Money makes the world go round. But saving it can be a slow and painful process, especially when you are holding out for that extravagant holiday abroad, have your eye on a sparkling new car or are waiting to save up enough to be able to hop onto the property ladder. If this sounds like the situation you have found yourself in, there is no doubt you are eager to maximise your income and save your money so you can finally treat yourself and get to where you want to be.
1. Pay Off Debts
This may sound counter-productive and you may think that it is a waste of the money you have already managed to save. But think about your interest. Find out how much interest you make on your savings that are just sat there in the bank waiting. Compare this to the amount of interest you are being charged on your debts. That’s right, what you are paying out is definitely more than what you are gaining. Pay off those debts; you’ll have one less financial worry and can focus you money into what really matters.
2. Make Swaps
Each month, you pay so many individual companies for all your necessities: electricity, gas, mobile phones, internet, insurance, the list goes on. But are you really getting the best deal you can? Reach out to the companies that provide you these services and tell them you are considering switching if they can’t lower the price because you’ve found a better deal elsewhere. Chances are they will want to keep your custom and give you a price cut.
3. Make Money Online
There are many ways to make money online, from matched betting and online surveys to starting a website and publishing an e-book. Some online money-making schemes are more realistic than others; writing an e-book isn’t exactly a get-rich-quick plan. But most of the time, these online opportunities don’t require you to have any particular skill set.
4. Sell Your Things
We all have things lying around that we have absolutely no use for anymore, whether it is clothes, shoes, games consoles, camping equipment, fish tanks, or anything else that you are yet to get rid of. Instead of just throwing them away, put them up for sale. Make sure you spruce them up a little and take some good pictures so people are interested in buying your second-hand items. This is probably one of the most effective ways of snapping up a few extra pounds with very little work and no expenditure.
5. Automated Savings
This may seem like an obvious one, but make sure you have a completely separate account for your savings, such as Self directed IRAs (individual retirement accounts) that you do not dip into under any circumstances. Have a direct debit set up so when you get your wage every month, a specific amount immediately goes into this account. Think about the end result; it’ll be worth it.
No matter what you’re saving up for, use these sneaky tricks to help you get there even faster.
