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Get Your Cash Together – Savings Tips!

When times get tough, it helps to be financially stable. Have you thought about what might happen if you were to lose your job, or if your income suddenly decreased? These are very real possibilities and are happening to people all across the country every single day. Even if you think that your place in your company is cemented, it can never hurt to have a healthy bank balance so that you are prepared for those rainy days! However, saving is not as easy at it seems to be – or else we would all have nice little nest eggs put away! Saving is something that needs to be learned, and it takes will power and determination, but it is very rewarding and you might even find it very addictive!

Savings Tips # 1 - How to get started

If you have never been the sort to save before, it can be hard knowing where to start. The first thing that you will need to do is to work out a budget so that you know exactly how much you will be able to save out of every pay. A budget is an essential tool if you want to take a hold of your finances. It will help you to track your income and what you are spending. Anyone who has ever remarked that they just don’t know where all their money goes will find budgeting useful! The first step is to list all of your incoming money, from wages, investments and so on. Then, make a list of all of the money that you spend out of every pay. This could be on rent, bills, loan repayments, food, entertainment, clothing, travel and anything else that you regularly spend money on. Once you have deducted your total expenses from your total income, you will be able to see how much is left over to save. It is likely that you will have quite a small number there in relation to your pay, if you are not good with your finances. You might even have a negative number, and in that case will probably have a lot of credit card debt.

Savings Tips # 2 - How to boost your savings

From here, you can start looking at how much you are spending on different categories. There are some things that you will not easily be able to change, such as your rent and loan repayments. However, you will probably find that you are spending a lot on things that are not necessary. Think of how you can save money in each of your different categories. Can you reduce your bills by using your cell phone or your internet less? Can you reduce your food costs by clipping coupons, shopping at a cheaper supermarket, or taking a packed lunch to work instead of buying it there? Can you find free entertainment such as gallery exhibitions or days at the beach instead of spending a lot on movie tickets, night clubs and other expensive activities? There are so many things that you can do to shave dollars off your expenses, and these will all add up from each pay and leave you with more to add to your savings.

Another thing that you can do is to try to add to your income in order to increase your ability to save. If you work full time this can be a bit tricky, but there are things that you can do that won’t interfere with your normal work. You might like to go through your belongings and sell anything that you don’t use or need. You can do this online, such as on EBay. If you are quite crafty you could look at selling your handmade crafts at market stalls or online. This is a good way to turn a hobby into something more profitable! If you can increase your income somehow, then it is important to put this money directly into savings – don’t give in to the temptation to spend it!

Savings Tips # 3 - Saving into your bank account

When you decide to start saving, it is a good idea to open a separate savings account so that you can deposit the money directly into it. Make sure that you don’t have a key card for this account, or that you don’t carry it with you if you do get one, so that you can not access the money easily. Many banks have specific savings accounts that you can open that will let you earn interest on what you deposit. This will add to your savings, and make quite a difference when you have a more sizeable amount in the account. When you have opened a savings account, it is simply a matter of transferring a set amount into it out of every pay. Then, all you have to do is watch the total rise and feel secure knowing that you are doing something very positive for your future.