Having some savings to fall back on in life can be incredibly useful, this is highlighted more than ever in today’s uncertain times. If you’re unable to work for a period of time, or have a large expense that you need to cover then savings provide you with that buffer so you don’t end up struggling financially. But what can you do, realistically to speed up your savings? Here are some ideas.
Get out of debt
Saving up money while you’re in debt isn’t the best way to go about things. Because of the interest rates charged, being in debt is expensive and costs you money every month that a balance rolls over. Use all of your savings to pay down debts, get them paid off and the accounts closed. From there you can start saving money, and since you won’t be paying interest you’ll find you’re able to save more quickly too.
Create a budget
When you have a budget, you’re in control of your money. You don’t have small expenses coming out here, there and everywhere which all add up. Have you ever looked back over the course of the month, realised you have no money but have no idea where it all went? It’s easily done. Set a budget, make sure everything you spend on is accounted for. For example, instead of going into the supermarket and just buying what you fancy, set a budget and write a list. Shopping online can make this easier as you’re less likely to be swayed by offers, and it adds everything up as you go.
Give up your luxuries for a while
We all love our little luxuries- when you work hard, having some money to spend on what you like can make it all feel worth it. But consider scaling back for a few months, give up your luxuries and use that money to save. It doesn’t need to be forever, and once it’s done you’ll be glad you did it. Small monthly purchases like Netflix and Spotify subscriptions, takeaways, alcohol and other extras are nice to have but you don’t need them. Consider tightening the belt for a while, put the money you would have spent towards your savings instead.
Earn some extra cash
Saving money is always going to be easier when you have a little extra money coming in. You could do some overtime or extra shifts at work, or you could make money from home. You could buy usdt or other kind of currency or commodity and make money via trading. You could monetise a blog or Youtube channel or just sell things around the home that you don’t need. Anything you manage to make, put right into your savings account.
Set a savings goal
Finally, setting a savings goal gives you something to work towards. Even if you just aim to save a few pounds a week, it will all add up and you’ll get there much more quickly than saving sporadically (or not saving at all!)