Are you dedicated to your money plans? Maybe you work a 9 to 5, or worse hours, to bring in a regular wage? Maybe you pad this out with a bit of outside work from time to time, just to make sure you’ve got something left over for yourself by the time the bills are paid? Do you spend much time thinking about your savings? Probably, and you’re probably worried you’re not socking enough away each month.
Maybe it’s because you don’t have much money to save, maybe it’s because you don’t know how to run a budget, maybe it’s because you’ve never thought far ahead for your finances before now – whatever the reason you need to focus on your savings account, you can find a bit of help right here. Feel free to read on for a couple of tips to pad out the rainy day fund you feel like you should have set up ten years ago!
Not got two pennies to rub together? Let’s see what we can do about that. (Unsplash)
A fifth is only 20% of your total weekly income, and that can usually be spared if you have someone else bringing money into the household each week alongside you. About 50% of your income goes on rent and bills, and the other 30% is what you should save for yourself. It’s a great budget plan to follow if you’re a bit of a noob with money, as it allocates priorities for you.
But if you can’t manage that, try to do this on a monthly basis instead – the bigger picture is often more realistic to follow. Or, if you have the time on your hands, feel free to make cash online, in fast and easy methods that could only take an hour or two.
What would you want to use a savings account for, mainly? Emergencies, right? Yes, this is more of a passive way to pad out your savings account, but the less you have to update and upgrade the items you currently own, the less you’re going to need to rely on a savings account to help you out.
And that helps it build – you can manage your own emergency repairs, and you don’t have to fork out hundreds or thousands to keep the fridge working or your phone screen non-cracked. That instead sits in your account for a real emergency, and you can watch the interest on it build bit by bit as well!
Driving slower means you can save a lot of money on the fuel you consume, apparently nearly 40% of your regular outgoing expenses! After all, the car you drive is a huge suck on your finances, but you need it to make life more convenient. So take your time in switching gears and pressing down on the accelerator.
Make sure you’re padding out your savings account for a brighter, sunnier future.