Is your savings account looking a little barren? Maybe you’ve always planned on saving properly but never got around to it. Here are five proactive ways you can start putting money into this account, or boosting what you already have.
Go through your budget
First things first, if you’ve not gone through your budget in some time then there are probably areas that you’re overspending on. Utilize new customer deals as a way to reduce your utility bills, get rid of little extras that you don’t use as much as you should like Netflix and Spotify. Have a look through your statements at where you’re overspending so you can start to cut back on these expenses. Many of us are guilty of spending too much on things we don’t need such as clothes, homewares, cosmetics, or just about anything that’s on sale. We think we’re saving money by buying things at reduced prices, but if you weren’t going to buy them in the first place then you’re not saving money- you’re spending it!
Sell what you don’t need
Speaking of purchases you’ve made and don’t need, how about reselling some of these things and recouping your costs? eBay, Craigslist, and Facebook Marketplace are great for getting rid of items you no longer need, making money, and freeing up extra space in your home.
Start a side hustle
Making some extra money on top of your regular job can help you save dramatically. Some of your profits might have to go back into your business, such as buying more stock and materials, software, and cloud storage (check out the cheapest VPS to ensure you’re not overspending on this). But the rest can be put straight into a savings account- your normal job will pay the bills while your side hustle can earn you money to save.
Automate your savings
Saving is easier when you don’t even realize you’re doing it. Set up a standing order to make money from your main account on the day you get paid, and automatically transfer this into a savings account. It doesn’t need to be a huge amount, but you can forget all about it and it will quickly start to grow. You won’t miss or notice the money, but give it twelve months and you could have a nice chunk of cash. Whenever you’re feeling flush you could transfer chunks of money to your savings account too manually, but having that automated payment means you’re saving at least a certain amount each month.
Get organized
Finally, getting organized can save you so much money. From ensuring bills are paid on time to avoid fees and arrears, to getting organized with your food shopping so you’re shopping to a list and not overspending in the grocery store. Spend a little time planning each area of your money, and you’ll find that you stay in control, and saving becomes much faster and easier.
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