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 book or CD.
Here are some hints and tips on how to save up for anything 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 (as recommended) don’t want to go down the credit route, here are savings secrets that anyone can take advantage of rather painlessly.
[hmtad name=”Adsense Unit 1″ align=”floatright”]Create a separate bank account – This is a first step even before the first penny has hit the bottom of the account. Now you have some place to put monies that are specifically for 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.
Pay yourself – 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.
Automatic debit – Set up a draft each month around pay day. Instead of using every last dime, have it automatically deducted from your account before you have a chance to spend it. Talk to your human resources representative. They can help you to sign up for direct deposit and how to transfer some money to a separate a checking 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 and lower your food budget while increasing your car fund. You could also go out less or have one less drink on a Friday night, but the key thing is to put 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
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, but you will also get into a habit of saving which cannot be a bad thing for life in general