It’s great when you have some money left over after you’ve covered all your essentials. Here are some tips to keep you on track:
Keep track of what you have coming in and what needs to go out. Seeing it in black and white can help you feel more in control. Try giving yourself ‘pocket money’ so that you have some money to spend on what you want (bets on the football or a night out with your mates) but means you don’t spend all of your available income!
- Track your spending
Track everything you spend, even if it’s only for a few months, it will show you exactly how much your sweet tooth or coffee habit are costing you and you’ll see where you can make further savings if you need to.
- Save for emergencies
Try and save something every month to cover emergencies like a washing machine breaking down or new tyres on your car. This means you don’t have to try and find the money to cover that emergency from your monthly income or resorting to credit cards (unless you can pay it off quickly).
- Set yourself a goal
If you can save every month, even if it’s a small amount, you will be surprised at how quickly it builds up. Don’t be tempted to dip into it. Whether you’re aiming to save enough to pay your car insurance in one go (because it’s cheaper than monthly payments) or for a holiday – keep your eye on the prize!
- Saving – a habit for life
It doesn’t matter how much or little you save, just save something – you’ll be glad you did!