Saving Money

People always wonder which are the best ways to save money. But, have you ever actually looked into it and found out more? Saving up might seem like one of the hardest things to do, but have you actually thought about it and how easy it can get once you get into the swing of it? The following money saving tips will help you become the best saver you could be.

Three Top Tips

Saving money might get easier as you go on, but the thing which takes the most time is actually finding the correct method for you. You need to find one which suits your lifestyle, your income and just fits you overall. Please note that these three tips might not suit you, but don’t stress as there are plenty of other methods out there which can help you save money too.

Tip Number 1 – 50/30/20 Rule:

The 50/30/20 rule was created by a woman who works as a bankruptcy expert. She suggests that you should work out your income and divide it into three sections. First of all, 50% of your income should be used towards the essentials. This is things like food and bills you have to pay. Second of all, 30% of your income would be spent on things which you want during the month, whether it be a new phone or some new clothes. Lastly, the remaining 20% should be saved. This way you will be able to build up some savings to fall back on if you need too.

Tip Number 2 – Saving using a jar:

This technique isn’t just for children who are trying to learn how to save, it is actually a common method which millions of people around the globe use. People tend to get a large jar and fill it with specific coins instead of just using any. For example, some people like to save every £2 coin they get.This way you can easily build up some savings. By the end of the year, you could even have thousands of pounds, but this depends on the size of your jar. Although, this method is a lot slower than others as many people in today’s society pay for things using a card instead of cash. But, you never know, this might be the perfect way for you to save money.

Tip Number 3 – Start a savings account:

With a savings account you should put a certain amount of money in a fixed time period. In other words, you need to figure out how much money you spend on specific things and whether or not they’re essential. This way you can understand how much money you can put away without it dramatically impacting your day to day life. Using a savings account also could result in you having more money. Depending on which bank you use, they will pay you interest on your balance. This means they will give you a very small percentage of what you have put in there.

How do I stick to my saving?

Most people find that seeing there savings account balance increase motivates them to put more money in it. This is a great way to keep on top of it. Especially if you set yourself a goal, because the closer you get to your goal, the more excited you will be to hit it. Therefore, you will want to keep going and even start saving a bit more money each month to get there faster as you know it is possible to achieve.

More Help

If you ever find yourself in a financial struggle or with little savings as you have just begun your journey, a personal loan might be able to help you! Not everyone has a lot of money in the bank and not everyone has savings to fall back on, but that doesn’t mean you won’t be able to pay for those urgent car repairs or fix your broken boiler. There are many options including loans which can help you afford things in these unfortunate situations. For more information visit Simple Personal Loans.

Find out about personal loans here.