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We all want a bigger savings fund, don’t we?
You might be saving up to put a deposit down on your first home, you might be saving to jet off on a dream holiday or perhaps you are thinking longer term and trying to build yourself a substantial retirement fund.
The problem is, while we all want to have more savings, it is not always obvious how we should go about it. That is why today we are sharing with you 3 simple ways to add to your savings fund.
Set up a regular payment
The best way to ensure that you are adding to your savings is to set up a regular payment from your bank account.
You should have a separate account set up that is purely for savings, do not let any amount build up in your everyday account. That should receive your salary each month and then have just enough to cover all of your bills, and no more.
To decide how much to send to your savings account regularly, print off your bank statements and work out exactly how much you need to live off each month. You can then work out an amount that is reasonable to save each month. Make it a challenging amount, but still achievable. Set up a standing order to move that sum out of your account each month on the same day that you get paid.
By moving the money automatically on pay day you are less likely to eat into it and spend it on items that you don’t need.
Use online selling sites
This can be an easy way to give your savings account an instant boost.
Take some time to have a good clear out of your things, with a view to finding things that you might be able to sell on. Technology often does well and most of us have an old phone or MP3 player lying around. Household items, toys and clothes can also pay well, so have a good rummage and then place them on online selling sites. Any money that you do make, add it directly into your savings account.
If you find that you enjoy doing this, you could even set it up a side business. Many people run online sites like this so this could be a way for you to consistently add to your savings.
If you are buying in stock or selling internationally, look into specialist accounts to help you. For example, if you need to send money to Canada on a regular basis it might pay to get a foreign currency account.
Shop around to reduce your bills
Make it a habit to regularly shop around to see whether you can reduce your bills.
There are some bills that we have to pay. These are not luxuries, they are essentials, but just because we know that we have to pay them, it doesn’t mean that we have to pay that much. There are often better deals out there on things such as your broadband, energy supply and phone, and every bit that you can save can boost your savings pot.
You should follow the same advice with any purchases you make. By taking the time to shop around and compare prices you can often make savings.
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