This is a contributed post and do not necessarily reflect the opinions of Meet The Harris Family.
Sometimes we yearn for warmer climes and book ourselves on a vacation to the sunniest destination within our budget. This may mean a short drive to the closest bit of coastline we can find, or it might mean a first class flight to an idyllic paradise overseas. The one thing that dictates our choices is money. Although money cannot guarantee happiness, it sure can make things a little easier and less stressful. While you may feel like there’s no hope of getting a new set of wheels anytime soon or you can’t envisage carrying out any home renovations for a good few years, take a look at how saving for your big ticket item could result in it being closer than you think.
Money Pot
It’s vital that, if you’re serious about saving some cash, that you assess your current financial situation. Most importantly you need to shift your debt. There’s no point attempting to save when you have credit cards or store cards. One option is to investigate the easiest bank to get a personal loan with and lump all of this debt into one monthly repayment. This takes the complexity out of your financial burden, and you’ll be able to shift the debt quicker. There’s nothing better than seeing the money you owe decrease each month. Once your finances are back on an even keel, you can think about making the big savings.
Trade Down
Although it might seem like an oxymoron, it could pay to trade in your car for a cheaper example while you’re saving up for a new one. You’ll get a hefty lump sum to add to your savings pot, and you won’t be paying as large a sum on servicing. If you purchase a little runner with good fuel economy that belongs to a cheaper insurance group, you’ll also have money left over each month to squirrel away.
Social Calendar
If you are keen to see your big ticket item come into view as quickly as possible, you need to tighten the reins on going out, heading to the cinema and spending money on swanky meals. This doesn’t mean you have to remain within your four walls for the next twelve months, you just have to cut back a little. Head out once a week at a cheaper eatery, don’t fork out loads on alcohol and keep the extravagant expenditure to a bare minimum.
Bulk Buy
For the bare essentials like toilet roll, cereal, fruit cordial and bread, it might pay to buy these items in bulk. You could save a ridiculous amount of cash buying two dozen toilet rolls instead of half a dozen. You should also make a beeline for the coupons you may spot online or at the back of magazines. Utilize these to ensure you get as much discount on your weekly shop as possible.
Saving can seem like a mountain to climb when your financial starting point isn’t looking the healthiest. However, with a sound budget and strong determination, you can reach your financial goals.
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