How to save up for anything
Is there something you really really want but haven’t had the money to buy it?
Maybe it’s a new car, a new holiday, a laptop or something less valuable such as a music download
Here are some hints and tips on how to save up for anything.
And how to save up without going down the credit card or borrowing money route.
It is true that saving is hard for most people without a strategy in place.
It is easy to say that you want to save money each month, but hard to do.
When it comes to big ticket items like cars or holidays, the challenge can seem like an overwhelming task you can’t pull off.
So if you want that object of desire in your life and don’t want to go down the credit route, here are savings secrets that anyone can take advantage of rather painlessly.
Create a Separate Bank Account
This is the first step even before the first penny has hit the bottom of the account.
Now you have a place to put money that is specifically for saving.
Saving for the item you have set your heart on.
Bank Your Bonuses and Raises
Many places of work pay their employees a bonus around the holidays or throughout the year for performance appraisals.
Instead of adding that money to your current income, place it in a separate account so that it can grow for you.
Research how much it will cost to buy your item.
Figure out a likely monthly and send that to yourself.
You are the bank, so any money comes to you.
Place it in a separate interest-bearing account to accumulate.
Set Up an Automatic Direct Debit
Set up a direct debit instruction or standing order each month around payday.
Instead of using every last penny, have your savings automatically deducted from your account before you have a chance to spend it.
Talk to your bank if you don’t know how to do it
They can help you to sign up for a direct deposit and how to transfer some money to a separate current or savings account.
Since you don’t see it each month, you are less likely to miss it, especially when you have a goal in mind.
Bag Your Lunch
Instead of spending five dollars here or ten dollars there on food at work, bring your lunch.
That way you can lower your food budget while increasing your savings fund.
You could also go out less or have one less drink on a Friday night
The key thing to remember though is to put all the savings towards your item
Save Your Change
Place any loose change that you have in your pockets in a jar at night.
Before you know it you will have a jar full of coins that you can put towards your fund.
Search down the sofa – it’s amazing how much loose change accumulates down there!
Work an Extra Shift
Outside of your normal hours, or take an extra job, but treat the extra as exclusively for your intended item
How to Save Up for Anything – Summary
Follow these tips on how to save up for anything and before you know it not only will you have the money to pay for the item you really want.
The key thing with all these tips is to focus on the end goal (whatever that may be), and then setup savings tactics specifically for that end goal
Then you can repeat it
Over and over again
And then you will also get into a habit of saving which cannot be a bad thing for life in general
Check out more articles on money management here