Everyone wants to save some money for the future; in a perfect world, we would all set aside a portion of our monthly salaries into a savings account to be used for that purpose. However, it can be more difficult than it appears, especially if we feel like we are living paycheck to paycheck. When something unexpected occurs, such as the need to have significant repairs done on a car or the purchase of a new cooker or a new boiler, it can seem unattainable to come up with the funds.
Although saving money when your salary is spent on day-to-day living expenses is difficult, it is not completely impossible. For this to work, you must adhere to a rigorous budget and monitor all of the money that comes in and out of your accounts on a monthly basis. Only then will you be able to accurately predict how much money you can save from each paycheck. If you need a little more assistance, continue reading for some further suggestions on how to save money for those rainy days or unexpected bills.
Separate your savings from the rest of your money
If you want to save, one of the first guidelines is to keep that pot of money distinct from the rest of your money, no matter how large or small the amount you are saving. It is also best placed in a location where you will not be able to access it on an impulse. In contrast, if you store it in an ordinary bank account where you can rapidly withdraw or use it, you are far more likely to give in and spend it, promising yourself that you will replace it later – and that rarely ever happens.
Save money in a different account, or if you have coins, put them in a jar and keep them somewhere safe. After a short period of time, you will become accustomed to doing so, and you should be able to save a little money.
Save even the smallest amounts
When it comes to saving money, it does not matter how much you put aside each month, whether it is hundreds of pounds or a few pennies each day. The important thing is that you do something. The most essential thing is that you are saving something, even if it is only a small amount of money each month. You should also try not to be concerned about how slowly your savings are growing; instead, consider them an investment. You will benefit from saving money, no matter how tiny the sum is because it will come in handy when something unexpected occurs.
Monitor your outgoings
You can generally find some tiny things you can cut back on to save money, even if you have a limited spending budget. Consider your grocery shopping: Could you find better discounts to save even more money? Perhaps you might look for more money-saving vouchers on the items you often purchase. Additionally, you should consider the things that you may do without even realizing it, such as stopping for a cup of coffee on your way to work. You will save money if you bring a travel cup of coffee with you instead of buying one. Make your own lunches instead of purchasing them, and reduce your reliance on takeaways. Anything you save from this method can be put aside for unforeseen circumstances.
