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Tips And Tricks To Help You Achieve Your Saving Goals

Dec 20, 2018

Umer Idrisi
Tips And Tricks To Help You Achieve Your Saving Goals
image source - spangdahlem.af.mil

Have you set saving goals for yourself?

You should, even if you don't have a lot of extra income coming in each month.

These are the goals that will improve your future, be they short or long-term targets.

Examples of short-term saving goals include…
  • The ability to put down more money on a downpayment for a mortgage for property.
  • The chance to buy something nice for your home, such as a 4K television or fancy decor.
  • More money for a wedding, anniversary, and any other special event in your life.
  • The chance to travel abroad on holiday.
Examples of long-term saving goals include…

  • The chance to finally pay off your mortgage, and any other loans you have.
  • Your retirement, with the lifestyle you want to go alongside it.
  • The ability to help your kids when they are fully-grown, such as paying for a college education.

There are loads of reasons to save, so consider the goals you have in mind, and then use some of our tips and tricks to help you achieve them. Your future depends upon it!

#1: Pay yourself each month

There are sure to be loads of payments leaving your bank account each month.

From those pesky utility bills to your insurances and taxes, you will be well-versed in making payments to other people. Be it through direct debits or standing orders, you will have something set up to pay for each. But here's the thing.

Why don't you set up another direct debit to yourself? Set up a savings account (if you haven't already done so), and budget your finances so you have something leaving your regular bank account each month going towards your savings.

In effect, you will be paying yourself, and considering your saving goals, these payments should be your second priority after your essential expenses.

#2: Ditch your flexible friend

Tips And Tricks To Help You Achieve Your Saving Goals

And when we say your flexible friend, we aren't talking about your best mate who is always around when you need help overcoming your boredom! Rather, we are talking about the flexible friend you have in your wallet: your credit card.

When you're out and about, the temptation to use your card might be strong, especially when you see something you might not otherwise be able to afford. But here's the thing. So often, we buy on impulse and then regret the purchase later. We are then in more debt than we were, and we are left with buyer's remorse. Therefore, follow two best practices.

Firstly, if you are prone to debt, cut your flexible friend in half (again, your card and not your best mate), and throw it away. Secondly, assuming you need your credit card or if you are half-way responsible with it, make it the habit to leave it at home and carry cash around with you instead.

This way, you will only spend what you can afford, and you won't miss your saving goals because you have wasted your money on something else.

#3: Opt out of one-click purchases

Online shopping is wonderful, and ever so convenient, especially when you already have your credit card stored on your favorite sites.

With just one click, you will have bought something, and it will be on its way to you in no time! And therein lies the problem. One-click purchases are incredibly easy to make, and again, you might only regret it later.

Therefore, don't save any of your credit or bank card information online if you know you fall prey to temptation. You will once again spend money on things that aren't part of your saving goals, and consequently, it might take you longer to save up for those things you do actually want.

#4: Assume there is no such thing as free money

Free money? We are talking about your annual raise or Christmas bonus cheques.

We are talking about those miraculous tax refunds or the cash gifts presented to you by friends and family. This is the money that you weren't expecting; those sudden windfalls that might be spent on something immediate, such as a few luxury items with your food shop, or a weekend away with your nearest and dearest.

And that's fine, but think about your saving goals. Surely, it makes more financial sense to transfer that 'free money' into your savings account instead. After all, if you don't need that extra money for something essential in your life, then you will be better off if you are able to curb the temptation to spend.

So, assume there is no such thing as free money (difficult when you have it, we know), and consider it an essential add-on to your savings instead of the means to splurge.

#5: Generate extra income

If your current job isn't giving you enough money to put towards your saving goals, or if you just want to achieve some of those goals sooner, then consider making some extra money outside of your normal working hours.

There are loads of ways to earn money online, such as by taking surveys, dabbling in Forex trading, and taking on side-hustles, so consider these online money-making ideas, and then do what you can in your downtime to bring in the extra cash. And then away from the virtual glare of your computer or smartphone screen, consider other ways to generate extra income.

If you have a spare room in your home, you might rent it out to others. You might plaster your car with advertising decals and make passive income promoting local companies. And you might take on extra work on a freelance or part-time basis, such as writing articles for blogs or delivering food for a local takeaway.

If you have the time to do any of these things, then do so, as they will then propel you toward your saving goals.

#6: Break free from expensive habits


You probably don't need us to tell you what those habits are, but just in case you need a reminder, we are talking about such things as smoking, drinking, gambling, eating junk food, and any other addictions you have that may be costing you a small fortune each month.

The sooner you break out of these habits, the better, as not only will you feel the benefits within both your physical and mental health, but you will also see the benefits within your financial wellbeing.

Of course, we aren't saying breaking a habit is easy, but there are some excellent ideas here, and remember too that your doctor is only a phone call away if you are struggling.

#7: Turn off your television

A thousand cries have just been heard from living rooms up and down the country, but listen, if you really want to reach your saving goals, then this could be one of the best things you do today.

For starters, you will be saving money on your electricity bill if you spend less time watching the box. You will also have the impetus to do something else with your downtime, such as taking on some of the money-making opportunities we suggested earlier.

And if you can cut down on those subscription packages you rarely use, you will also save yourself another bundle of cash.

Turning off your television makes good financial sense then, as does finding other ways to save on your electricity bills, and cutting out any other subscriptions that don't make much of an impact to your day-to-day life.

Finally

So, what do you think? Have these ideas been useful to you?

We hope so, as each one will take you one step closer to reaching your saving goals.

But let us know what you think, and if you have any further suggestions, be sure to share your wisdom with us. Take care, and thanks for reading!

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