How Anyone Can Save More Money


I would like to start this of by saying any of the points raised in this post are things I’ve found in my personal experience when saving money for something everyone is different when it comes to money, but I believe these points will help most people save more money.

“Pay yourself first”

This phrase if used on lot in when talking about saving, this is for one reason and that simply if because It works.

You can do this by simply setting up a savings account and every time you get paid you put a certain amount of your pay check into the savings account before you can spend any of it, the idea of this is you can treat it like another bill this money isn’t to be touched unless needed or you’ve saved the money needed for whatever you need it for whether this be a deposit on a house or for some other reason.

one other tip I have regarding this is to set up an account with a separate bank to the one you use for your current account as when you use mobile banking as most people do nowadays seeing the amount you have saved can tempt you to use it for other reasons which isn’t what you want.

Avoid Consumer Debt

Where possible avoid consumer debt this is because the payments eat into the amount of disposable income you have each month, this will damage the amount you can save, whether this is a car loan or credit card debt this can stop you reaching your goals I instead suggest you have separate savings accounts for a car, clothes etc. and give yourself an allowance, this cuts out any interest payments charged when you have consumer debt.

Setup An Emergency Fund

An emergency fund can be vital for help to protect savings, I’ve found this is very important as a few problems can cause savings to become depleted very quickly anything from a car needing tyres replaced to fixing a broken boiler and even the loss of employment.

A good start for most people would be £1000 which should cover a few most problems, however a goal I think everyone should at least aim for is 6 months worth of expenses, you might however want to consider a years worth of expenses if you have particularly volatile income or high expenses.

Having a separate account dedicated for this is particularly important, as I’ve found when I’ve had to use my savings account I’ve become demoralised and sometimes lost my motivation when a significant chunk of the money go and this is the last thing anyone needs.

Increase Your income

I appreciate this tip in most cases is easier said than done but below I’ve listed a handful of ways to achieve this:

Work overtime at work

Ask or work towards a promotion at work

search for a higher paying job

start a business

the important thing to remember with this is that this will take time to achieve you may not be any better off for a couple of months but being consistent with these will pay off.

Search For Cheaper Bills

This tip is something most people can action now it can be as simple as checking through comparison websites and finding cheaper alternatives to the providers you have you can use those quotes as leverage to get your current provider down on the price if that doesn’t work you can simple just change when possible and save the difference.