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.
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
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
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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