If you’re looking for speedy ways to save money, then you’ll want to devise a plan on how to save, where you should keep your savings, ways to generate more income and how you can drastically reduce current expenses, as well as how you could invest your savings to generate more money in the future.
In order to be smart with your money, and start saving as soon as possible, you’ll need to have some sort of plan in place. Developing a well-thought-out savings strategy should provide you with a solid structure to set up any relevant accounts you need, a plan for any savings that you already have, as well as ways you can reduce costs on a weekly, monthly and yearly basis.
Some useful strategies to help you get started with your saving would be always to pay yourself first, being sure to list your savings as a fixed cost in your spending plan, as that way you’re less likely to spend money you already have set aside for savings. Most people who wish to save will benefit from setting up an automatic transfer from their current account to a savings account every month when they’re paid.
You can also consider saving all or part of a particular type of income, whether it be your wages, tax refund, monthly commission, yearly bonus or profits from selling unwanted items. Regardless of where your money is coming from you will want to establish different savings pots that could be used for any goals you want to reach such as, holidays retirement, a new car or just general ‘rainy day’ money, as we all know it’s worth having those all-important emergency funds.
Your savings strategy will also need to take into account all of your outgoings, including essential spends such as food and transport. Then you’ll be able to evaluate these costs and look at ways you could reduce your spending habits, for example, you may start walking places or swapping branded goods for cheaper items. Simple swaps such as these will keep your expenses down and are probably one of the quickest ways to save money.
Once you have your plan in place and your goals in mind its time to open a savings account, but choosing the right savings account is not always as straight forward as it seems. People usually go for the account with the highest interest rate, however, you need to select a savings account that matches your savings needs. For example, it’s important to think about accessibility as well as where your money will earn you the most interest. Rainy day funds are no good to you if they’re locked away in a savings account without instant access, as these would be useless in an emergency. Take the time to explore the different savings accounts available, including ISAs, pension plans and regular savings accounts, depending on your requirements.
Now that you have your savings set up, you need to decide what you’re going to do with them. For those of you who already have multiple savings, you may find it a great time to invest. Perhaps you’ve considered investing your money before but have been put off by some of the risks involved; maybe you could explore investment opportunities further and unlike stocks and shares that carry higher risks you could look to invest in property as a more stable market. Companies like RWinvest have some handy guides to help first-time investors find a lucrative buy to let property that can provide exceptional rental yields and return on investment.
While we’ve been stuck in isolation it’s provided us with an opportunity to clear out our homes and sell any unused or unwanted items online. This has not only boosted productivity levels but has produced a way to earn and save some extra cash, which is a blessing to most as we tighten our belts in anticipation for what the future holds. Trading your belongings for cash is one of the simplest ways to make money fast, and it also helps reduce clutter and forces you to rethink your spending habits in the future which is an all-around win-win!
Tip – if you’ve never sold items on an online auction site before then we suggest you start small with your first few listings. Work on building up feedback from customers to entice more people to buy from you, enabling you to increase prices moving forward.
Lastly, look to reduce current expenses and outgoing costs. Use your time at home to check your bills and research the latest deals and ways to reduce your payments from mortgage rates to phone bills, broadband and TV deals, work through your finances to ensure you’re receiving the best deals possible to avoid any unnecessary expenditures, putting hundreds of pounds back in your wallet.