Ways To Increase Your Savings
This is a collaborative post
There’s been so much talk about the increase in the cost of living at the moment, so perhaps putting some money into savings is the last thing on your mind at the moment, but there are ways that you can increase your savings or perhaps if you haven’t got any, start saving towards something special. I’ve put together some of my top tips on how you can increase your savings.
If you are saving money, it’s a good idea to look around for a high-interest savings account so you can make sure that your savings are working hard for you. You can use a savings calculator like SavingsCalculator.org to work out what you might be able to save if you put some money away regularly.
Declutter and Sell On
We’ve all got stuff that we never wear or never use, so perhaps it’s time to have a declutter and sell on anything that isn’t any use to you. There are lots of places that will take different items. If you are inundated with old CDs and DVDs, why not sell them somewhere like Music Magpie? If it’s old clothes, why not try selling on Vinted? If it’s furniture or larger items, you could list it on your local Facebay group and see if there is any local interest. The money you make from selling your items could be a good start to increasing your savings.
Sell a Skill
Have you got skills that people are after? Are you handy with a paintbrush, a whizz at ironing or even a social media guru? You can list your services on Fiverr or People Per Hour or create yourself a local Facebook page. You might be surprised how much interest your skills receive and it could be a regular way of increasing your savings.
Cut Down on Luxuries
Do you treat yourself to a coffee every morning or buy your lunch from a shop? Why not cut it down so that it’s a once-a-week treat and put the difference into your savings account? It’s easy to make a coffee and carry it in a small thermos cup. The same goes for lunch. You don’t just have to have a boring sandwich. Why not try making your own poke bowl or artisan soup? Even if there’s no microwave at work, you could carry your soup in a flask and it’ll stay warm until lunch.
Save When You Spend
Look for current accounts and credit cards, including those with features like cashback when you spend or exclusive offers such as a Capital on Tap promo code. There are several out there that offer money back on shopping, bills and more. Have a look around and see what would suit your needs best. If you are using a credit card, make sure you pay the balance completely each month to save racking up interest that will negate any savings.
Save Unconsciously
There are apps that will round up each card transaction and then put the difference into savings for you. For example, if you bought something that was £5.30. The app would take £0.70 from your account and then add it into a savings pot for you. It’s an easy way to save and you probably won’t notice the pennies going out. Apps like Moneybox or Plum are ideal for this. We all know it’s hard to save at the moment, but here are just a few ways that you can keep your savings growing at this time. I’d love to hear if you have any other ways that you’d recommend.
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