It’s no secret that saving money each and every month can be a difficult challenge that many of us really struggle with. In fact, a quarter of British adults have no savings. Rent, mortgage payments and utility bills can be exceedingly expensive, and on top of this, we live in a highly materialistic society. It can be really difficult at times not to be tempted by that new pair of trainers, or that latest games console. However, in the long-run, the benefits of having savings in your account will definitely outweigh the initial buzz of your latest purchase. There are number of ways in which you can up your monthly cashflow and boost your savings account, from cutting back on non-essential costs, to looking into instant online loans.
Set Up A Strict Budget
If you want to save money, then setting yourself a strict budget is going to be completely necessary. Start by getting all your financial information together. Calculate your regular income, and your regular essential expenditure. Once you have worked this out, you should be able to see how much disposable income you have left over each month. You should try to set aside a fair chunk of your disposable monthly income to go into your savings account. For some people this may be half, for others it might be a third or a quarter. But of course the more you can put away, the better.
Cut Back On Any Unnecessary Expenditure
Ultimately, saving money is about prioritising. You definitely shouldn’t feel bad for occasionally treating yourself to a nice meal out, or a new jacket, but you should try to be sensible and try to avoid making too many unnecessary purchases. Make sure you pack your own lunch to take to work each day rather than buying lunch at a coffee shop or a canteen. Make sure you don’t go out clothes shopping each and every week. Don’t always buy the very most expensive version of the product you are after. You should always question whether buying something is actually necessary, or whether, realistically, you could manage without it.
Check Your Direct Debits
Forgotten direct debits can end up costing you a fair sum of money. Cancelling things like old magazine subscriptions, website and app subscriptions, and that gym membership that you never even make use of, can easily end up saving you around £100 or so each month. There are three types of regular payment, and it's possible all three could be leaving your coffers, and many you may not even know about. Many regular payments are quarterly, biannual or yearly so check back over 12 months to ensure you cover all outgoings.
Instant Online Loans
If you find yourself in a sticky financial situation, then instant online loans can be a massive help and a real life saver. Unlike with most traditional bank loans, it’s still possible for your application to get approved even if you have a poor credit score. It takes around 15 minutes to apply and know whether or not you have received approval, and it is possible to loan just a small amount of cash with an affordable interest rate. If your car needs repairing, or you need one-off help with meeting utility bills, then an instant online loan may well be a really handy solution for you. If used wisely, it can also be a great way to start putting away monthly savings.
Consider Taking On Freelance Work Or A Part-Time Job
Taking on extra work definitely won’t be an option for everybody, but if you do have some spare time in the evenings or at the weekends, then it may well be worth considering if you are looking to increase your monthly savings. Tutoring, working in retail, child-minding, or offering cleaning services are all great ways to make an extra bit of cash on the side and boost your overall income. There are also a number of ways to earn cash online, from filling out surveys, to starting a blog, to reviewing websites and apps. Working two jobs can undoubtedly be very tiring, but it can be a brilliant way to quickly boost your income and your ability to save.
Everyone’s financial situation is of course different, and putting money aside each month will undoubtedly be much easier for some people than for others. However, even having just a couple of hundred pounds tucked away in a savings account will definitely prove very useful if a financial emergency comes around. If you are in a position to save money, then make sure you do. Future you could be very, very thankful for it!