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LEARNING CORNER

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All of us could do with a little help saving here and there. It can be really hard to build up your savings fund, especially if you are hit with unexpected bills or expenses. Refused Car Finance have put together a list of the best ways to save extra cash and maximize your savings fund! There’s no quick fix to saving money but there are some easy ways you can change your spending habits to save more money!

For many families, it’s harder than ever to put a little extra to the side. The increasing cost of looking after a family and household bills on the rise means that many families are feeling the pinch. However, this doesn’t mean you have to cut back! Just by making a few changes to the way you spend, you can see your emergency fund flourish!

Define your goals

If you don’t know what you’re saving for then you’re less likely to be motivated! Figure out what you want to save for, how much you want to save and by when. Then work out your monthly budget to see if it's achievable. You’re also less likely to save as much as you can if you know you’ll never hit your target. Many of us save for different reasons. Are you putting money into a savings fund for a rainy day? Are you looking to pay off credit card bills or a student loan? Are you looking forward to a comfortable retirement? Or are you saving for something bigger like a mortgage or your dream holiday? Whatever it is, knowing what you want to save for can really beneficial for your savings fund.

Set a budget

As mentioned, you should set yourself a budget to maximize how much you put away each month. If you’re employed, you should categorize your monthly income. This way you can work out how much you can realistically save. From the total amount, you could subtract your bills or any other necessary expenses. This is also a great time to have a look at your outgoings and question what you really need. Are you paying for a gym membership you never use, a wasted Netflix account or a magazine subscription you never read? Cancel them! After that, split the remainder into your savings and your social life. It’s great to save as much as possible, but don’t save so much that you have no funds to enjoy yourself!

Choose where your savings go

Now that you’ve got a plan in place, where will your savings live? You could go old school and keep them in a piggy bank. Or you could keep them in your bank account. Or a savings account can be a great place to store your funds! If you’re looking to open a savings account, there are a few different types of savings accounts and it can be confusing which one is right for you. Some accounts allow you to withdraw whenever. Whilst others require advance notice before you make a withdrawal.  Some accounts also allow you to deposit money as and when, whereas others require you to make a fixed deposit each month.

Automate your savings

If you know how much you want to put away each month and are certain you can do it, then automating your savings could be the right choice for you! It also saves a lot of time. If you open a savings account, you can usually set up an automatic direct debit through online banking. This way your saving automatically come out each month so you don’t need to worry.

Utilize extra cash or bonuses

Found yourself with a little extra cash at the end of the month? Got a bonus from your employer? Don’t waste it! This is the perfect opportunity to boost your savings. It can be really tempting to treat yourself and it’s totally fine if you do! However, bonus’ are usually money that you weren’t expecting so if you put it straight in your savings, would you really miss it?

Use a money saving app

The number of money savings apps available are on the rise and for the tech-savvy amongst us, they can be really beneficial! Each app is different but usually they connect to your bank account(s) with a ‘read only’ access. This way they can monitor your spending and balance and make saving suggestions. Some apps use artificial intelligence to calculate how much you could save whilst also keeping a healthy bank balance. If you are looking to use a money-saving app, do your research first and make sure it’s a verified and protected app.

Use cashback

The popularity of cashback sites is on the rise! And these days you can get cashback for pretty much anything. Usually, cashback sites work by earning a commission. When you click through a cashback site to a retailer, the site is paid a commission from a retailer which is then shared with you. It’s as simple as that! There are a few other ways you can get cashback too! Cashback credit cards are becoming more popular, which allows you to get instant cashback when you shop. There are also a handful of bank accounts which offer cash back on things such as household bills which can be really beneficial for families. If you’re running a busy home, you can also get cashback for some utility providers when your switch to them.

About the author: Refused Car Finance, are a bad credit car finance specialist, help people with low credit scores gain car finance. The believe car finance should be accessible for everyone and dint judge based on your previous repayment history! Refused Car Finance also provide many credit building tips, motoring advice and money saving info across the web!

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