We start to overlook our forthcoming year and figure what needs to be spent and when. My boyfriend and I have booked a holiday for June, and I have been saving for my car over some time, so I’m feeling pretty light in my bank account! I know so many people who really struggle to keep money and not save it, so here is what I’ve been doing.
So to start with to save I will always set up a bank account which suits what I will be saving for. When I started saving for my car, I opened a Santander account which has 3% interest on savings from £300+. Now numbers and percentages are all very confusing but this means we can earn extra cash by basically having money in the bank. This is great for big lumps of money too as the bigger the stash the larger the money back you will get.
When you get a job at whatever age that may be I got my first job at 14, you will hopefully be getting some cash for the work you do, now its so easy at the start of a job to say ‘I’m going shopping!’ And the. To have nothing left, I got into the idea of splitting my wage in half keeping half for me to spend on anything and the other half to go into my stash to grow.
This is probably one of my biggest tips I think I will forever live by this rule as its just worked so well for me – and hopefully you guys!
On-line banking is one of my best friends, I’m forever checking on my balances and transferring money between accounts, if you bank allows on-line banking, just go have a look cause I find it so helpful and easy to organise especially cause I live a while away from my branch.
It’s be massively under rated the old piggy bank and even now I still use them, you could argue I am way to OCD about this actually! I have one jar for my coppers and small silvers, and another jar for my £2, £1, and 50p’s. I don’t know why I’m just weird, it’s probably because this one grows more quickly because of the larger coin value.
So when I started saving for my car I used to get about £20-30 a week. So I worked out how much annually (×52) and then work out how much I’d spend and save out of that pile, so around half and half then I’d work to that figure In my head to earn say £500 throughout the year to put away and save, this is a lot better when you have a larger wage so more can be saved.