Top ways to grow your savings this year
Planning to save for something important? Maybe you’d like to buy a new or used car , take an awesome holiday, or purchase your first home?
Whatever it is, having some money in the bank gets more important every day. We never know what’s going to happen, and your savings can act as an emergency fund if the worst happens.
Saving can be difficult. It’s so easy to compare our lives to others, attempting to keep up with the Kardashians even when we can’t afford it. Luckily, there are a few easy changes that you can make to help you grow your savings:
Set a goal
There have been numerous studies which have shown that we’re way more likely to meet our goals if we write them down- and even more likely if we look at them every day. So what are your financial goals? Why do you want to achieve them? And what’s stopping you from achieving them? Doing some journaling around this topic can be super helpful, but either way, make sure you write down your financial goals and keep them somewhere you can see them every day. That way, if your big goals are top-of-mind, you’re more likely to stick to your budget.
When I first did this exercise, I was so surprised at how much I was paying for that I wasn’t actually using. There are so many subscriptions and bills that just renew automatically, and we barely ever pay attention to what we’re actually paying for, if we need it, and if we can get a better deal elsewhere.
Broadband packages are a good example of this. There are so many available, but if you’re anything like most people, you probably haven’t compared your options for a while. Did you know that you can choose from a variety of different plans with no setup costs and free bonuses thrown in? It’s well worth doing your homework here.
Saving doesn’t need to mean that you can never socialize or buy new things. It just means being a little more mindful of where your money is going. Tell some of your friends and family members about your goals, and don’t be surprised if they’re more than willing to find cheap or even free activities to do so you don’t need to spend money socializing all the time.