Saving money is easier for some people than it is for others. For some of us, saving up money can be really tough. However, if you want to buy a new home, invest in a new car, or go on an exciting trip, you need to save up. When saving up money, it is easy to find other things you may want to spend it on or things can come up that require you to dip into your savings, such as your boiler breaking down, for instance. Having to spend money on other things can make meeting your financial goals a little tricky – it can be rather tough saving up. Saving up can seem like hard work, but it doesn’t have to be. There are things that you can do to make it easier and more manageable to save up and achieve your financial goals. Below is a guide to three ways you can see results when it comes to your saving endeavours.
- Use technology to track your savings
No matter what you are saving for there is technology out there that you can use to help track and calculate what you need to save. One thing you need to know when saving is how much you need to put aside and for how long to get to your target amount. This can now be easily done with websites such as Pigly.com, for instance. These kinds of sites will take the info for what you are saving up for and how much you can afford to save each month and calculate it for you, and will then breakdown how long it will take and what payments to make to get there.
- Reduce your bills
When saving money you need to have the money to put aside, don’t you? The more you can save each month the quicker you will get to your goal amount. When it comes to speeding the process up, reducing the amount that you pay to bills could help you cut costs and put more into your savings. This can be done but switching energy suppliers to get the best tariff for a cheaper price, for instance, or you can also save money by going through your subscriptions and seeing if there is anything that you don’t use or could live without. Reducing certain bills will help to speed up the saving process. Other things to think about reducing is the number of times you go shopping to allow you to save up more quickly.
- Use fixed-rate savings accounts
Fixed-rating accounts are great to help you save without touching the money you have put away. Instead of opening a savings account and moving the money around however you want, you can deposit the money into a savings account that you are unable to access for an agreed amount of time. This could be one year or longer and will allow you to make saving up to reach your goal a little easier, as there’s no temptation to withdraw it. Pick a fixed-rate savings account and you will be accumulating interest as well for however long the money is left in there for. You could also mix this with an instant access savings account so you have some funds readily available should anything arise and you need a quick influx of cash.
Hopefully, with these three tips, you may have a bit more success in saving up for that thing you want and keep the money saved, so you are not tempted to spend it.