Long-Term Saving Goal? Here Are My Tips!

by - 12:00

Whether you want to save for a holiday, a new car or even your first house, you can’t do it easily or quickly. As someone who is always saving for their next holiday, and as someone who is desperately trying to escape my parents by saving for my first house, I thought I would compile my best money saving tips when it comes to saving for something pretty mahoosive.

Don’t get me wrong, I am partial to a £3 Starbucks on the way to work, and the amount of times I have exclaimed “but it is only £5!” to my boyfriend who constantly says, “yes, but Emma, you don’t need it” is endless, but when it comes to saving towards a goal, I am pretty good and I know when to say no things that I can’t afford.

Establish Your Goal
First, the best thing to do is establish what your goal is. Let’s take buying a house for example, there are so many factors around that house that you need to consider; when do you want it? How much is it? Do you need a deposit? Do you need furniture in the house?

The best thing that you can do is do your research and establish a plan of how much you think you will need and by what year so that this can be your aim. Plus, if you know what your goal is and you’re very clear about it to yourself, then you’re more likely going to stick to a savings plan.

What Are Your Financial Burdens?
If daddy still pays your phone bill, then you’re very lucky. You need to establish the monthly outgoings that you can’t get away from. Some of these include..

- My phone bill
- Gym membership
- Rent
- Grocery shopping

However, sometimes you are always able to get these down a little more. If you have paid for any add-ons for your phone bill, then ask yourself, do you really need that extra couple of GB of data? Especially nowadays when there is free WIFI pretty much everywhere you go. 

When it comes to food, is there any way that you buy a little less? If you are someone that always tends to buy brands, then perhaps opt for Tesco’s own or Asda’s Smart Price brand to save a little more. A great tip of mine is going in after 5pm - there are usually a load of foods on offer that you can get away with freezing!

My Favourite Money-Saving Online Tool
A few months ago, I wrote a post on the best money-making and saving hacks, but if I was to pick one thing from there that I absolutely stand by, it would be Top Cashback. If you’re an online shopper, whether this is for clothes, holidays, technology or insurance, if you go through this website, you’re bound to save a small fortune.

Last year, I withdrew over £300 and the year before that, I withdrew £190 by doing exactly what I’d normally do. I have explained it in depth on this blog post, but it works in a form of advertising and the merchant pay Top Cashback a small % for recommending you to their website, in which Top Cashback reward you by paying you.

Don’t Open A Savings Account with Your Current Bank
This is absolutely lethal if you’re trying to save. Having your savings account in your current account almost makes it a little too easy to transfer money between accounts. While I was at university, I dipped into my savings way too many times in comparison to my friends who had savings in other banks. It is always much more of a faff transferring money to a different bank!

Learn to Budget
I ordered my Monzo card for Asia last year, as it had such a great exchange rate while I was travelling. However, using Monzo in this country has really helped me budget as it shows me exactly what I am spending my money on and gives a huge summary at the end of the month. There is something about seeing "£200 on eating out" that makes you realise how expensive it actually is. This month, I have been out for food once and that was because I had a free Nandos with my reward card. The best part of Monzo is that you can set targets for each category - I highly recommend.

Of course, there are some great apps that help you budget now. I have started to notice that Cleo has become more popular and everything that you spend will be monitored on that app - assuming that it is available on iPhone and Android, but I haven't personally used this my app.

If you don't want to use any apps or even record your spending in anyway, then just stay alert on how much you really are spending. Do you really need to go out for food three times in a month and do you really need that new pair of shoes?

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