So, guys, this is our top tips on how to save some money. You could be saving for anything from buying a car to buying a house, or like me and Danny, going travelling! It doesn’t matter what you are saving for, these tips will definitely help!
Clear The Debt!
The first thing is too completely clear any debt you have. That goes from credit/store cards, loans or anyone that has leant you money. The more money you put into paying your debt off the faster you will clear it, then the faster and more you will be able to save.
Change Your Bank Accounts
The second thing is to have two bank accounts. One that is your current account which has your pay from work go into and any direct debits you have coming out from. Your direct debits probably include things like phone bills, car finance, maybe insurance for your car. Things that come out every month at the same price usually on the same date. Your other account will be your savings account. Only money goes into this account, no money comes out. You must make this a strict rule and stick to it for this to work!
Third thing is to make an excel spreadsheet to note down all your in-comings and all your outgoings every month from your current account. This includes the money you have spent on food, clothes, going out with friends, petrol, literally everything. I would say go back 6 months and make the spreadsheet for each month so you can really see whats going in and out then you can see where you can spend less. Once you have done that and you have paid off any debt you had if you did have any, you will be able to see how much you can move into your savings account each month. The more money you save each month will help you reach your goal faster! Obviously never leave yourself short, as that’s obviously not a good idea!
Use A Card, Not Cash
The fourth thing to try and do is to try to use less cash. If you spend on your card, you can literally see how much you are spending. Down to the pence. But if you do use cash, and you have change from it, have a jar or type of pot or even a standard money box where you can put all your change into including coppers. You’ll be surprised how fast they add up. Then say every 3 months empty it, count it up and take it to the bank and put it straight into your savings account.
And just a last bit of advice, set yourself a goal of how much you want to save a certain amount of time. but don’t make it unrealistic, make it so you can reach that goal, be proud and be so much closer to achieving your dream!