There are so many reasons why you need to have some savings in place, including a sudden loss of income. Current times have shown just how necessary it is to have an emergency fund in place! But it can be tricky to know where to start; overwhelming to know what things you need to save for and how you can boost your savings. Well, this post is here to help you do that!
So, how can you boost your savings?
Have a savings section in your budget
If you follow my budget setup videos every month, you will know that I have a savings section of our budget. Why? Because it I write it in there, it’s more likely to happen. In fact, if you are using the zero based budget method, then your savings part is just like any other bill in the month. If you treat it as a bill that needs to be paid, then you are more like to boost your savings. You could even make it into a game, just see how much you can save every month out of your budget.
Save all your loose change
This one is easier if you use the cash envelope system, however you can do it either way. Whenever you get any loose change – perhaps anything smaller than a 50P – then save it. I save anything below 50P in an old [clean] coffee jar which is than used when you need change for something. It’s handy for parking! But, you could also save all of your loose change and then every so often take it to the bank and pay it is. This is such an easy way to boost your savings and it can add up in no time!
Put it in an online savings account that is hard to withdraw from
If your savings are easily accessible, then it can be tempting to dip in and out of them when necessary. This is such a bad thing to do if you are wanting to boost your savings! If you put your savings into an online account that does not have instant access, then this can help you to boost your savings. If you can’t easily get to it, then it is less like to be spent.
Set up a direct debt to your savings account
This links to your savings being a section in your budget. If you want to go one step further, set a direct debt up to your savings account. Perhaps on payday. This is the easiest way to boost your savings as it is automated! You don’t even have to remember to transfer money across to your savings account; it will be done automatically.
Do regular savings challenges
I love a savings challenge! I am currently doing the £5 Savings Challenge, although since stopping my cash envelopes it has proved a lot harder. However, savings challenges are a great way to boost your savings. Especially if you are part of a group that complete one, as competitiveness will start to come into play.
There are so many savings challenges out there, such as the 1p challenge or the 52 week challenge. Have a go and see where you get – I bet you manage to save extra!
So, 5 easy ways to boost your savings. The fun part is deciding where it’s going to go. Adding to your emergency fund, or saving for a holiday, to putting away for those sinking fund expenses. The choice is yours!
Have you got any extra tips? Leave them down below!
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Sounds like a great options! This is a real motivation for me! I am always interested to know the experience of others. Thanks for sharing!
As well as saving my extra change in a jar, I go in to my online bank account and round it down to the nearest £10. I do this at least twice a week. sometimes it is pennies, sometimes it is pounds. By doing this since 2012 we have saved and then paid off a third of our mortgage, just tidying our bank account totals to a nice round figure.