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There are a few simple ways to save money fast, and help you reach your savings goals without even breaking a sweat. Saving and budgeting can seem very stressful at first, but having a fixed goal can actually be a source of calm. It can help you visualise an exciting future in which you’ve bought your first house, started a family or even just splurged on something you’ve always wanted to buy for yourself. 

Step 1: Learn to budget and understand your finances. 

Learning to budget is the single most important thing you need to understand and focus on when it comes to getting your savings in order. To put it simply, if you are in control of your budget, you are in control of your finances. Before you can start saving money every month, you need to get to grips with your cash flow, understanding all of your incoming and outgoing money, including any debt repayments, monthly bills and savings contributions. You need to keep a track over your general finances, and compare your monthly expenditures to your income, to eliminate any overspending that may be slipping through the cracks in your budget. 

Step 2: Get out of debt. 

Before you start saving, you’ll likely want to pay off any outstanding balance on your existing debts. The longer you delay paying off a debt, the larger it will become, due to interest. If you put off  paying debts, the interest that accrues can wipe out any money you manage to save up. To get out of debt quickly, a good method to consider is the 50/30/20 budget, which is something developed by US senator Elizabeth Warren, when she was a bankruptcy specialist. The budget allows for 50% of your income to be spent on needs, 30% on wants and 20% to be saved. 

Step 3: Create a designated savings account. 

To save money fast, you need to separate the money you spend on your daily needs from the money you intend to save. This means setting up a designated savings account. By doing so, you minimise the risk of you dipping into your savings funds in order to cover daily expenses. Instead it encourages you to stick with your day to day budget, whilst keeping your savings away and safe from temptation. 

Step 4: Try putting a spending limit on your card.

A great tip for saving money fast, is to set a limit on how much you can spend each month on your credit or debit cards. This stops you from overspending and encourages you to reassess your daily expenditures in advance.  

Step 5: Try a side hustle 

A side hustle is a great way to bring in a little extra cash. Whether you take up a few shifts at a bar after your office job, or make some money from your favourite craft, try starting up a new job or business in order to set aside a little more money for your savings. However it is important not to burn yourself out, remember that your mental health is much more important than meeting your savings targets! 

Saving money can be difficult, but with some budgeting, careful planning and limited spending, you can have a great nest egg saved up in a year. For more information and help with planning your future business and savings, contact us.