In life, there will always be big purchases that we need to make. Whether this is a house, a car or a vacation, life, unfortunately, is expensive. And it is made even harder with all the things that crop up in between – birthdays, anniversaries, weekends away. All of these can add up and you find that your money going out is significantly bigger than what is coming in. This can be a nightmare when you are trying to save, as you don’t want to stop doing fun things either. This is why it is a good idea to look into different ways that you can save. Here are some top tips for saving money for a big event…
Pay off your debt
While having a credit card can give off the illusion that you have more money, it is in fact far from the truth. A credit card or other debt can have you paying huge amounts of interest over many months, which is literally flushing money away. By paying off this debt you are reducing your monthly payments and will soon have much more disposable income that you can save.
Set yourself a weekly budget
If you give yourself a weekly budget then it will be much easier to plan ahead what you can spend when. Take this money out on a Monday and try not to go over the amount. If you don’t spend it all, then put the remainder back in your savings account. It is a good idea to divide it into separate pots so you know what you have for when and don’t need to worry about overspending on the first week and having nothing left by the end of the month.
See how you can make extra money on the side
There are so many ways that you can make money on the side, so why not do it to help you save? You could try affiliate marketing if you have a blog – why not look up does Website ATM work? You could do some freelance writing or photography, or you could sell clothes that you no longer wear or want on a second-hand site like Depop or eBay.
Try an app that can help you
There are a host of apps out there that are designed to help you to save for a big event in your life. You could sign up to a digital bank such as Starling or Revolut who can round up your spending each time you pay by card and put the remainder automatically into a savings account for you.
These are a few simple ways that can help you to save money for a big event. Remember, it is okay to dip into your savings every now and then (that is what they are there for!) but try to stick to your budget where possible. Saving will get easier once you are in a habit of it – and you will be surprised at how much you manage to save!