How to Save Money for Something Big
We all have plans in life – whether that’s going on holiday, buying a car or a house, going abroad to live or buying the latest fashion – but most of the things we wish for cost money!
Wouldn’t it be nice if we all had a money tree which provided us with the funds to do what we wanted? I have a money tree at home and, unfortunately, the funds are still not materialising.
Living costs too are so expensive – ever increasing bills and prices makes it very difficult to save anything.
But, there are ways – small changes you can make – to save money for something big.
Separate spending money
Make a list of your outgoings and whatever you have left that’s your spending money. Transfer that to a separate bank account and that’s how much you have to spend each month. This strategy works for me because I know that I have enough money for bills and I can easily see what I am spending my money on.
Put money away every week
Depending on how much spending money you have each month, work out how much you have on a weekly basis. If you don’t spend it all, transfer it to a savings account each week.
Don’t dip into your savings
However tempting this might be, try not to dip into your savings. You have worked hard to build it up. There are many times when I have thought to myself, “oh well it’s only £20,” but that’s the danger – before you know it, that £20 has turned into £100.
Cut down on non-essential spending
Remind yourself why you are trying to save money, regularly, and if you are tempted to buy things such as new clothes or magazines, ask yourself, do you really need the thing you are about to buy? I almost guarantee that your answer will be “no.”
Get a part-time job
This depends on whether you have enough time to fit extra work in, but if saving for something big is your main goal, then getting a part time job might work for you. I sometimes write in my spare time and the extra income is very welcome.
Don’t go out
When I was saving to return to Thailand a few years ago, I sacrificed many nights out and became a bit of a recluse, preferring to stay in rather than going out all the time. I made saving my priority because I knew I really wanted to travel and settle abroad again.
Reduce your debt
This is the one I struggle with the most! Being in debt is stressful and it can be impossible to save anything when your credit card bill is looming every month. Cut those cards up! Resist spending that £20! Do your best to reduce your debt! That way, you’ll have money to put aside for that important plan in your life.
Sell your stuff
When I was moving back to Thailand, I sold books, DVDs and CDs on Music Magpie. The items have to be in pristine condition and you won’t earn that much, but it’s a simple and easy way to raise cash (even a small amount will help). These days, there are other many other ways to sell your stuff – EBay, car boot sales, Facebook marketplace – you just have to choose the most suitable way for you.
If you are able to save even the smallest amount of money, it’ll do wonders for your motivation (and stress levels) and you will be one step closer to making your plans a reality!
I don’t purport to be an expert on any of these topics, I just want to share some of the things that have worked (or are working) for me.
Peace and love!