In an ideal world everyone would be able to save money regularly whether it’s saving for a rainy day, retirement or maybe a holiday. Whatever your reason for wanting to save we have some techniques that will help to keep you on the right track.
The ultimate aim of budgeting is to control your spending, have less debt and more money each month. We want you to be in a position to be able to save money regularly.
If haven’t set up your budget yet, then be sure to follow our simple Guide here.
So today we want to share some ways that you can start saving money regularly even if it’s just small amounts. Here are some of our favourite techniques:
The I Want It Technique!
Set your sights on something that you really want so that you have a goal to aim for. Now commit that you will not buy that wonderful thing until you have the actual cash in the bank (or in your pocket) to buy it. Every time you get tempted to buy (another thing on Amazon or an extra treat at the supermarket) stop yourself and put that cash towards this bigger, better goal.
The 1p Challenge
You might need a pot or jar for this one. You are going to be saving pennies each day which ramp up through the year. It goes something like this:
Day one – save 1p
Day two – save 2p
Day three – save 3p
You get the jist?
If you don’t have cash in your pockets to pop into a jar, then you can transfer the money out of your bank account to a savings account daily or weekly. As the amount goes up over time, you’ll have to start making small changes to your outgoings so that your savings amount can go up.
The Piggy Bank Technique
This money saving technique works really well with your budget. The idea is that you have different bank accounts for each type of spending. At the beginning of the month (or when you get paid) you move your budgeted amount of money into the right bank account and spend from the relevant bank account.
For example, you might have one for food shopping or household shopping, one for holidays and social activities and another for monthly bills. Each month, you move the amount that you’ve budgeted for those things such as food shopping into the account and then only use that account to buy food from.
You can easily see how much you are spending and how much you have left out of your budget each month.
The downside is that it can get confusing having lots of bank accounts. Some banks have recently introduced spending trackers so that you can track your spending against categories which makes it easier to follow.
The Savings Pot
OK so maybe this one is a little bit old fashioned and it does rely on you having cash around but putting all your loose change into a pot is one of our favourite small saving techniques.
At the end of each week or month, just empty your pockets/purse into the pot and seal it back up. You can decide whether to save coins and/or notes. If you get too tempted to dip into the pot then you can use a pot that has to be broken to access the money – or to save yourself some more cash, you can cut a slot into the lid of a jar to put money through and superglue the lid shut.
What savings techniques have you used?
What’s worked well for you?
You have been reading:
How to Save Money Regularly
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