We all have ambitions of saving more each month. However, life occasionally gets in the way and we just can’t seem to find the right balance to increase our savings. It needn’t be like this though. Take a look at our tips to potentially help you increase your savings.
Save money at home
If you cut out a lot of the small daily expenses from your routine, you can quite easily build a large savings pot without you really noticing. Let’s say, for instance, you spend £2.65 on a coffee a day. The average UK citizen works approximately 260 days a year. By the end of the year you could have saved £689 had you not got bought daily coffee and instead brought one from home. Similar things like making homemade meals rather than eating out for lunch can have a significant impact on your savings.
There are a number of apps out there that can help you on your journey to save. Some apps will round up your daily purchases to the nearest pound and save the additional money into your savings account. Other apps can give you a visual representation to where you are at financially, how long it will take for you to meet your goals and what would happen if you saved a little bit extra each week.
Find better deals
This tip does take a bit of commitment and time. However, shopping around for better deals on your bills, contracts and transport can help grow your savings pot. Looking at some of your expenses can also give you an indication of where you are spending on services you aren’t using, for example gym memberships or streaming services.
Pay yourself first
People usually put money into a savings account only after they’ve paid their monthly bills. The problem with this method, however, is that you can often end up looking at what’s left over as too small to make a difference and end up spending the money throughout the month. If you put money aside before your bills go out, you are establishing a pattern that saving each month is a high priority on par with paying your bills. You might soon find that saving little and often makes a big difference to how much you can accumulate over a period of time.
The general message for savings is to save when and where you can.
If you are looking for more help and guidance, get in touch with us on 01609 760960. Or arrange a call back and one of our financial advisers will be happy to help.
Reference – BL081 – Oct – 2019