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Is saving money on the top of your New Year’s resolution list?
If like most people you slightly overspent during the Christmas period then you may feel that you are behind on your finances in January. However, if you can hack saving in January then we think you will be great at saving in the long term.
Different people save for different reasons; some may want to save for retirement, a house deposit, holiday, new car or other luxury items. Some may want to start saving for an emergency fund or for their child’s education. It makes savings easier if you you have a clear goal or purpose.
We have researched the best saving tips around to help you with your saving goals. So give yourself a head start and start saving money today by reading our top 5 tips.
Get a clear idea of your financial situation. Review your income and finances and create a budget each month that you will stick to. The important thing to remember here is to be realistic about what you will spend and what you can save. Make sure you budget for big expenditures too, both planned and unplanned. Planned such as holidays and home refurbishments unplanned such as unexpected vet bills or car repairs.
Get straight into saving mode and cut back on spending. Keep a conscious mind about whether or not you really need to purchase something. Little expenses such as a coffee on your lunch break or a meal out can quickly add up. The more unnecessary expenses you cut out of your budget, the more you’ll have to put in your savings account.
This can be the easiest and most effective way to save, and it puts extra cash out of sight and out of mind. Set up a standing order for money to go into your savings account straight after payday so you won’t miss it. If you need any help setting one up just ask your bank for help.
It can be motivating to see how well you are doing so keep checking your savings account to see your progress. Watch the money add up and feel proud.
What are you saving for? A property? A car? A holiday? If you are starting to give up on your savings goal just imagine reaching your target and enjoying your reward. You’ll remember that the hard work pays off and will be determined to make your goal a reality!
09 Jan 2019
City Gate House
11 St Margaret's Way
EHL Conveyancing Limited is registered in England and Wales with company number 11074606 having its registered office at City Gate House, St Margaret’s Way, Leicester, LE1 3EA. EHL Conveyancing Limited is regulated by the CLC under practice number 3464.
Work is directed to firms according to Lender Panel status. All panel firms are regulated by either the CLC or SRA and will contract with you directly. EHL Conveyancing Limited is under licence from EHL Group Limited.
Opening Hours Monday to Friday 9am – 5pm.