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Saving up for something in particular? It can feel like it’s taking forever, especially when you’re not managing to save very much each week or month. Thankfully there are things you can do to cut your costs as well as earn more money so you’ll reach your goal before you know it. Here are some ideas.
Cut back on luxuries
On the surface of things, it might not feel like you have all that many ‘luxuries.’ But if you go through your budget, chances are there are lots of places where you’re able to make cutbacks- it doesn’t have to be forever. But while you’re saving for that new car, that house with an estate agent like williampitt.com, that university course or whatever it is, then make the sacrifice in the here and now. You’ll reach your goals more quickly and can resume with your little treats after. From music streaming services to new clothes to expensive haircuts, restaurant meals and more- have a think about where your expendable income usually goes.
Even after you’ve cut back on luxuries, chances are you could still be overspending without realizing. Take your bills for example, unless you change companies each year to get the most out of new customer offers then you’ll more than likely be paying over the odds. Groceries are another place lots of people overspend. Of course, we all need to eat but there are lots of ways to get costs down; shop to a list to avoid impulse purchases, stop being loyal to big brands and experiment with cheaper brands and start cooking more at home. If you’re guilty of buying fresh foods and letting them go off while you go out to eat then it’s wasted money.
Do extra shifts at work
Are you able to pick up extra shifts at the weekends or overtime at your current job? None of us want to be stuck in work longer than we have to be, but it’s a good way to earn extra cash that can go straight into your savings pot come payday. These sacrifices and hard work now will really pay off when you’ve reached your goal and again, it doesn’t need to be forever.
Create new streams of income
If you can’t (or don’t want to) do extra work at your current workplace then why not look into creating new streams of income? Side hustles like freelancing, blogging and home businesses can all give your monthly budget a boost and again just helps you to get to that goal more quickly. If you’re lucky, your side hustles could even take off, giving you the option to do them full time.
What are you saving for, and what sort of things are you doing to get there more quickly?