Saving Tips

Saving up money is something everyone should do, but unfortunately, that isn’t the case. According to Finder, 15% of Brits have no savings at all. So, if someone had an unexpected bill or a broken boiler, they wouldn’t be able to pay it. Therefore, they would have to result in a loan from a lender, broker or the bank, or borrow money from family or friends. But, this isn’t the best option for anyone, that is why we want to promote saving and its importance. Not only this, one in three Brits have less than £1,5000 in their savings. Although that doesn’t sound too bad, if you compared it to the price of a replacement boiler, you would have no savings left after having to pay.

Our top tips are tips that we have tried and that we believe are the best to adapt your lifestyle too. But, please bear in mind that they might not be perfect for everyone. Two in three Brits had no savings plan in 2018, hence our need to do this blog.

Tip One: Splitting your monthly income into 3 parts – 50/30/20.

This rule states that you should take your monthly income and divide it into three parts. 50% on the essentials that we need to pay, 30% for things we want and 20% should be saved. This will help you to build up a steady amount of savings in no time. It will get you back on track and to the position you want to be. This is one of the most favourited saving tactics to everyone due to its ability to fit everyone’s income. Most of the common saving tips specify that you should put a certain amount away each month, but this is specific to you and what you can afford. Therefore making it one of the easiest to follow and keep on top of.

Tip Two: Put all of your spare change in an unsealable jar

The reason we have used the word ‘unsealable’ is that we know how difficult it is to keep your hands away from a jar of money. Especially when you know that you can open it and take however much you want too. Even if you do know that you shouldn’t do it. We are all guilty of it. Even though most people now use cards instead of cash, there are billions of people who use it. So, if you are one of those people and you have plenty of spare change when you get home after a day out, this might be perfect for you. You could end up saving so much more than you think you will.

Tip Three: Create a Savings Account

This quite a basic way to save money, everyone knows about savings accounts and what they do. But, they are perfect as you can see how much you are putting into your account and how much you have. This is good so you can track and keep on top of your savings but also because they can keep you\make you feel motivated resulting in you continuing and enjoying it.

Extra Savings Help

Saving money can be difficult, perhaps you haven’t even started any savings yet. Although we believe it is never too late to begin, you might be hit with an unexpected bill before you have begun. Don’t worry, lenders and brokers like Simple Personal Loans can help you by offering personal loans for situations just like this. Find out more about personal loans by clicking here.