Budgeting can be challenging, particularly when there are a lot of additional bills and expenses that need to be paid every month - however it is not impossible and all it takes is a few simple changes! In this article, we are going to be showing to you 7 ways that you can budget for your best summer yet.
Set A Budget
Setting a budget and ensuring that you stick to it is crucial as this is the first way to ensuring that you are not overspending. By capping yourself at a certain amount of disposable income, you can then place the left-over funds that you have into a savings account to be used at another time. If you are running low on funds, it may seem tempting to opt for a loan to make a difference, however this should only be used in case of a financial emergency and this saving technique will need to be implemented in order to acquire the funds. Though this will take time, the holiday will be worth it once you have saved for a significant amount of time.
Save All Loose Change
One of the first ways you can begin saving for your best summer yet is to save up all your loose change. If you end up with a collection of 1p’s, 2p’s and 5p’s, you can begin placing these in individual pots either in the kitchen or the living room area. This is ideal for savings as you can then cash these in to earn an extra £5-£10. This is beneficial for you as this can then be used to contribute towards spending money or other elements.
Cut Expenses You No Longer Use
Another way that you can save money is to cut expenses that you no longer use. Whether this is an Amazon subscription, or a Sky Tv package that has slowly been going up in price, this can all help to save money towards a holiday or a series of summer activities. Though it can take time to generate the funds for a large holiday, this can be put to spending money or saved until you are able to afford a holiday that you wish to go on.
Sell Items You No Longer Want
If you are someone who loves to have an annual spring clean, selling all the items that you no longer want can help you to generate some extra cash. Whether this is selling items on websites such as Shpock and eBay or setting up a stall at a local car boot sale, this can all help to generate additional money to out into the savings pot.
Implement The 30-Day Rule
The 30-day rule is a simple yet highly effective rule to implement when saving as this will stop you from buying on impulse. When looking at expensive items such as kitchen utensils or a brand-new TV, it may seem tempting to purchase out of impulse. However, the 30-day rule allows you time to think about your decision before purchasing, so if you then find you don’t need this item, you can save the money and use it elsewhere.
Drink Water Instead Of Fizzy
Spending money on fizzy drinks is a great idea for a hot day or a treat throughout the workday, but this could be costing you a large amount over the course of the month when you add up all these purchases. Therefore, opting for water instead of fizzy drinks will help you to save money during the month that you can use on a day out with friends or a few drinks down the pub. This is a brilliant idea for those that are buying their lunches at work every day as this is money that can be saved.
Open A Savings Account
The final way for you to begin saving money is to open a savings account. Every time you get paid, you can then set up an automated payment into a savings account to help you save money immediately. This will ensure that you have enough to pay the bills as well as begin saving whilst still saving disposable income for the weekly food shop and other essentials such as fuel, car insurance, and road tax. When this has all been organised, you can then be sure that you have the funds you need to enjoy summer without concern.
Regardless of your reason for saving, it is important to remember that each of these techniques will need time to deliver outstanding results. Therefore, it is important to stick to the plans that you have out in place until you see the savings that you want.