Saving for the Future: Tips and Tricks

Saving is extremely important. Anything could happen. What would you do if you lost your job? Do you have plans for the future? If you don’t save, you could end up in a spot of bother. However, you can’t just decide to save and expect the money to start piling up in your account. There are some measures you need to take first. Try these tips and tricks:

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image taken from flickr

Record What You Spend

You need to write down where your money is going so you know exactly where you can cut back. I bet you’d be surprised at the amount you actually spend on certain things! Any non essentials, like eating out, clothes, and other luxuries should be paid special attention to. You can find apps for this, so recording what you spend doesn’t need to be a chore.

Think Before You Buy

Before you buy something on impulse, think first. Do you really need it? Will you still want it tomorrow? Wait at least 24 hours before making an impulse buy. Ideally, you should wait longer if it’s a big purchase. If you still want the item after a while, you can buy it.

Say No to an Overdraft and Credit Cards

Overdrafts and credit cards all amount to you spending money that doesn’t belong to you and having to pay it back with interest. This is no good for saving. Stay away from these as best you can.

Think of Your Goals

Why do you want to save? You should have a number of reasons. One reason for everybody would be if something should happen to your job. Another is for possibilities like marriage and kids. Diamond rings in Houston from Whiteflash, for example, will require savings. You may also want to save for retirement, a house, a new car, and more. Work out how much you’ll need to save to achieve your goals and stick to it each week/month to quickly get to where you want to be.

Avoid Payday Loans

Payday loans are dangerous and get many people into debt. People take these out fully believing they can pay it back, before realising they can’t. More and more interest is added on until it’s impossible for you to pay back. Avoid at all costs!

Save Loose Change

There’s nothing wrong with saving all of your loose change. In fact, you can end up with a fair bit of money if you stick at it for a while. You can use anything as your change jar; a money box, vase, jar – whatever you don’t mind leaving on the side ready to throw your coins into. It all adds up, and getting rid of your change is just wasteful.

If you stick to these tips, you’ll have all of the money you need saved up in no time. It’s very satisfying, watching your bank balance go up and up. It’ll be so worth it when you can finally achieve your life goals!

Thanks for reading.

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