In the last 6 months I have got married, moved house and got a new pet. All of which took years to save for and only 6 months to spend. So now those savings have all gone, I must reignite my inner budgeting guru and start all over again!
When it comes to saving, there are so many tried and tested methods out there. What will work for one person might not for the next. But don’t fear, to help you find the right saving method for you, I have jotted down my top money saving methods below…happy saving.
The SFTS (save first then spend) method
‘Save first then spend……what is left over.’ Simply factor in all outgoings and like a bill, make your savings an automated ‘must’ each month. Worst case scenario over save and under spend and should you need any extra take a little bit out.
The 25% method
There are various theories out there about how much of your pay check you should put away each month. But as a general rule of thumb, 25% is a good starting point. So if your take home salary is £1,500 per month, this equates to a saving of £375.00. Save this amount per month for a year and you could have £4,500 sat in your bank account. If 25% is unobtainable, why not go for a lesser amount, even 10% will leave you with over a £1,000 savings for the year!
The ‘money challenge’ method
Why not set yourself different money challenges every month to make saving a fun activity? Why not go without your beloved daily latte for a month and see how much you save? Or why not save every piece of change you get that is smaller than a £1.00 coin? The challenges are endless so no chance of you getting bored.
The split and save method
Why not set up a direct debit or automatic transfer with your bank for the day after you get paid? Simply decide your amount and transfer the money automatically into another savings account or ISA. This way, you never have the money to spend in the first place.
Do you have any other nifty saving methods or tips? Go over to our Facebook page and let us know your tips!