How can I save my money?
Saving? Budgeting? Visibility?
Saving your money can be a struggle, there are so many things to consider bills, insurance, car payments, mortgages, loans and many more type of expenses. Here are a few tips to support and help you save.
Your incoming and outgoing – Its important to understand your expenses, a full record is needed of all your expenditure. Its important every small detailed is considered when recording your expenses. Categorising such expenses from bills, to mortgage or rent to household expenditure. The expenditure can be used to understand the difference between your spending and how much money is coming into your bank.
Budgeting – This will provide some insight into what your spending against your income. A plan can be devised to understand if your spending can be limited to achieve better deals.
Saving – As you begin to understand your budget, your finances should become a little clearer. Also an idea of where you may be able to make certain deals to reduce your spending in certain categories. Consider lifestyle spending, can you limit spending when eating out or by looking for a cheaper option on certain items when shopping. A key saving method, putting aside a small percentage of your income into a savings account. Please check to see what you can afford to save at the beginning and maybe increase during the future months.
Planning – Consider short and long term planning, Short term planning may involve certain necessities such as vacation/holiday, maintenance on your home or simply paying off your credit card or loans. Long term planning may involve buying a home or refurbishment, retirement or securing your children future for education fees.
Investment – depending on the position your in, once all the loans and credit cards are payed off and your in the position, where you have saved a considerable amount. Investment into high interest savings accounts, also stocks and shares. Please ensure you research the process and organisations before investing and receive professional advice.
Please consider PocketSmith to support you with saving and budgeting