Save Up Money More Speedily With These 6 Tips

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Looking to save up some money in a hurry? Perhaps you’ve got your heart set on travelling or perhaps you’re trying to save up money for a down payment on a home? Whatever you may need to save up for, here are 6 tips that will help you to save that money more speedily.

Spend less to save more

Spending less money is the most obvious way to save money – you’ll have more disposable income that you can then put towards your savings. Think about making some big temporary cutbacks. You could start setting a budget on food shopping or you could go so far as to sell you car in order to save money on driving costs.

Shop around for the best savings account

Putting your savings into a special saver account will allow you to earn money in interest on your savings. There are so many different savings options out there – for the best deal you’re best using a site such as The Ascent. Look beyond banks and consider government bonds and trusts as these can often have more favourable interest rates although there may be other conditions such as limited access or a minimum starting amount.

Consider investing your savings

If you already have some savings stored up, you could consider investing these in some way to help make a return. This can be a gamble and obviously you want to avoid long term investments. Peer to peer lending sites such as Crowdstacker are fairly secure ways of making a return in a short period. If you’re willing to take more of a risk, you could look into options such as stocks or cryptocurrency.  

Collect change in a jar

To help boost your savings it could be worth collecting any spare change you get in a jar. You could stick to one type of coin such as a dollar. Try to buy a specialist jar that can only be opened with a tin opener to prevent the urge to break into it.

Make money out of your clutter

You may be able to make extra money by selling unwanted possessions in your home. This could include old electronics, clothes you no longer wear or inherited family possessions. You may even be able to sell broken items for parts. Sites like Preloved are great for selling these items. You could also try taking items to a local second hand store or flogging them at a local flea market.

Put unexpected earnings into your savings

Occasionally you may come into money unexpectedly. A relative may give you money, you may win money in a competition or an employer may offer you a work bonus. In such situations, don’t just splurge this money on small treats – put it into your savings to help you reach your savings goals more quickly.