We’re all saving for something, whether it’s a new car, the deposit for a house, a vacation or just for a rainy day. Savings are something that we should include in our monthly budgets, but with so many other bills and financial responsibilities, it’s often easier said than done. Whether you have a simple savings account, a piggy bank or stocks and shares ISA’s, it’s easy to neglect your savings and convince yourselves to worry about them later. Sadly, it’s this kind of attitude that usually hinders your progress and keeps you constantly out of reach of your saving goals! So, what’s the answer? How can you ensure that you’re adding to your savings pot every month? Read on for 5 simple ways to boost your savings.
Save it first
Most people pay out all their other bills and then top up their savings account with what’s left of their paycheck. However, it’s this habit that often leaves us neglecting our rainy day fund entirely. What if I need that money? What if there’s an emergency? I’ll just put double in next month. Sound familiar? Instead, always pay your savings account first! That way you’re paying in every month without fail. It removes the temptation to spend it or to put it elsewhere!
Go through your contracts
Of course, your phone is a necessity. But is your extortionate monthly deal really worth it? Shop around for a cheaper deal, if you’re currently locked into a contract until a particular date, then speak with your provider about other options you may have.
Do you pay for cable TV? And are you also paying for streaming services such as Netflix and Amazon Prime? Strip back these accounts and you could be saving yourself $100 a month minimum! Decide which services you want to keep – if any – and cancel the rest. Put all the money you save straight into your savings account.
When was the last time you compared your utility providers? Head to an online comparison site, fill in some simple details and see how much you could be saving a month. If you want to swap, then go for it. Your new provider will do all the hard work for you and you can enjoy some additional funds in your savings.
Go through your budget
Food, rent, car, nights out – go through your monthly budget and see if you can squeeze it further. Reconsider options such as getting rid of your car and taking public transportation instead. Head to a budget-friendly supermarket or avoid big brand names and try a cheaper option. If you enjoy meals out with your partner or friends then opt for meals at home instead. There’s always money to be saved somewhere, even in the most frugal of budgets, so go through your expenses and eliminate as many of them as possible.
Pay off your credit cards
If you’re currently in debt, then any savings you’re making are simply being spent on the interest you’re accruing on your debts. Make paying off your credit card debts a priority. Once you have paid them off, you can put the payment amounts into your account and boost your savings!