Finances and Frugality: Saving For Life’s Big Moments
How are you saving for life’s big moments?
Whether you’re planning on buying a house, getting married, having a baby or booking the holiday of a lifetime- life’s big moments require funds. And more often than not, quite a lot of money is needed. It can be tricky when you don’t have heaps of disposable income to put away the cash that you need, but it’s not impossible and there are things that the average person can do to speed things up. Here are some ideas.
Strip back your budget
Chances are you’re wasting money in your budget without even realising. Stripping things back to basics and going without some luxuries for a while will allow you to save for what you need much more quickly. Get rid of digital subscriptions like Amazon Prime, Spotify and Netflix. Stop ordering takeaways and research cheap, healthy and tasty recipes to make yourself instead. Run some prices through comparison sites to reduce your utility bills, and you could even give up your car for a year and save up the money you would have spent on that in extreme cases.
Automate your savings
Saving becomes easy if you automate things, set up a standing order to come out of your bank each payday so that it automatically transfers to a separate savings account. Ideally this will be with a completely different bank, to an account you don’t have a card with. That way the money is out of sight and out of mind, it can slowly be added to each week or month without you having to think much about it.
Find new ways to earn money
Saving money becomes easier when you’re earning more of it, so consider finding ways to boost your income. It could be anything from taking on a few extra shifts at work, to starting your own business from home which you can run in your spare time. There are companies offering managed IT services you can hire to get your website and everything set up online if you’re not very techy, and from there you can sell products, services or whatever your business is planning on selling. Other ways to earn money online in a flexible way include blogging and freelancing.
Sell what you don’t need
Finally, selling what you no longer need or use is a great way to declutter your home while turning unused items into cash. Utilize apps like Shpock for furniture or Depop for clothes. List items on eBay or Facebook Marketplace. Any cash you’re able to raise can be put straight in your savings jar. Your home could be hiding hundreds or thousands in items that are currently sat in the attic, garage or in drawers around your home!