Savvy Saving

I thought about writing a goals post for 2017 but realised that I haven’t quite got them specific enough yet. The biggest issue with new years resolutions is that they are too general so while I’m still working on my mini goals, I thought I’d share my biggest on going mission: saving to buy my own flat.

The struggle of so many of us in our twenties! I’m sure at least some of you can relate; most of us currently paying a fortune in rent or living with our parents in the hope of saving up that ever so essential deposit. So I thought I’d share 3 things I’m attemting to do in 2017 to help me save.

The £5 Challenge

It was a work colleague that told me about this one; every time he gets a £5 note he saves it. Stick it in a box or some other safe place and DON’T touch it for the year then come December hello cash for christmas presents or whatever else you fancy.

I think this is a great idea, and such a simple thing to do, can’t wait to see how much I can save!

A month without spending

Hold on, let me explain. Obviously its impossible to spend nothing: food shopping is kind of essential. This was an idea I originally found on Alice’s blog; her post was no buy October. While her post focuses on her wardrobe I thought I’d expand on it and try cut out everything that wasn’t essential.

I decided it would be a great thing to try out in January as it’s the dreaded month after Christmas, when you get paid early in December so you got more month but the same amount of money..never fun! My vice is probably coffees and the occasional item of clothing, it doesn’t sound too bad but these things all add up and really these aren’t essential. So for January my aim is to only buy what I need and also do some de-cluttering. I think I’ll up date you on how this has gone at the end of the month.

For this to be successful though I’m setting myself a strict budget, which brings me to number 3.

Budgeting

Ok this one seems pretty obvious, but its also pretty hard to do if you’re not strict enough with yourself, but if you stick to it and don’t set yourself goals that are completely unattainable then its really not all that bad!

The easiest thing to do is make a list of your expenses for the month ahead: Bills, Car payments, Gym Memberships you know that sort of thing..the essentials I guess.

Then figure out what you need for your weekly food shops, are there any up coming birthdays you need to buy gifts for or do you have a big night out planned? How much do you need for that? £20, £50, £100?

Once I’ve done this I also set myself a little weekly budget for unexpected expenses so that I’m never caught short.

Then once you’ve figured all this out, what you have left goes straight into the savings account! I always set myself a minimum for this and anything over and above it is a bonus!

Make a list, or a spreadsheet if you really want to and keep yourself organised. I also love having the banking app on my phone so I can keep an eye on what I’m spending.

What do you do to help you save? Any top tips that got you your own place of something you swear by? I’m always looking for different ways to keep up the motivation.

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