Everyone has something to save for, but it’s not always that easy to hit your goals. It could be due to unforeseen expenses like having to call out an emergency locksmith, or your kids needing something for school, or perhaps there were a lot of birthdays in the family that month. Whatever the reason, it can be disappointing to get to look at your bank account and notice that your savings aren’t as high as you’d like. While certain expenses might be unavoidable, below are a few tips to help you achieve your saving goals quicker.
The first thing to consider when trying to save is whether or not your goals are realistic. Can you honestly afford to save $5000 in a year and still manage to pay your monthly bills, buy your groceries, and cover other general living expenses? How much you can save is all relative to your outgoings and your income, so try to set yourself a realistic saving goal so you’re not having to dip into them to cover things like your food or transport costs for the month. Even if it’s something as little as $10-$20 a month, gradually, over time, your savings will build.
Look Through Your Bank Statements
Can’t figure out where all your money is going? It’s very easy to spend more than you realize, especially if you’re paying for the majority of things on your credit card or an app on your phone. Sit down and look over your previous bank statements from the last few months and highlight all the things you have bought that are non-essential items. You might be surprised to see how much you spend on unnecessary things like a cup of coffee on your way to work or a Friday night takeout. They might not seem like a lot as singular purchases, but they all add up. Once you have identified these things, make a conscious effort to cut back on them, and you’ll soon see a big difference.
Make the Most of Sales and Deals
Searching for online sales, deals, and coupons is another good way to save some extra money. You can still treat yourself to a few luxuries, but you won’t be breaking your budget to do it. They’re perfect if you have a lot of gifts to buy for birthdays or the holidays or need to replace household items quickly that might be expensive appliances. You could also look into paying monthly for things if that’s easier, although always check the interest rate before you do this.
Open a Separate Account
Finally, opening a separate savings account if you haven’t done so already will help you to achieve your goals. Splitting your money up in this way means that you’re not accidentally spending what you want to save, and once you have put the amount you want to save each month into the separate account, you can see what you’re left with and figure out your budget. Some banks also offer good interest rates on savings accounts, so shop around to see what deal is right for you.
If you’re tired of feeling disappointed that you haven’t reached your saving goals, try some or all of the tips above to achieve them.