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10 easy ideas for getting into the savings habit
1. Pay yourself first
Do you find there isn’t much money left over at the end of each month? It's easy to find yourself short of funds after paying for essentials and buying a few little treats on impulse.
Set some realistic long-term goals and then pay yourself by putting money aside in a savings or investment account on a regular basis. Even small contributions soon build up.
You're aiming to make regular saving a healthy habit that will turn into a routine. And at the end of each month you'll have the immediate satisfaction of knowing you managed to put something away.
2. Keep track of your spending habits
For the next month, keep a log of all your daily, weekly, and monthly expenditures. Find an easy way to record what you spend as you go, whether you use an app on your phone or a pocket notebook. And prepare yourself for a shock! If you add up how much you spend on shop-bought sandwiches, coffees and more, you'll be amazed by how much you can save.
3. Find a good deal
There are plenty of ways you can save money when paying for essentials. Review your mortgage, credit cards, insurance and utilities.
Don’t be afraid to switch companies to take advantage of the best deals around. Price comparison websites can help you compare utility companies to find the cheapest rates.
Try doing your supermarket shopping online. It can make it easier to stick to a budget and resist buying unnecessary items on impulse.
You can use price comparison websites to compare prices at the big supermarkets. It's worth checking the delivery costs, as some supermarkets will deliver for less on certain days of the week.
4. Motivate yourself with a goal
Pinpoint what you really want and what it will cost. Set a realistic goal, such as giving yourself six months to save for it. Cut out pictures of your goal and put them on your fridge and in your purse. Every time you think about buying something new, ask yourself if you want it as much as what you're saving for.
5. Start a loose change jar
Put a jar in a prominent place, and empty your change into it at the end of the day. If you can't stand the thought of rolls of coins, use the change-counting machines available at some supermarkets when the jar is full.
At the end of the year, this cash could add up to enough money to pay for a Christmas gift, or a health club membership, for example.
6. Put away surprises
Whenever you get an unexpected windfall, such as a holiday bonus, or cash gift, put it into your savings account. You weren't counting on this money as part of your regular income, so don't spend it as such. Think of this as your new car account, for example.
7. Pay off your debt
It may seem hard to believe, but paying off your debt is one of the best ways to save money. That's because the interest you pay on most loans is much higher than the interest you earn with most savings accounts.
Get rid of as much credit card, student loan, and other personal debt as you can, and then start saving.
8. Pretend you're still paying off a loan
When you finish paying off a loan, keep making the monthly payments, but to yourself. As you've already been making the payments for months, you should be able to continue living without the extra cash. Put the payments into a savings account if you can.
9. Open a savings account you can't touch
Save for even bigger purchases, such as a holiday or a car, by putting money into an investment account. As the money must stay in the account for a set period of time you won't be able to get at it whenever temptation strikes. Most investment accounts also earn more interest than savings accounts.
10. Make saving a challenge
Each month, try to save just a little bit more. If you make saving a challenge, you'll learn to avoid the luxury buys at the supermarket and to skip the stroll around the clothes shops at lunchtime. If you're making sacrifices now, you'll feel even better when you finally get to buy what you've spent months saving for.
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