When it comes to our savings, we all have the urge to dip into the pot when the going gets tough.
Some people are resilient and manage to resist the urge but for many of us, sometimes we just have to use that cash we have so steadfastly saved for so long. Perhaps it is for something crucial like car repairs or perhaps you just have a little too much month left at the end of your money. Either way when this happens, something needs to be done - and what better way to up your savings account than by spending less and earning more!
Copyright: scyther5 Shutterstock
Cut back on any unnecessary expenses
Do you really need Sky, Amazon Prime or Netflix? Are you really using the gym to its full potential? If the answer is no, cancel your subscriptions and put the money you would usually spend away in your savings account. You weren’t missing the money when you were spending it so why not boost your savings?
Empty pockets of change everyday
Whilst it may seem like a small amount, this will soon add up and make a nice addition to a savings account. You don’t have to add the gold coins, not even the silver ones if you really don’t want to but you will soon see the savings pot go up!
Develop some side hustles
People often have hobbies that can be monetised – these should be taken advantage of. Homemade jewellery sales, dog walking and even shopping can be made into monetised hobbies. Who wouldn’t love being paid to shop? Make some money and save it for a rainy day. Even better if the hobby is free or fairly cheap!
When I say this, I mean in one of two ways. Use a cashback site like TopCashback or Quidco when buying online. Why not make some extra cash when you are spending some?
Declutter & sell
Copyright: chattanongzen Shutterstock
An obvious choice but something people are reluctant to do. I have resisted selling some stuff ‘just in case’ but realised that this was not helpful to me or my savings account. Plus it left my house cluttered and left me feeling down as it just seemed to be everywhere. Adding the small amounts you make from selling your old stuff to your savings account will soon make a difference.
There are plenty more ways in which people can save more and spend less in 2016. It is all about taking a step back and taking a long, hard look at your finances. Cut out any unnecessary spending, develop some side hustles and you can have a bigger, better and bulging savings account come the end of the year.
* contains affiliate links