Five Ways To Save Money For Whatever Goal You Have In Mind

They say that money doesn’t bring you happiness but it does make life a hell of a lot easier especially when it comes to looking at buying property. I’ve spoken over my house hunting and future plans quite a bit but you can click here and read my post if you’re interested. I currently half own a two-bedroom flat which I purchased on the shared ownership scheme and while I usually say I’m lucky to have it actually it was just down to hard work and saving but money is the reason a lot of people don’t have property.

It’s so hard especially when you’re returning to save money for a deposit but here are a few tips and things I have been doing this year to try and top up my savings.

Save with Money Box

I have some direct debits which come from my current account into various savings accounts, but having instant access to them makes it pretty tempting to dip in and out of them. I decided to give Money Box a go as Luke had been using them, and the basic premise if you can set an amount to come out from your account each week and that money is saved and invested for you. You can choose how risky your investment is so I chose the option which meant I may not make as much money but I wouldn’t lose money as I didn’t want to risk it. Alongside saving each week you can set up round-ups which means you connect your bank card and any time you make a payment Money Box rounds the payment the nearest pound and debits this at the end of the week. For example, if you buy a drink at £5.60 and a top at £21.99 Money Box will round up and collect 41p from you at the end of the week. It’s only a few pence here and there but it all adds up over time. Within 7 months my account is sitting at almost £800 which is good considering my weekly deposit is only £5, and I haven’t even noticed the money coming out.

Do the 1p savings challenge

Another thing me and Luke started at the beginning of the year was the 1p challenge where you save some money every single day in increments of 1p so on day 1 you save 1p, on day 2 you save 2p right up to the final day where you save £3.65. I have a printout of the chart so every time I have a bit of spare money I just tick off as many days as I can and by the end of the year I should have in excess of £600 which is perfect to do my Christmas shopping with.

Put all of your change in a jar

If you don’t want to commit to a certain level of saving each day like with the 1p challenge you can set yourself the task of emptying all your change into a jar at the end of the week/ day depending on what works for you. You probably won’t notice a few quid or some coins popping in every so often but it will soon add up.

Choose a bank account with added rewards

I shopped around for a new bank account last year and chose Halifax as you get a £5 reward each month. To get the reward you just have to pay more than a certain amount into your account (for me it’s my wages), have at least a few direct debits, and don’t go overdrawn. Now it might only be £5 but it’s money that you didn’t have before and at the end of the year you’ll be £60 better off.

Use cashback sites

I purchase almost everything I get online and I always forget to use Cashback sites. I signed up with Top Cash Back a while ago and I kick myself every time I buy something and forget to use the site. It doesn’t cost you anything extra but you can earn a little bit of money for every purchase that you make which all adds up.

Pin It