Wednesday, 18 January 2017

Top Tips for Saving


"Money, Money, Money, must be funny, in a rich mans world"

Adulting is hard. Responsibility is thrown at you and with each additional shot the consequences become more real. I'm always rambling on about saving for a house - I know it's getting boring - and being mid-january the struggle to make it through to pay day is real so here are my top tips for saving money.


Get Organised

The first step to bank account recovery and it showing good vital signs is to get organised. I regularly check my bank statements, update a spreadsheet with every penny which goes in or out and this creates a chart so I can see exactly how much progress i'm making which motivates me even more. 

Introduce the 24 hour rule

Where my spreadsheet doesn't work is when I impulse buy. I've now introduced a rule where I set a reminder in my phone for 24 hours time from when I wanted to purchase the item. If when the reminder goes off I still want/need the item then I can purchase it. 

Use Visual Stimulation


Another method I use to stop me impulse buying is to put a picture in my purse of what I want to achieve by saving money. If I want a luxurious holiday with white sand beaches then I put a picture of exactly that right by my cards and 8 times out of 10 it works.

Set up a direct debit

This is a great way to 'forget' about saving. You commit to an achievable amount to be taken straight after pay day from your bank account into a savings account and sit back and watch your money grow. 


No Spend Days

Once or sometimes twice a week I make a goal to not spend a single penny. It takes a little bit of organisation but it works. I always feel like I've achieved something at the end of the day which is a great feeling to go to bed on. By cutting back on buying a hot drink and a lunch one day a week you can save an extra £430.00. 

Use the 50:30:20 Rule

Saving doesn't have to mean you don't do anything or enjoy life. The 50:30:20 rule allows you stop being a hermit crab and live without feeling guilty about what you're spending. Here's how the rule is broken down for your income:

50% of your income should go on living - rent, utilities, food etc. The items you need to pay for to live. 
30% of your income should go towards living - eating out, cinema trips etc
20% should go towards financial goals such as savings

Currently I've swapped the 30-20 around so 30% is going on my financial goals and the rule is still working for me but that's because I've set myself a tight time line for achieving my financial goals. 

Sign up to a cash back scheme

There are so many cash back schemes out there at the moment from websites, credit cards and bank accounts. Just make sure that it doesn't cost you anything to do. If you go for the credit card then pay back everything in full each month.


Declutter

This is the traditional method to me of making some extra money. Have a big clear out, in time for spring, and sell anything which is decent on one of the many websites or groups out there. I sell items at car boots sales and on eBay and Depop including those items that I swore I was going to wear but still have the labels on. This works a treat if you are house saving as then you don't have to take the stuff with you. 


Are you saving up for anything special? I'd love to know if you do any of these already or try them out, comment below or find me on twitter.  

Make sure to follow me on Bloglovin' too so you can keep up to date with more lifestyle and tips posts.





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