Whether you want to start saving, or put a little extra aside each month, we’ve got some great tips to help you out.
Whether it’s fizzy drinks, smoking or takeaways, giving up one of your regular indulgences is a great way to save a few pounds, as well as being good for your health. Remember to be realistic though, if you try and give up everything you enjoy at once, chances are you won’t last long without any treats.
Being organised and planning ahead is the best way to ensure you’re saving every penny you can. Make a list before heading to the supermarket so you’re not tempted to throw extra items in the trolley and if you’re travelling, book your tickets as far in advance as possible to make a saving.
Not spending anything at all for a whole month probably isn’t very realistic – but why not set yourself the challenge of cutting out areas of spending? Commit to buying no new clothes for a month, or don’t spend any cash on toiletries and work your way through all the half used bottles of bubble bath instead.
It can be hard to motivate yourself to save, especially if finding extra cash to put aside is a struggle, so setting yourself realistic goals can help give you the motivation you need. If you’re saving for something in particular, stick a picture up on your fridge to remind yourself what you’re working towards, or if you just want to build up a little nest egg, set targets of what you’d like to achieve by when.
It may seem like an obvious point, but having somewhere to actually put your savings is a must, whether it’s a separate bank account or a jar of coins. If you’ve saved some cash by planning your meals or ditching your weekly takeaway, but leave it sat in your wallet or current account, it’s more likely to be spent on something else rather than put aside.
Taking out a specific amount of cash, and not having your card to fall back on can help make sure you don’t splash more cash than you planned.
As we’ve said before, putting cash into your savings, isn’t always easy so it’s a good idea to focus on little and often rather than piling pressure on yourself to put away a big chunk of your income every month. Why not try setting aside £1 or £2 a week? Or, you could try something like the 365 day 1p saving challenge, which sees you saving 1p on the first day of the year, 2p on the second and so on. By the last day of the year, the most you’ll have to pop in your savings on one day is £3.65 – roughly the price of a return bus ticket, and over the year you’ll have saved an impressive £667.95.
Whether it’s 50ps, £2s, or 5ps will depend on your budget, but committing to set aside all of a certain type of coin is a great reminder to top up your savings regularly.