For some, the lockdown has helped with their savings. Finally getting the opportunity to save funds in order to build their financial stability. How can you continue your improved saving habits as the lockdown begins to ease up? There are many tips we find work well, but first, we asked Creditspring Members to tell us just how much they were saving since being in lockdown. See the results below-
This seems like an obvious solution, but one that definitely helps. Set up an auto transfer to a savings account. This can be a fixed amount from your income every week or month that is automatically transferred into this account. This will ensure that you are on top of your savings and are building on it without having to stress about saving. Be sure to adjust when you need to so that you don't find yourself dipping into this account as it is meant for emergencies and emergencies only.
Record your expenses
Sometimes the best way to save is to see exactly what you’re spending your money on. Seeing all the transactions that go towards eating out or ordering food can be a little daunting at first, but it is needed in order to take control of your stability.
No debt, no problem!
Debt is what we all want to avoid and can for the long haul if we remain consistent and focused on clearing or avoiding it. As the lockdown eases and more expenses come up, put a plan in place to continue making consistent payments so you don’t spiral into an endless amount of debt. If you were making £80 payments towards your debts and can no longer keep up with it, look at your other expenses to see if your leisure budget could be minimised. If it cannot, then decrease the amount you put towards your debt, but never stop paying it and ensure that it is over the minimum payment requirement.
Set up Auto Payments
If you haven’t already, we strongly suggest getting auto payment set up for your bills. This way nothing is missed and is paid off in a timely matter. This is a good way to build healthy habits with your finances and to alleviate financial stress.
Tools to help
We get it. When you start having a lot of goals or tasks that you are working on at once it’s easy to lose sight of something. A little help from a trusted tool is just what you will need. Get your Stability Score, exclusive to Creditspring Members first to see where you stand with your finances. From there we suggest using tools where you can manually input and keep track all of your information, like Excel. Or you can head to MoneySkills for an easy to use budgeting tool to keep your financial goals on track!
Say no to impulse spending
We all have impulses. For some it’s fashion- you see it, you buy it. For others, it’s a brand new gadget you spend all day and night on. We know this can be hard to let go of, and we are not suggesting to completely disregard your desire to buy or indulge in something you enjoy, but you should monitor your impulses. If there are 10 new gadgets you have your eye on zone in on one, start a saving bucket for this then get it when you have enough saved up. Focusing on one item and within the budget you’ve set for yourself will instil a better relationship between you and finances.
Have any tips of your own on how you’ve maintained your financial stability? Join the Squad and share it with the community! Together we can help improve our stability!