 easy ways to improve your finances whilst at home.
Start Budgeting So You Can Save
Once you’ve cut back on spending so you can afford to you need to start budgeting to save every month. Whether you want to save £10 a month into an account, or £100, you need to be sensible and realistic. If you only have £150 leftover cash a month, don’t be saying you want to save £200 a month. You’ll feel better by hitting those goals instead of constantly missing them. You also don’t want to be saving more than you can afford. You’ll then be unable to pay the bills.
Make Saving Automatic
There are easy ways to make your savings automatic. From simply transferring cash between accounts every week, to using apps to top up what you’re spending to the nearest pound and putting that little bit extra into your savings account, it’s easy to do. Whether you’re saving for something specific or you simply want to add to your savings account, doing it automatically takes the hassle out of it.
Watch Those Savings Flourish
When you start using money saving tips you will soon see that savings account thrive. If it’s to save up for a specific purchase, you’ll hit that target before you know it. If it’s simply funding a savings account for the future, you’ll impress yourself at how much you can save within twelve months. Take these money saving tips and save your way to a better future.
