5:41 pm - Friday December 15, 2017

How to Build Up Your Savings Each Month

Saving up money can be difficult. After you have paid your rent, bills and food, and maybe have spent your cash going out socialising, it can be hard to find that extra to put by. There comes a time however when you need to assess your financial situation and figure out just how you are going to put money away for a rainy day.



Make sure you prioritise your debts

 First and foremost you need to work on clearing any debts you may have outstanding. Get rid of your credit card balances and loan repayments as a priority. With the interest that you owe on your debts, these are what will be costing you the most each month. Once you have paid off what you owe you can start to focus on saving cash for yourself.

Work out your budgets

 You’ll then need to figure out how much you spend each month on essentials, i.e. your rent or mortgage, your electric and gas bills and the food you need to live on. Think about absolutely everything included in your outgoings such as phone bill and think about what you need for things like going out and clothes shopping.

Figure out how much you can put by

 By minusing the amount you spend each month from the amount that you earn from your job you can see the potential figure of how much you’d be able to put by towards your savings pot. This should be your target figure for the foreseeable future.

Set yourself a timeframe to reach your goals

 The timeframe you set will obviously depend on what you are saving for; whether it be a deposit for a mortgage, a new car, or just want to reach a certain total to put away for a rainy day. Divide the target savings figure with how much spare cash you have worked out you’ll have each month to find out this timeframe – then stick to it!

See if you can save money elsewhere

 Do you really need that takeaway? Do you need that extra night out or those branded items in the supermarket? Consider what you spend your money on and see if there are any cutbacks you can make. Even if it is something pretty small, all of these savings can mount up to leave you with even more money to put by each month.

Only spend the money you have

 It’s important you only spend the money that you are earning. If you are serious about saving then don’t go getting into any new debts, such as making a purchase on a credit card or taking out another loan. If you need something then wait until you have enough to buy it outright.

Open a high-interest bank account

Put your savings away in a high-interest account such as an ISA to make it work harder for you. You’ll be able to earn a couple of hundred pounds a year on top of what you put by if you manage to use up you full tax-free allowance, which is basically a way of earning money for free!

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Filed in: Investing Saving

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