Saturday, 23 April 2016

How to Save Money

Everyone has something that they want to buy but you can't always buy it now because you may not have enough money.  Whether this is a new outfit, a holiday, a new car or even a house, you need to save up to afford it.

They are so many successful ways of saving and using one or a combination will get you to your goal.

Please be aware that I am by no means a financial advisor and I am not regulated by the FCA.  I take a lot of day to day tips from, they have so much help on all aspects of finance.

My steps below will help you on your way;

  1. Set yourself a realistic goal in a realistic time frame so the more you need to save usually the longer it will take
  2. Seek out a suitable place to save your money; either an ISA, bank account with interest, a savings account or a bond
  3. Be consistent in your saving so that you can calculate and predict what you will be getting
  4. Only save what you are able to, meaning don't leave yourself short, you can always add to your savings after your exspenses
  5. Make compromises, if you really want something in the long run you can make short term changes such as having a homemade lunch instead of going to the shop
  6. Keep track; check on your savings to show to yourself that you can achieve your goals although if you are scared you will spend it, check at the end of your goal time

My top tips when saving;

  • Look for the highest interest rates for saving, building societies usually have better rates
  • Spend half, save half method
  • Small amounts each week, for example £5 X 52 = £260
  • An increasing or decreasing amount each month or week e.g £1-£52 a week or in reverse
  • Setup a standing order for the day you are paid straight to your savings account so you can't spend it
  • Pay off any debt first
  • Spread your money as you have up to £75,000 approx compensation for each bank/building society should anything happen with the financial compensation scheme.

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