Saving money is more than being financially responsible and knowing how to budget your monthly salary. You have to actively make decisions towards putting money aside every month, which can be easier said than done. It’s easier to spend money than to save, particularly if you have a lot of spendings you can’t go without every month.
There are a few simple and easy steps that you can take to save money for the future:
Don’t Spend Unnecessarily
Treating yourself to the cinema or to your favourite drinks once in a while is always nice and you might think that it doesn’t add up too much at the end of the month. However, when on a tight budget or wanting to save money, these spendings can quickly add up before you notice.
You can and should, of course, treat yourself once in a while. Make sure to pack your lunches and make coffee at home more often than buying these in shops; you’ll notice that you’re able to put more money into savings if you put aside that money and transfer it to your savings account
Have Several Savings Account
When saving money, it is usually beneficial to set up several savings accounts. Whether you’re saving for a nice holiday, for emergencies, or for a house, you’ll need several accounts to know how to spread your money properly and not overspend.
Consider your short and long term saving goals and set money aside every month into their respective savings accounts.
Set Up Automatic Payments To Your Savings Account
Saving money every month is a habit, which takes discipline and commitment. Although it’s not always easy, you should aim to place a bit of your salary into savings, £100 a month for example. It is easy, however, to spend money when it’s at hand through impulse buying. Transferring money to your savings account on payday is necessary but you might find that you forget.
Going into your bank and asking them to set up automatic payments of a specific amount of money every payday will provide you with peace of mind.
Get Independent Financial Advice
If you’re unsure on how to proceed, here at Burton & Fisher we can provide you with independent financial advice to help you save money. Simply get in touch with our professional and friendly team on 01524 416872 and we’ll be happy to help.