There are many of us that would like to have more money in our savings account. It can be a nice feeling to know that we have money to fall back on or we might be saving up for a specific thing. However, at times, it can be hard to know exactly how to do this. We all know that to save more we will need to spend less or earn more, but practically it is not always easy to know how to do this so below are a few tips.
It can be wise to set up a direct debit to put some money into your savings account every time you get paid. This could just be a small amount, but every bit will help you. It can be good to calculate how much you will be able to afford. Consider what you normally have left before you are next paid and you could do that much, but if there is not often much or anything then just make it a small amount. The reason for saving first is that if the money is not available to spend that it might force us to budget during the month.
Make sure that you prioritise your spending so that you only buy things that you really need to start with. So, pay your bills, rent, food, travel to work, contracts, insurance, loans repayments and things like this but do not buy luxury items. Once you have paid the essentials you will be able to work out whether you can afford luxury items and to save. It might be that you will be able to buy some but you will need to cut back on what you normally buy.
It can be good to compare prices on everything that you are buying. This includes insurance, loans and electricity as well as food and petrol. If you can cut down a little bit in every area then this could add up to a significant chunk of money that you can save. Obviously, you might want to get good value for money and may feel that you should be paying a bit more for certain things but it is worth checking whether you can cut down, especially on things that you pay significant amounts of money for.
If you are looking for some extra money, then it often not possible to get a pay rise or do more hours in your current job. One way to earn a bit more is to earn some money online. Although this is unlikely to pay as much as you get in your job, it can be a more relaxing and fun way to earn money. For example, you can earn money by completing surveys, doing freelance work or just watching videos. The rate of pay is lower, but you can do it at home and you might be able to watch TV or do other things at the same time so it does not feel so much like work.
Make Money From Your Home
If you won your own home, even with a mortgage, it could be possible to make some money by renting out certain parts. You could set up a B&B, rent out a spare room, rent your driveway out or perhaps attic space or your garage. If you have space that you are not using then there is always a way to make some extra money from it. There are websites you can go to which you can advertise your space on or you can just let family and friends know and they might be interested. If you have a mortgage you will need to check with your insurer.