So you’ve got big plans to buy a car, go travelling, pay off student loans or eventually get a mortgage for a flat / house. But how to afford it when these days young people are struggling to buy their own homes?! Never fear – I’ve put together my top five ways to save money and help you reach these goals. You may think you’ve tried everything but I bet you won’t have thought of these…
Set Yourself A Tax Amount
I set myself a tax amount of 100% because it is one of the easiest ways to save money! What I mean by tax is when you spend money – even if it’s only £2 – match it and put that amount into a savings account. This works for three great reasons. Firstly, it makes you actually think about what you’re spending, something which definitely helps me put in perspective what is actually worth spending money on. Constant take-outs isn’t one of them.
Secondly, because you’ve had to match yourself, there will be less money in your monthly pot to actually spend. Useful for those of you who have absolutely zero self-restraint. And finally – when you run out of money, you’ll still have that fund for emergencies! (No, Maccy Ds are not emergencies).
Use A Change Pot
This one may sound silly, but it’s one of the tried and tested ways to save money for something special. Get a tin or piggy bank of some kind and stick all your loose change in it. Even better are those ones you have to smash in order to get into them – it’ll stop you dipping in all the time. You tend to notice money disappearing if it goes in big chunks rather than little increments. This is a handy way of saving extra dosh without feeling the pinch too much – and if you do it a lot, you’ll be surprised how much you have at the end of the month/semester/year!
Save £2 coins
If you like having the jingle-jangle of change in your pocket and don’t want to put it all into a pot, then just promise to save any £2 coins you get. They don’t come that often so it won’t make a huge dent in your wallet, but just by saving the few that you do get, you’ll find they build up quickly. Some collectible £2 coins can actually be worth quite a bit of money, so when the time comes to smashing open that jar you might just find a hidden gem worth much more than £2!
Budget For Your Week!
Again, this one sounds obvious but it will help you out massively. Budget yourself – say £100 a week (probably less if you live at home and don’t have to provide for yourself)- and then take that money out of the bank. It’s easier to see what you’re actually spending when you physically have the money on you, so this will help you both with spending less, and at least being more conscious about where your money’s going.
Hand Over Your Card.
Okay so this might seem a little drastic, but I promise it can really help you. If you don’t think you have the self-control to spend just your budget, enlist the help of a friend or family member. Take out your weekly budget and then give them your bank card. You physically won’t be able to use it at all, so you’ll stay within your budget. Plus, it’s likely you won’t want to look like you have no self-control to whoever you gave the card to, so hopefully that will stop you begging for access!
And that is it! Start using these ways to save money and hopefully you’ll be on your way to achieving your wildest dreams!
If you want more clever money saving ideas then check these out!