The past year and a half has been a pretty tough one. The coronavirus and Covid-19 pandemic has seen us all face some sort of struggles – whether hose have been struggles with our own health, loved ones’ health, job loss, social isolation or anything else. It’s not all too surprising that many of us are looking forward to life going back to normal. With vaccines being rolled out around the world and lockdown measures being eased and relaxed, many of us want to get normal life off to a great start with a significant purchase. Whether that’s a holiday, a celebration or anything else. Here are a few steps you can take to save the money you may need for your plans to go ahead!
Manage Outstanding Debt
Most of us have some sort of debt. But if you’re finding that you’re paying a lot of interest each month, it may be time to start looking into some debt management solutions. This can reduce the amount of interest you’re paying and allow you to chip away at the actual outstanding sum instead. Once the debt is cleared, you can then start focusing on saving for your major purchase. To manage your debt, you can move debt with a Balance Transfer Credit Card or consolidate your debts with a low-interest loan.
Reduce Bill Payments
While some outgoings are necessary, there are ways to reduce the amount that you spend on them. Here are some areas where you could cut your spending and put the savings into your savings account!
Your Energy Bills
Of course, you can’t just decide to live without electricity, gas, and water. These are essentials that we all use every day. However, it is possible to minimize the amount of money that you spend on these things. The first way to achieve this is to manage your usage responsibly. Turn lights off when they’re not being used, stop wasting water you don’t need to use, and keep the heating down as low as possible while remaining comfortable. Another step you can take is comparing providers. Often, you can switch energy and gas providers and save a whole lot of money on your monthly bills.
Food and Drink
Food and drink are essential. You can’t just cut them out and you shouldn’t reduce the amount you consume. However, by buying non-branded or supermarket own brand products, you can still get quality food at a fraction of the price you may be used to forking out.
Choose a Good Savings Account
If you’re putting money aside in a savings account, you should make sure that you’re using the one that has the best interest rate available. This will help to top up your funds and reduce the overall amount of time you spend having to save!
Following these steps should help to see you advance in saving your goal amount! Each is useful and effective, so give them a try!