Saving can be a hard thing to do for some because the temptation of shopping or buying new things like the latest phone, shoes and makeup is too strong. Now As you guys know if you saw my last post about money you will know that I'm saving money for a mortgage deposit. Now here are different ways that you can save money.
- Save want you have before you start spending and not after your spending. This is something that is important, I always save money as soon as I get paid because it reduces the risk of spending money that you shouldn't be spending.
- Give yourself spending allowance every month. I give myself around £85 every month to spend on myself and the rest of my money goes into my bills and savings accounts. I don't always use this money and if I don't I roll it on to the next month spending allowance.
- Have a savings goal and have a plan on how you are going to achieve your goal. This will help you visualise how to save and where you will be by a certain time.
- Use a piggy bank to put your spare change in at the end of every week. It might not be a lot of money however over time it could add up to an extra £50.
- Use the cash instead of card. It's harder to give over cash than it is to use a card, plus you visually see what cash you have left.
- Saving Premium Bonds. This is a brilliant way of saving because you set up an account however when it comes to be taking your money out it will take 3 to 5 working days to receive your money back. So it can't be accessed quickly. A saving premium bond won't have interest added to it, however you are placed into a lottery type draw every month and you can win anything from £25 to £1 million. So they are very good saving bond.
I hope you enjoyed this and if you have any saving techniques then leave them below.
Kim
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