I don’t know about you, but over the last five years or so I’ve always been saving money towards something. A holiday, a house deposit, big baby buys and now a wedding! In an ideal world, we’d be earning the same amount of money each month, allowing us to put away the same amount of money each month too, but for most of us, this isn’t the case. Today I thought I’d share some tips with you on how to continue to save up for something when life and it’s obstacles get in the way.
Re-evaluate your in goings and outgoings monthly
I work part time locally but I’m also freelance/self employed, so reevaluating my money each and every month is an essential for me. Even if you work one job with a set amount of hours, it’s worth sitting down at the beginning of every month and making sure that everything is covered, as some of your direct debits and such might be bimonthly which can throw off your calculations for the month if you’ve not accounted for that bill. Once you’ve calculated all of your outgoings and have a total amount to play with, decide how much of this you can put away into your savings. As you know, Jack and I are getting married next March so pretty much all of my “spare” cash is going straight into my savings account.
Have an emergency savings fund
Saving for the lovely things in life like holidays and weddings is all well and good, but what about when money is needed for important things like urgent dental treatment or travel costs to make an important trip to see family? On top of your savings, it’s a good idea to think about having an emergency savings fund that you don’t touch unless you 100% have to. This allows you to keep saving towards your big savings goal and not interfere with your monthly spending money. I’ve learnt a lot about money saving from Jordan Page of FunCheapOrFree.com and I would totally recommend you checking out her blog if you haven’t already!
But what if I don’t or can’t have emergency savings?
When life throws a broken fridge or expensive car repair at you and you really don’t have the cash to see to it but can’t live without the repair or replacement, then it might be beneficial to take out a short term loan. Knowing where to seek your loan or even how much it will cost you can be tricky, but with Cashladys Consumer Index you can explore their data on average loan request, monthly income, and even top employers, helping you to make an informed decision.
Don’t be disheartened if you don’t reach your financial goal in the initial time you set out for yourself
but don’t blow what you have managed to save! Just keep going! It can feel frustrating if you’ve not managed to save x amount by x date, but the laptop or the holiday will still be there next month, so don’t be tempted to splurge your money on something you haven’t really put much thought into just because it equates to the amount of money you have managed to save. Just hold out another month or two and the pay off will be so much better!
Don’t be afraid to ask friends and family members for help
If there is a strict time constraint on the thing you’re saving towards and you’re already working really hard to get to the finish line, don’t be afraid to ask your friends or family for a little financial push to get you there. If you are lucky enough to have friends and family around you who you know would be able to help you financially, then ask away! Especially when it comes to things like weddings and house deposits, these things aren’t cheap and if you’re running out of time but have already committed to the purchase, sitting down and talking things through with someone who could help will take that last minute pressure off of you.
And lastly, always watch where you’re spending
Obviously we all have to eat and get to places, so money spent on food and travel is unavoidable, but that doesn’t mean you can’t be super smart about it. There are a couple of different supermarkets for example that I prefer for different bits and bobs. I like Aldi for fresh fruit and veg and cupboard goods but Asda for meat and dairy alternatives. If you’re really unsure where to start with saving money on the weekly shop, then plan out the next few weeks and visit the different supermarkets in your area to figure out which stores have the best prices for the things that you and your family need.
Do you do any of these things when you’re saving money? What are your top money saving tips? Let me know below!