It doesn’t matter who you ask: everyone will agree that saving money is hard. All of the good intentions seem to fly out of the window when there is a bill to pay or a refrigerator to replace. Not just that, but it can take some effort to keep your savings going when there are things that you want to buy. Here’s the thing, though, you need to ramp up that savings game when you see the things you want! Such items like cars and houses are big ticket items, and they take a while to save up for if you’re not careful about your cash.
For your savings schedule to be successful, you need effort and discipline, and these are both qualities that don’t always come naturally when it comes to saving money. If you are already in contact with a mortgage broker and are trying to get your savings sorted for buying your own home, then it’s time to have the right tips and tricks to saving well. So, with this in mind, we’ve got five great tricks for saving that you desperately need to be successful.
- Keep Your Budget Going. When you know exactly where your money goes every month, it’s far easier to save money. You can make a list of yoru definite expenses (rent, bills, food) and then put a small amount to one side for your disposable income. With the rest, siphon this off into your savings account and leave it alone. If you have large expenses every year or quarter, divide those into smaller monthly payments and keep that money to one side, too.
- Enjoy Automation. It’s very easy to spend money when it’s sat right there in your account. The best thing that you can do is automate your savings so that when your salary goes in, your savings go out. You can have that money moved into a separate account with another bank if necessary. What the eyes can’t see, the heart won’t grieve for, right?
- Challenge Yourself. If you’re motivated with a goal for saving money, such as a deposit for a home, you’re going to find it easier to get it all done. If you have a savings challenge in place, you’re going to find it far easier to keep motivated to save your cash. You could even hold a contest with a friend to see who saves the most over two months – whoever wins buys dinner!
- A 24-Hour Rule. Enforcing a 24-hour rule for impulse buying is going to help you to curb that habit. Let’s say that you want something – like a really good pair of shoes. Instead of going out and buying the shoes, promise yourself that you will think about those shoes for 24 hours. If you still want them, buy them – but only 24 hours later!
- Add Some Income. If you want to increase your savings and boost your earnings, grab a second job. Whether this is delivering food or putting together furniture on the side, you can consider how much you can add to your savings pot with a whole second income!
Saving money isn’t easy at all, but if you want something, you have to work hard! Take as many tips to boost your savings as possible – you’ll be grateful to yourself in the end!
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