Savings
Top 3 Saving Tips
Top 3 Saving Tips
In todays society saving is important as the prices of everything are always rising. Take a Freddo for example, they used to be 15p, now they’ve jumped in price to over 60p. Everything in the world is becoming more expensive, even the day to day products that we use. Hence, why the need to save is also increasing. Therefore, it is essential everyone has a few ideas of how to save. So, here are our top 3 saving tips to help you start your journey.
Saving Tip 1: Saving using a jar
Using a jar sounds like a basic saving technique you used when you were growing up, and it is. But, that doesn’t mean it doesn’t work just as well as some of the other techniques do. People tend to save specific coins and notes when they get them. For example, one of the most common ideas is to save $1 notes. Whenever you have cash from the store, you can put it away in a jar. It is best to use a jar which cannot be opened. This is because you know that you aren’t able to open it whenever you like, meaning the amount will only be going up and will never go down.
Saving Tip 2: The 50/30/20 rule
The 50/30/20 rule is a very popular rule. People believe it is the best rule which works for them as it allows them to comfortably save whilst spending what they like. The rule consists of 50% of your income being used for things like food and bills. 30% on what you want, this could be things like going out with friends or grabbing food. After this there is 20% left, this is to be saved. This is so you are able to build up a steady amount up so if you ever need to fall back on it you can.
Saving Tip 3: Using a Savings Account
Lastly, a savings account keeps you savings separate from your normal, day to day bank account. This is created to make sure you don’t spend what you are not supposed too. One of the many good things about a savings account is that you are able to see the money rising, many people suggest this makes them more motivated to keep saving. Another pro of a savings account is you can earn interest. Although before opening the account you need to read about it and see how much you can actually save.
Alternative
Unfortunately, there may be times where you just simply don’t have enough time save money. For example if you have some unexpected bills pop up when you are not prepared. This is where lenders and brokers like PMLoans come into the picture. For more information click here.