Lenders prefers borrowers who can show genuine savings. However, as simple as it may sound, it can be not that easy to save up. Let's look at some handy tips to start saving.
Pay yourself from the pay you receive - try and get into a habit of keeping $10 a week aside. From every pay put that $10 or more if you can in a bank account that comes with no debit or access card. That is $520 by the end of the year.
Avoid or reduce buying meals from outside - That will on an average save you $10 a week which is another $520 a year.
That’s total $1040 saved right there plus some little interest earned.
Take the shopping list with you. Do not go to shopping with no planning. And stick to the things that you need to buy. It might also be a good idea to do a pre-work and estimate what this shopping list items will cost you and take that much cash. That will save you from overspending even if you were tempted too. Also, if possible, don’t go grocery shopping when you are hungry.
Shop around for best deals. That includes your utilities, phone and internet provider. Call your current providers and ask for a deal. Even if in total you saved $10 a month, that extra $120 by the end of the year.
Add that to the previous $1040 and that is $1160 saved a year.
If you have any existing debt, look at consolidating them in one single repayment and with a lower interest rate. Even better, if are able to pay it off and have no interest charged.
It is always a good idea to sit down with your bank statements and analyse your spending. Read it with a hawk eye to see if you spend your money on something you would do without.
We can help you with budgeting too. Get in touch with us and we can send you a detailed budget planner that can help you write down all your spending.
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