Tuesday 17 January 2017

The key to saving in the New Year

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This year seems like a very big year for me, leaving home, traveling and much more. It's fair to say by this time next year everything will have changed. Saving will be a large part of some of those things so here's my quick guide to saving.

The easiest way to save is to select a coin or note that you will not spend. some people save every fiver that they get or every 50p. Doing this gives you the freedom to spend whilst still saving. If you work in a hospitality job where you get tips, you could aim to save those instead.
if saving for something specific such as paying off your car insurance or a holiday and you know how much it costs, first you must figure out how long you have until it needs to be paid. You divide the cost over the number of weeks and see if taking this out of your weekly fund is reasonable. I find that braking a larger goal into multiple smaller ones seems much more achievable. for example I like to know that I have saved £30/£30 a week rather than £30 out of my £200 end goal. 

Another think that aids saving is thinking through everything you buy. There have been many times where I have wished for something such as a new dress and have brought it for it to sit in my wardrobe for 2 years. There is figuratively an unused £50 note sitting in my wardrobe. 
On that note I would recommend selling on any unused or unwanted items like that jumper your grandma purchased you 3 years ago but still remains 4 sizes too small.


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