Daily Archives: January 18, 2018

How to Save Money Fast

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When you’ve got a lot of money, it’s easy to save more. You set some aside each month, you invest and find other ways for your money to make more money and your savings pile continues to grow. But, when you haven’t got much, or you are living with debts and no savings at all, it can seem impossible. You may watch your savings account rise by such tiny amounts each month, and it never seems worth the hassle. Some people are happy to save at this rate, putting little bits aside whenever they can. But for others, perhaps those with a large amount to save, for a mortgage or a new car, it can feel like it’s going to take forever, or that you are never going to hit your targets. But, there are ways to save more quickly. Here’s a look at some of the best.

Budget

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Many of us are spending much more than we need to. We think we need to make more to be able to save more, but that isn’t the case. Sit down and look at all of your outgoings. Literally every cent that leaves your account. Then, look at anything that can be cut. Can you spend less on food if you use meal plans? Can you save money on fuel by walking more? Do you use that gym membership enough to make it worth the expense? Cut anything you can, then look at your new number. If your outgoings add up to $800 a month, and you earn $1500 a month, you should be able to save $500 and still have a buffer. A few months without luxuries will all be worth it when you’ve saved what you need.

Use a Credit Card

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Debts are expensive, and if you want to save long-term, you should pay off what you have and avoid further debts. But, in some cases, looking at the best low-interest credit cards to pay for large unexpected expenses can help. As much as we love to think that nothing will ever go wrong, it does. Having a backup could save you a fortune and allow you to keep your savings. Just make sure you pay it off as soon as you can.

You can also use credit cards with cash back bonuses to earn while you spend. As long as you pay these bills off in full, and don’t ever buy things that you wouldn’t normally anyway.

Use an App

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There are some fantastic apps out there to help you save. Some, help you budget and show you detailed breakdowns of what you can afford and what you are spending. Others can help you to save by taking money out of your account for you, so you don’t get chance to spend it. Then, some help in other ways. Money Box, for example, rounds up all of your purchases. So, if you spend $3.75 on a coffee, the app will put that extra 25 cents into your savings account straight away.

If you want to save faster, the best thing to do is use a combination of methods. Just make sure you find a high-interest account for your savings.

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Tie Up Loose Ends Prior To A Traveling Adventure

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Have you been struck down by itchy feet now that 2018 has emerged? If you have and your feeling a little perplexed as to how to make your dream of a traveling adventure a reality, you need to take a step back and assess whether you are in a position to take a jaunt overseas. With the responsibilities of modern life, it can be hard to see how you can take a break from work, sever family ties for a little while and embark on a traveling feat of a lifetime. However, you can. It simply takes some planning and preparation.

Job

If you’ve been working in the same desk job for a few years and you feel that your professional life is becoming a tad stale, a sabbatical may be the best option for you. Make enquiries with your boss and see if he or she will grant you some unpaid leave. Seeing your enthusiasm for your travel adventures may result in the company you work for offering to keep your job open for you for six months or so. If after that time you are still gallivanting around the world, you may find your role has been offered to somebody else.

House

Just because you own your own little patch of bricks and mortar doesn’t mean you have to be chained to it forever. You have to think outside the box and work out a way to make your asset work for you while you are away.

First and foremost you need to make your humble abode safe while you’re gone. Install a security system and make your trusted neighbors aware that you will be out of the country for a few months. Give them your contact details and ask them to check on the house every so often.

If you’re tempted to let out your pad while you’re halfway across the globe, employ the services of an agent to look after the maintenance duties and act as the landlord. They’ll take a small cut of the rent, but at least you won’t have to fly back from Costa Rica or call plumbers from Malaysia if the washing machine breaks down. You will be able to travel knowing that you have a monthly sum coming into your account that you can ration on your travels. It could be the difference between a hostel and a hotel.

Family

With young kids in tow, traveling probably isn’t the wisest or easiest option (although it has been done.) You should plan one last foray of adventure with your other half before starting a family or after the kids have grown up a little bit. Toddlers and babies on long-haul flights don’t tend to be the perfect combination. Other family members should support your thirst for travel and will look forward to the presents you bring back!

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Heading off on a travel adventure needn’t be seen as reckless or selfish. You are simply trying to quench your wanderlust thirst, and you are doing so in a responsible way, sorting out your job prospects and making money from your largest asset. Choose your destinations, set a budget, make a plan and enjoy your trip of a lifetime.

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