Saving money isn’t always easy and it’s only natural to get frustrated with the process if you’re still far away from reaching your goals. Whether you’ve been saving for months or years, this blog can help you to stow away even more money. While you won’t be able to change your life overnight, you can accelerate your savings progress by thinking more carefully about the whole process from start to finish. This advice will help you to achieve your dreams, whether that’s buying a house or going on to further study.
1. Get The Right Bank Account
You can easily save more money by changing your bank account to one with a higher interest rate. This will allow you to grow your money without changing the amount you’re putting away each month from your income. It’s important to look into all your options before making a decision, so make sure you check out all the different high street banks available as well as an in-depth chime review. Looking through both traditional and contemporary providers will give you a better idea of what’s out there, but don’t forget to spend some time understanding the difference between investment and lifetime ISAs too.
2. Start A Side Hustle
One of the best ways to save more money is to earn more money. This isn’t always possible in your full-time job, but everyone has the ability to start some kind of a side hustle to make a bit of extra money. Even if you don’t have a lot of time, dedicating a few hours a week to building a small business can really pay off. You could become a freelance writer, start a crafts shop or even do some work as a virtual assistant. Side hustles aren’t the same for everyone, but if you don’t need the money in your day-to-day life, the extra income can go straight into savings.
3. Cut Down Costs
If you’ve just been saving without reassessing your spending, you may have a lot of unnecessary costs in your monthly expenditures. Make sure you have the best deals for all your utilities and take a long hard look at any subscription services coming out of your bank account. While there’s no need to give up on all your luxuries, cutting down on takeaways or clothes shopping could really help your savings efforts.
4. Pay Off Your Debts
Having outstanding debts while saving can give you the illusion of financial security. While your savings are growing, so is the interest on your debt, so it’s important to try and clear any major debts before squirreling away your cash. If you have no idea where to start, talk to a financial advisor who can help you to come up with a plan. Failing to address your debts will only mean using your savings to pay them off later anyway, so it’s best to get started early.
Anyone can start saving more money with a little bit of thought and effort. Get started with your research here and learn more about Chime.