To Spend or To Save?

A lot of us want to travel more, have breaks from work and eat out at the nicest restaurants but we also want to save for the future, have a mortgage, live comfortably. With a lot of jobs not paying enough and the economy today, it’s hard to have the best of both worlds. So, to stay on track, in an attempt to live in both worlds, here are a few things you can do to save money:

  • Have a personal bank account as well as 1-2 saving accounts; be sure to put 70% of your monthly wage in the saving accounts.
  • In line with that, transfer money into saving accounts monthly and have the will power to not take money out of these accounts.
  • Research/get into investments (shares, houses etc.)
  • If you have a business idea, write up a proposal and go for it.
  • Limit how much you spend weekly (through your personal account). Example, how much you go out, how much you eat out.
  • Only buy what you need, not what you want.
  • If there is something you need, look out for discounts or sales.
  • If you need extra assistance, make use to piggy bank apps, help to buy accounts, Monzo.
  • A great search for knowledge is money supermarket expert wesbite.
  • Make cut backs if possible. For example, if you pay for the gym but don’t go, do you really need to keep the membership?
  • If you have time and are willing, you can take on a second job (part- time).
  • If you’re not happy where you work, use this time to progress with your career. This might lead to a promotion or a job with a salary increase.
  • Look back on my previous post on saving money during the summer. It looks at how to have fun on a budget.

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