A ‘Shoebox’ of Savings
A ‘Shoebox’ of Savings
We appreciate that in this day-and-age saving up can be a challenge. Especially against the backdrop of everyday life and the lure of everything from the high street coffee and fast food shops to the convenience of internet shopping and affordable fast fashion. However, a little often can go a long way. Start today and you might find yourself a little less pressured down the line.
Cold hard cash
A lot of savvy shoppers swear by only using cash. They recommend working out how much you can realistically afford to spend each week, then withdraw that amount in cash at the beginning of the week. Studies have shown that spending in cash makes people much more aware of their outgoings when compared to tapping their card on the contactless reader. Better still … you can make the most of your loose change. Every penny counts!
Set a target
It’s no secret people are better at saving when they have a target in mind. So setting a date to work towards, whether it’s a birthday, holiday or even the launch of the latest smart phone can really make a difference. Keeping this goal in mind when you’re out an about is a great incentive to stop impulsive spending. Do you really need that fancy takeaway coffee, or could you put that £5 towards your upcoming holiday instead?
Having somewhere to store your loose change is a great way to save up the pennies. Use whatever works for you, whether it’s a biscuit tin, a cute jar or even just a shoebox. If you think you’d be tempted to dip into it occasionally, it might be worth considering a money box that is sealed meaning you physically can’t get access to the money until you’re ready.
Make a reason to save
Not having a specific goal doesn’t mean you can’t save, you just need to get a bit creative. Living in a house share? Contribute to a communal pot and start a kitty for things such as milk or toilet roll. If you’re known to curse frequently, why not opt for a swear jar instead?
Do the maths
Counting the time between now and your target date and working out how much you could save in that time is a great incentive. Let’s consider Christmas, there are 40 weeks from the 1st March to the 15th December. If you’re able to tuck away as little as £3 a week, you’ll have £120 that can go towards Christmas. Across a family of four, that can add up to a whopping £480!
You’ll be pleasantly surprised at how quickly this will add up. Encourage the whole family to join in and gamify it by seeing who can save the most over a set period of time.
So don’t delay, start saving today!
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