**Collaborative post**
Everyone wants to save some money – in an ideal world, we would all put a percentage of our salary away each month into a savings account for the future. However, it can be harder than it seems, especially if we feel like we are living from paycheck to paycheck, and when something unexpected crops up, like having to have major repairs done on a car or buy a new washing machine or boiler, it can feel impossible to find the money. Some people choose to look for loans, such as Evolution Money’s homeowner loans to help them get through periods of financial difficulty, while others prefer to save money or find other ways.
Although saving is a challenge when your salary goes on day to day living, it certainly is not impossible. It takes some strict budgeting and overseeing all of the money coming in and out of your accounts every month, which will then allow you to calculate how much money you can save from each paycheck. If you need a little more help, read on for some more tips on saving money for those rainy days or unexpected expenses.
Keep any savings separate from the rest of your money.
One of the first rules of saving is to keep that pot of money separate from the rest of your money, no matter how large or small the amount. It is also best placed somewhere where you cannot access it on a whim. If you keep it in an ordinary bank account where you can quickly withdraw it or use it, you are much more likely to give in and spend it, telling yourself you will replace it, and let’s face it, that rarely happens!
Open a separate account for your savings, or if you have coins, keep them in a jar somewhere. You could even find one of those tins that require a tin opener to bust it open! After a little while, you will get used to doing it, and you should be able to save some money.
Save the Cents
When you are trying to save money, it really does not matter how much you put away, whether it is hundreds of dollars every month or a few cents each day. The most important thing is that you are saving something, even if it is a tiny amount. You should also try not to worry about how slow the saving is going, think of it as an investment. No matter how small the amount you save, it will help you when something unexpected crops up.
Skim Your Bank Account
It is much easier to save the odd few cents here and there when you are dealing with cash, as you can drop those odd cents here and there into a jar or a tin and forget about them but what about when the majority of your finances are dealt with digitally or using debit cards, as most of us do these days? It is quite simple really – skimming. Essentially, skimming your bank account means spending a couple of minutes every evening, or once a week, whichever you prefer, and rounding the amount down to the nearest dollar/five dollars/ten dollars – whatever your budget allows. So, for example, if at the end of the day you have $37.28 in your account, you would round it down to $37/$35/$30 and transfer the difference to your savings account. Sometimes it might literally only be a few cents, but over time, it adds up and leaves you with a tidy rainy-day emergency fund.
Try More DIY
Not everyone is good at DIY, but having a go can save you a lot of money. For example, if the car needs to be fixed, then see if this is something you can do yourself. Even if it means that you need to look for a few tools and pieces of equipment, it will usually still be cheaper than taking it to a mechanic, and you can make simple fixes yourself. The same applies to the house; you can save money by fitting a carpet yourself or cleaning your own windows. You can then take a portion of the money you have saved and put it aside.
Check Your Outgoings
Even though you might be on a tight budget, there usually are some small things you can cut back on to save money. Think about your food shopping; could you get more deals to save money? Perhaps you can search for more money off coupons on the things you usually buy. You should also look at the things you might do without realising, for example, getting that cup of coffee on the way to work. If you take a travel cup of coffee with you instead, you will save money. Make your lunches instead of buying them, and cut down on those take-outs. Perhaps you can walk to work instead of getting the bus or train, or maybe cycle there? Look through your subscriptions – do you need that colossal cable package as well as your Netflix and Amazon Prime subscription? If you have a gym membership and never use it – cancel it and go for a (free!) run in the street or an at-home workout instead. Any money you save from this process you can save for emergencies.
Evaluate Your Insurance Policies
Once a year, get into the habit of sitting down with all of your insurance policies and do some research into whether you can save money on them. You may find that another car insurance provider can offer you the same cover for less money each month/year, and you can then use that money to put towards your savings. You may well need to phone up and haggle to get the very best price, but if you don’t ask, you don’t get!
Even the thriftiest of households will have things that they can do to save a little money here and there. If you can, then it will make those unexpected bills more manageable.
