Do you find yourself in a position where no matter how much you earn, it never seems to be enough?
These days, the goal posts keep shifting as inflation keeps rising, housing becomes more expensive, competition for jobs is constantly increasing and further education becomes ever more important.
But what can we do?
Parking Spaces Rentals has come up with these 7 tips to help you save those precious pennies:
1. Establish a Budget
This is all about being organised. Get into the habit of putting in a little bit of extra effort regularly and you’ll find it easy to stay on top of your finances.
Keep track of your monthly expenses, which can be done by keeping and tallying up your receipts every week or by creating an Excel spreadsheet.
At the end of the month, you’ll see where your money is going and how much of your budget you spend in each area of your life.
For example, if you decide in advance how much you’d like to spend on entertainment it’s much easier to know if you can afford to splash out or if you should rather stay at home. It’s as easy and simple as that.
Using this approach helps you to understand where you are spending wastefully and it will be much easier to cut down on unnecessary costs because you’ll be much more aware of where your monthly budget is going.
2. Have an Emergency Fund
As we all know, life is unpredictable and you never know what financial challenges await you.
Whether your car needs significant repairs, you lose your job or you fall ill, an emergency fund will stand you in good stead and take some of the pressure off.
Beyond that, the less money you need to borrow from the bank, the less you’ll spend on interest. Talk about a win-win situation.
3. Set Goals
This is simple (and so effective!):
Having a goal that encourages you to save will make the whole process that much easier.
Whether it be a short-term goal (like saving for a holiday) or something more long-term (like putting money towards a house), it is important to identify how the money you’re earning can make your life better. And then work towards that.
4. Save Bonus Money
That goal you set yourself to save towards? We want you to reach it as much as you do, and this is your chance to take a massive step towards making the idea a reality.
If you receive an unexpected amount of money, like inheritance, a work bonus or winnings, don’t be tempted to blow it all at once. Put these unexpected gains towards your goals. Trust us, you’ll be happy to reach them sooner.
5. Make a Passive Income
We believe that having a second income goes a long way in helping you save for the future. So, if you have any additional assets that you could make a passive income from, we suggest you get involved in the sharing economy!
6. Save Automatically
Set up automatic savings at the beginning of every month. This way, your savings and monthly payments will come out of your bank account, leaving you with a final sum to budget with.
You won’t be saving what’s left after spending, rather spending what’s left after saving. Making it easier to stay within your budget and set money aside for your future.
7. Wait before Buying
There’s something to be said for how shopping can make you feel good. And, in fact, impulsive shopping is an extremely common phenomenon. When you see something in a shop that you really want, you buy it… perhaps without giving it too much thought.?
Parking Spaces Rentals advises to rather avoid this. To do so, we suggest that you give yourself at least 24 hours to consider your purchasing decision as some items require a lot more deliberation than others.
It will help avoid impulsive spending on unnecessary, luxury items that you will most certainly later regret.
At the end of the day, saving plays a vital role in securing your future, and we want to do everything we can to help. To do so, we would like to help you hire out your free parking space to help bring you a passive, steady income. Contact us for more info.