So, you’ve decided to start properly saving money for your next big trip, a house deposit, or even an emergency fund – amazing! The only issue people run into – particularly those new to the whole savings thing – is where to start. Fortunately, there are a lot of little things that can be done very easily to help save you cash. When done all together, these things will have you saving the big bucks in the long-term with ease. These things won’t require you to drastically change your lifestyle, either – they’re little common sense tips that can also help you budget better in general. So, what are they exactly? Make sure to read on to find out!
Start considering the smaller things
Although spending a few dollars here and there seems harmless, it absolutely adds up. Consider your morning coffee – at $4 a pop, five days a week, you’re spending $20. A whole year will then see you spend $1,040, which is enough for a return airfare to almost anywhere in the world. And just imagine if you bought two coffees a day! Food is very much in the same boat – eating out for lunch is far more expensive than coffee, and will cost you thousands of dollars a year. Instead, make and bring your own food to work. Although many people consider themselves terrible cooks, cooking is a skill that can be easily developed with practice, and there’s a very good chance the food you make will be healthier than the food you’re buying out every day. On the topic of healthy, you can help cut the cost of going to and from work every day by using public transport if you drive, and cycling if you use public transport. Although cycling is obviously the healthier (and cheapest) option, the walking involved with catching public transport is still beneficial.
Financial tips to help you save
Being more conscious of your finances as a whole is also key to saving up for long-term goals. Having a different savings account for your savings goal that you can regularly deposit money in will help you oversee your money in a better way. Not having access to this money will ensure you spend less as a whole, as your regular spending account will contain considerably less money after money has been transferred. All you have to do is set up a timeline of when you want to achieve your financial goal and set up a regular payment every month to meet the relevant requirements. With the money that remains in your spending account, make sure that you have a related budget for things like food, bills and a little bit of entertainment (you still need to have a bit of fun every now and then). With all this achieved, you’ll easily stave of dire circumstances, like credit debt and debt recovery, and be well on your way to achieving your goal.
Always remember your goal
It is absolutely difficult to adhere to all these finance rules, but you must remember that they’re very important in helping you achieve your goals. If you find that you’re struggling, always remember what you’re saving for, how important it is, and congratulate yourself on doing well in the first place. Soon you’ll be well on your way to achieving your financial goal and you’ll also likely have picked up some very good monetary habits!