We would all love to have more money in our savings accounts, wouldn’t we? Sometimes we just aren’t too sure quite how to go about saving effectively, which is why today we want to share with you 4 tips to help you save.
Identify where you can cut back
This is always the first place to start when you need to save for something. In order to save money you are going to need to make a few cutbacks.
Grab a copy of your most recent bank statement and go through it item by item. There might well be areas where you can see you can reduce spending in and you could then look into switching providers of things such as your mortgage, loans and utilities to bring costs down.
Identify those areas that you could reduce your spending on and remember that every cent counts.
Make a little extra cash
There are so many ways that you could make a little extra cash, either regularly or as a one-off. If you choose to try something like this, tell yourself in advance that any money you make is to go directly into your savings fund.
The first thing you should try is having a good declutter and clear out of anything in your home that you no longer use or need. You can then sell it on and add the cash to your savings. You will have a tidy home and more money!
You could then try side hustles alongside your main income or you could see whether you can make money from your existing hobbies and passions. Perhaps you could sell on some of your crafty creations, monetise a blog or consult on an area of your expertise.
Give your savings a focus
As soon as you give your savings a focus, you increase your chances of boosting the savings pot. When we have our eye on something that we really want, we are far more likely to be motivated to save hard for it than if it is just saving for the sake of saving.
It might be a long dreamed of vacation that you are determined to save for. If you have children, then Disney World, Orlando, might be the ultimate goal or perhaps you will be drawn to a boutique hotel in Cozumel, Mexico, near downtown restaurants and diving sites off the coast with a stunning ocean-view rooftop terrace and a relaxing on-site bar. We can just picture it now!
Make the savings about the end goal and you will find it easier to make cut backs when you focus on that dream vacation, house deposit or new car.
Keep your savings in a separate account
It helps to keep your savings in a separate account, one dedicated to your savings only. You could even name it after the item that you are saving up for.
If you know that it will help you, put the money into an account that is not easy to access. This might be enough to stop you from dipping into it from time to time.
***This is a contributed post. While Amber herself didn’t write it, she approves it for you all 🙂