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What are the Best Ways to Start Saving Money?

Estimated reading time: 2 mins

Almost everyone has a goal to start saving money, whether they are waiting for a higher paid job, or just not good with their finances, there are often reasons why they don’t. In fact, it can be easier to start saving than you think, all it needs is a little thought about your expenditure, and a determination to make it work. Here are some of the best ways that you can start to save money today.

Reduce Your Debt

Perhaps you have a few debts that you have been trying to clear for some time. You might be giving them the minimum amount to keep them happy, but perhaps you need to think about clearing them sooner. Think about how much additional cash you will have if you aren’t paying your debts? That extra cash can easily be transferred into your savings account to start you on the road to your first holiday or your first car. If you need to make sacrifices, use that money to pay your debts off first.

Set Yourself a Savings Goal

While saving is always a good thing to do, setting yourself a target will give you the motivation to keep going. It might be that you want to redecorate your home, so set a figure you need and save towards it. Once you have felt how good it is to save for something, you will want to do it more often.

Stop Bad Habits

One of the quickest and easiest ways to find money to save is to give up those things that are bad for you. Smoking is the biggest expense you will have from your day to day living, and so stopping it will free up a lot of money for you to save. You could give up your store-bought coffee in the morning and take a travel mug with you, or you could cut back on candy. Kicking bad habits isn’t easy, and smoking is one of the hardest, but if you are determined to save money, you need to be determined to quit.

Save Birthday Money

Many people are never sure what to buy their family members for their birthdays, so if your family still buy gifts, tell them that you would like the money instead, so you can start saving. It is money you didn’t have before, so you won’t miss it from your salary. Another way that people might give you a gift is with a company like Stockpile. It allows people to give others a gift of stocks that they can then save to make money. You might wonder is Stockpile safe? To find out the answer, you need to do your research, but if utilized properly it could lead to a regular savings income.

Whether you are saving a little each month or a lot, the fact that you have started to save is a good achievement. It will give you more freedom to do the things you want or to get the things you have always wanted.

 

About the author /


Simon is a creative and passionate business leader dedicated to having fun in the pursuit of high performance and personal development. He is co-founder of Applied Change, a Business Change consultancy based in the UK. Simon is also an Ambassador for Gloucestershire business. Simon is an Associate Member of the Chartered Institute of Professional Development.

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