If you’re trying to save money each month to go towards house repairs, decorating or new furniture, it can be hard work. Sadly even with the greatest willpower in the world, it doesn’t always seem possible. Whether you’re struggling to make ends meet or you have no idea where your money goes each month, the idea of saving anything at all can feel like another luxury you can’t afford right now. However, saving doesn’t necessarily mean missing out on the things you need or love, it just means with every penny you’re closer to your financial goals.
Finding interesting ways to save money for your home will keep you engrossed in the process and help you stick to your promise to save a little more. Here we’ll look at how you can start saving a little more money each month with these straightforward steps.
Open an ISA account
Before you start increasing your monthly savings, ask yourself where this money is going to go. If you intend to place it in your current or normal savings account then it’s just going to sit there and not do anything, which means you could be potentially missing out on all kinds of interest payments and incentives. Placing your savings in an ISA, for example, means that your money is working hard and earning interest. Or you could consider opening an investment ISA – check out Wealthify for the latest information on investment ISAs – where you can freely invest in the stock market and invest/sell as you see fit without having to pay income tax or capital gains tax on any additional money you earn.
The harder your money works, the quicker you’ll reach your financial goals and watch your savings grow!
Pay your savings first
When the first of the month rolls around again, pay your savings account/ISA first. Consider it another financial obligation and you won’t neglect to put something in your account every month. Waiting until the end of the month to put whatever you have left into your savings gives you no incentive to save, and you’ll probably forget anyway! Start each month with a well-budgeted payment into your savings.
Make it automatic
When making these monthly payments into your savings, make sure the process is automated. Use your online banking facilities to set up the payment so you don’t have to even think about it. Again, doing it this way means you won’t forget or convince yourself to spend the money elsewhere.
And finally, negotiate – EVERYTHING
From your home insurance to your broadband, phone contract to your utility deals and TV package, whatever you pay for monthly, make sure you haggle every step of the way. The last thing that companies want is for you to snap up a cheaper deal elsewhere, so you may find that when your contract is up for renewal they’ll do anything they can to keep you as a customer. Just make sure you know when your contracts are ending, so you can keep on top of your accounts. Remember: If you don’t ask – you don’t get!2