Keeping The Spends Low But Ambition High

by Adam on May 19, 2017


There are so many things in our day to day lives which require a good amount of saving to hit the ‘Buy’ button.

Generally speaking, those who are on the average wage in the UK will earn £1 million by the time that they turn 56 years old. For the more ambitious among us, we want to hit this point way before. There are definitely ways to get there: getting a higher-paid job, saving instead of spending and winning the lottery are just a few examples. But what about the more accessible things that we are able to commit our time to? How do we use our ambition to our advantage when it comes to money?

Look Around You

We are fortunately living in a day and age where we are able to make money out of anything. Items that no longer interest us can be sold on sites like eBay, and we are easily able to sell our skills. If we are interested in tech, we can offer to repair computers or help with coding for a website; the more creative amongst us may be able to create a graphic designs and artwork for those who require them, and if you’re good with words, getting a simple job at a content mill or going freelance and writing your own copy can be great ways of tiding you over or indeed even your big break.

Cut It Off

Try and cut out the spending by only using cash for a while. You could even set yourself targets and see how much you actually dish out every single week. It’s lal too easy to spend when you have a piece of plastic with seemingly unlimited money on it – and you don’t physically see it coming out of your account until you check your bank (and if you’re using contactless, it won’t appear until a couple of days later). If you genuinely can’t live without a card, look into getting a prepaid one that will be able to limit your spending and tell you specifically what you’re spending your money on. It’s better to know where it’s going and get a good view of it rather than letting it go unnecessarily.  

Pay Off Loans With…

Loans. It seems silly, but it makes sense in principle. If you can get a cheap loan with a low APR rate to help pay off something else, such as a credit card bill or car finance, this could see you saving hundreds, if not thousands, in the long run. It’s all about looking around for the best deal and getting one that suits you. Think about how much you could afford to pay back each month and find a lender which either hits the nail on the head or isn’t too far off the amount. Credit cards are rising as a popular option to go or instead of your traditional loan; a small loan with low interest rates can be hard to find. With credit cards, you can get up to 30 months with 0% APR depending on which provider you go with. This could be a no-brainer when utilising this to pay off existing debts. You will need to check whether you are eligible, which can easily be done online with an eligibility calculator. And remember, you do actually have to pay off the debt, not just move it around thinking you’re being extra clever.

Keep Searching

Just because you’re in a job now doesn’t mean that you’ll be in the same one forever. Keep searching whilst keeping other projects up on the side and you will be raking the money in before you know it. If you are saving up for something in particular, such as a mortgage or a lump sum to go travelling with, you will need to budget – hard. Choices that you could consider are moving back in with parents, bringing in a lodger if you’re already in rented accommodation or ditching your car and walking to all the places that are accessible rather than spending money on your living situation and other transport. You could see yourself saving a hefty amount each month. There are sites online which can obviously help you in your search to find a new job which has the potential to have a bigger salary or set wage than the one that you’re on now. Be ambitious with your applications and remember that the worst thing that can happen is a rejection – that’s all. There are millions of people all over the world who have been rejected from jobs, so you’re not the first and certainly won’t be the last.

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