Ways To Put Away Money, Even If You Find Saving Hard
In this blog we look at ways in which you can save money even if you find saving hard. First things first, we know a lot of our readers are on a tight budget right now, so we’re not going to come out and try to start telling you to put away big chunks of your payslip every month. A lot of people are living ‘payday to payday’ so more often than not, especially if you’re young and spend a lot on going out, you might not often get the chance to save.
Thankfully, we’ve found a couple of ways to help get you to pretty much make yourself start saving a little cash – and helping you avoid the temptation of spending it once you have it. It’s ever so easy to dip into your savings, so we’ve looked at several ways to make it easier to avoid the urge to spend, spend, spend.
Leave It Behind
It might seem a little odd, but if you’ve moved away from your family home, but come back to visit regularly, maybe stash some money there or leave it in the care of a parent or guardian. Who else could you trust better than them? If you call up in a cash crisis, they’ll almost certainly help.
Once you’ve set up your new ‘bank of mum and dad’ you can feel assured that it’s in safe hands. Also it’ll give you family the impression you’re a forward thinking responsible adult, which is very handy if you have a reputation for bad spending habits.
If you have an old room which your family is keeping the way it is for you, consider just leaving it in there. Make sure they know, and don’t clean it out by accident, and if you’re suspicious of a younger sibling poking through your stuff, lock it up.
Canning Your Change
If you don’t know already, you can buy an empty tin can with a change slot in the top, which cannot be opened unless you get hold of a can opener. There are so many of these on the market it’s actually pretty hard to ignore. The theory behind the can idea is that while you’re finding the can opener, you might have a serious think about your finances and vow to save more.
We’ve come with a pretty good strategy that should, theoretically, maximise this tiny saving vault and could help you in the future – and it’s fiendishly simple.
Every time you get a two pound coin, just drop it in. No matter where you are, or where you’ve just got your change from, hold onto at least one two pound coin and drop it in. It’s an almost fool proof strategy which relies on the low frequency of two pound coins being included in change.
Get Creative As You Can
Something you could do, if you want to, and obviously at your own risk, is purposefully conceal a small amount of £5 or £10 notes somewhere that’s it’s either a little bit awkward to retrieve or that takes a lot of effort.
For example, you could embrace your inner pirate and bury a fifty pound note at the bottom of a glass jar filled with sand. This might be a drastic last resort which can be used in conjunction with other methods, but one day you might find yourself saved from hunger, but covered in sand. You could even bury it in a tiny treasure chest.
If you can’t get hold of sand, get a ladder, find a ceiling you can’t reach alone, and tape an envelope with a ten pound note in it up there. Or if you don’t feel like climbing, purposefully throw it behind a heavy dresser. Again, the sky’s the limit, just don’t hurt yourself. Make saving fun.
Standing Order Yourself
If you haven’t already considered setting up a separate savings account with a new bank then this might be the option for you. Then arrange a standing order from your current account to your new savings account. Each payday a little goes from one account to the other and over time builds up to a useful amount.
If you’re self-employed or get money from multiple sources, setting up a standing order for a small amount is very useful, as it can be paid in very small intervals, such as weekly or bi-weekly. If you know that every other week you will definitely have a spare five pounds, don’t hesitate.
It’s up to you how low and high with the amounts you want to go – even as low as one pound per week if you’re saving for the long haul. Make a plan and set it up, with your best interests in mind.