Tuesday, 27 September 2016

How to Start Saving Your Money

Blogging Gals Share 4 Tops Tips to Help You Start Saving Your Money

How To Start Saving Your Money
Image source: pinterest

Are you sick of having no savings put away for a rainy day? Are you struggling to save up enough money to get the things you want? Well have no fear Blogging Gals are here to help.Whether you’re saving goals are short term or long term, saving money is a great way to get the things you want and make the most of the money you have coming in. Here’s some question you need to ask yourself. Am I saving for a short term goal (luxury fashion items, electronic goods, splurge shopping trip, holiday etc) or are my goals more long term ones (car, deposit for accommodation, getting on the property ladder). The next thing you need to do is commit to saving and see it through. Commitment is a key thing when saving, and you have to be prepared to do things differently when it comes to your money.

Open up a savings account
This might sound like an obvious step because it is; if you want to save, open up a savings account and keep your savings separate from the rest of your money. There are lots of different banks who offer different savings account packages and all that good stuff. It doesn’t have to be a complicated task, choose an account and tick that off your savings to do list. I personally have an account that requires me to request a withdrawal in advance; this means I have to go into the branch to make a withdrawal. Due to the fact that going into the bank is more inconvenient that having a card, I am able to stay on track with saving my money and not dipping into it.

Set yourself a realistic budget
How much can you realistically save monthly? You need to decide how much money you can take out of your earnings each month, after all of your bills ect are paid for. Choose an amount that is realistic for you to maintain over the period of time you have set aside to reach your goal. There is nothing worse than saving up some money and then dipping in and out of it until sadly all your efforts are gone. Choose a value that you can save regularly without missing that money and commit to saving that amount every month. Commitment is the key to saving smart.

Set yourself a time scale
Whatever your savings goals are, ensure you set yourself a time scale to work toward and hold yourself accountable. I advise noting this down somewhere and checking back regularly to see if your remaining on track. Don’t beat yourself up to much if you have a few saving blips, just remember that if you want to do it badly enough you can. Stay determined and keep the end result insight as a means of encouragement.

Reduce your outgoings
For some this might be the trickiest step to master but it’s a crucial step. Many of us don't keep our purse in check and monitor what we are actually spending our money on. Before you can save, you need to be prepared to make some changes in the way you spend your money. Write a list of all the non-negotiable payments that you have to make on a monthly basis. Then write down how much you regularly spend on treating yourself, don’t forget that cheeky latte you treat yourself to or that chocolate bar that finds its way into your shopping basket. Next create a list of how much you spend on socializing with your friends. Now this is the tougher bit, what items on your list can be reduced or completely removed? Be confident, drastic and prepared to sacrifice something in order to redirect that money into your savings. This is something you are going to need to decide upon and be disciplined to see it through.

Saving isn’t as hard as you think. Just remember, be realistic, be committed and enjoy the benefits of reaching your saving goals.

Sade Stephens

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