Tuesday 19 November 2019

Simple Ways To Grow Your Savings Every Day

Some days it can feel like you’re just getting by, let alone having enough money to save! But as life can be unpredictable, saving is important. 

Even if you feel like there’s no way you can put some pennies aside, there are some things you can do to grow your savings. From making some cuts to your spending to being savvier with what you have, you can give your finances a boost.

Take a look at some of these simple ways to grow your savings every day.

Image Credit: Unsplash under Creative Commons

Motivate yourself with goals

Having savings goals can motivate you to save more. And one of the ways to do this is to set yourself both long-term and short-term goals. You can start with something simple like saving for a holiday, and work your way towards building larger savings like for a house or for your retirement.

Learning to save can help you get into some better habits for the future. Achieving those smaller goals will help you make more general savings, which is important for your future. You never know what the future holds. From expensive home renovations to needing civil litigation solicitors, it helps to have a long-term savings pot there to use for life’s emergencies. Start saving for both the long and short term, it will help teach you a lot about your finances.

Cut your monthly expenses

Do you know how much you spend in a week? Making some changes to your habits could help you put a little extra aside each month. Cutting back is as simple as stop spending money! From making your own lunch every day to resisting the urge for your Saturday night takeaway, it’s easier than you think to save money. Try leaving your wallet at home and only carrying the cash you need, it could make a big difference to your weekly spend.

Shop smarter online

Online shopping can be a great way to save some money. Discount codes are great, especially around Christmas time! Always carry out a search for discount codes before you hit the checkout, most of the time you’ll find something.

As well as using discount codes, why not try using cashback websites? Cashback websites can help you earn a percentage back on your online purchases, allowing you to grow your earnings into savings you can put towards something later on. If you get your friends and family involved too, you could earn some great money from referrals!

Have some ‘no spend’ days

Could you make it through some days without spending any money at all? It’s easier than you think. By walking to work, getting creative with what’s in the cupboards and resisting those online sales offers, you can easily manage a ‘no spend’ day. Try doing one of these at least once a week and put aside the money you would have spent. It’ll soon become easy to grow your savings ready for a rainy day!

Use a savings app

Savings apps are ideal for people who struggle to save money. Some cool budgeting apps include Cleo and Emma, which can help you save by analysing your outgoings and stashing away some of your money each month. These types of apps can also make sure you round up your spare change, leaving you with some extra pennies saved at the end of the month. A few pence here and there might not seem like much, but it all adds up!

Try a side hustle

If money is extremely tight to the point where you can’t save at all, why not look at other ways you can earn some money? From selling things on eBay to trying your hand at something like copywriting or proofreading, you could be surprised at how your talents can earn you money. Even if it was for an hour a day, it can be very easy to boost your income.

Saving money is all about making choices. Even if you decide to sleep on a decision overnight, you’re likely to find yourself shying away from the purchase. Making those smarter money choices will teach you some effective money habits and change your approach to your finances. It only takes some small changes to help you save more, so why not set yourself the challenge now? By the end of next week, you could have the beginnings of a great savings pot ready to help you reach your goals. Perhaps it’s time to invest in a bigger piggy bank?