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Saving money
Dos And Don'ts For Saving Money

Everyone needs money to survive.  Unfortunately for most people, that survival takes place on a day-to-day basis.  Very often, there is no provision for the future at all.  That's why saving money and money saving habits should be given greater importance in our lives. 

If something were to happen that required us to have access to a significant amount of money, many of us would not be able to come up with the cash without applying for a loan, or borrowing the money in some other way.

Looking at our financial situation isn't always easy.  But if we start to focus on it in the right way now, we will see the benefits in the weeks and months to come.  To this end, there are things that we should and shouldn't do when it comes to our financial situation and saving money.

Take a look at the dos and don'ts below and use these money saving tips to make your own finances look a lot brighter:

DO:

  • Deal with debt first.  If you put £2000 in a savings account and you have £3000 on a credit card, you will save money by paying off two thirds of that debt.  You will lose any interest you earn on your savings against the amount you will pay in interest on that credit card debt, so saving money starts by reducing debt.

  • Shop around to find better current and savings accounts.  A second money saving tip is that you could be leaving a lot of money on the table if your existing accounts have been revamped.  New accounts of all kinds generally pay a lot more interest than old defunct ones – but the banks aren't too quick to let you know.

  • Make saving a regular habit.  Don't just save random amounts of cash when the mood takes you.  Fix a regular amount you can stick to and don't deviate from it.  That's the key to saving money efficiently.

  • Think about tax free options and long term savings accounts.  Keep some ready cash in an instant access account and transfer another sum into a higher interest, 90 day account when you can manage it.  Look at opening a cash ISA too – you won't pay any tax on your interest with one of these.  Saving money can be done wisely.

  • Make a budget. This is the best way to work out where your money is going and ensure you don't waste any cash unnecessarily.  This can be the key to unlocking an amount to save each month – even when it seems like you can't manage it.  Money saving tips like this one can make such a big difference!

DON'T:

  • Save at home.Putting spare coins in a jar is one thing, but saving wads of notes is another.  If you find you have surplus cash lying around all the time, total it up at the end of every week and bank it.  Start saving money (literally!) at home.

  • Put off saving until tomorrow.  The longer you leave it, the less money you will have when you really need it.  Take control of your finances today and make your money work for you, instead of keeping you awake at night.  Begin saving money now!

  • Be tempted to dip into your savings.As far as money saving tips go, if your savings account comes with a cash card, lock it away where you won't see it.  Put the money in an account which doesn't have instant access if you don't think you can keep your hands off it.

  • Leave it in your current account.Move any excess cash you have at the end of every month into your savings account.  You will benefit from getting more interest and it won't be as easy to spend.

  • Make savings your last priority every month.This is where a budget will come in handy.  Work out how much you need to survive and then arrange for a specific sum to be transferred into your savings account every month, just after you get paid.  That way you won't forget to do it.

There are lots of other money saving tips that would make your savings grow, but if you stick with these dos and don'ts you will soon see the cash piling up more quickly.

Saving money is all about creating good habits.  This won't be achieved overnight, but you'll be surprised at how even the smallest changes can make a big difference to your bank balance.    

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