Have you ever gazed in awe at the nice things other people seem to have? Perhaps you have seen luxury furniture in the living room of a friend. Or you may have watched the car of your dreams hurtle past your window.
Like many of us, it may be that you have experienced feelings of jealousy. Looking around at the things you own, you may have raised the question that many of us have before you: How can I afford to buy the nicer things in life?
The answer, of course, is to save your money. Well, either that or win the lottery, but saving is always the more realistic choice. When you have those extra funds in your bank account, above and beyond those you need for your household essentials, you will be able to afford the nice things. These might include the things you desire for your home interior, such as the costlier elements of the fabulous Eichholtz collection. You could replace your car too and have the means to buy other things you desire.
These are the money-saving tips you should adhere to.
#1: Budget your finances
Before you start to put money away each week, you need to work out your income and expenditure and calculate how much money you can realistically save. You will then have the incentive to cut back on your expenses, whether you live or alone or budgeting for a large family.
Use a spreadsheet to work out your finances or download a budgeting app on your phone to make the process easier.
#2: Find ways to reduce your expenses
The more money you can save each week, the better. So, look at all of your expenses and find ways to cut back. You could use price comparison sites for your utility bills and insurance costs, for example. And you could switch to cheaper food products instead of buying from expensive brands. Here are some other ways to reduce your household expenses.
#3: Stop unnecessary spending
To save up for the nicer things, you need to stop spending money on things that aren’t adding a lot of value to your life. Look at your expenses and if you notice you have been spending frivolously, make a concerted effort to stop. Always keep in mind your saving goals when tempted to buy something that could be considered unnecessary.
#4: Make more money so you can save more money
A boost to your income is always useful, especially for those items that are particularly expensive. The more money you make, the more you will be able to save, so consider what you might be able to do. A change of job could be a good idea if you can find an employer with a better salary package. Or you could take on a side hustle to earn extra money. Here are some other good ideas to boost your income.
#5: Choose your savings account wisely
You could put money in a jar each week, but as this won’t gather interest, this may not be the better savings option. You might also be tempted to dip into it which obviously isn’t ideal when you’re saving up. Your better option is to choose a bank account that will enable your savings to grow. It’s also a good idea to choose an account that you won’t be able to withdraw from for a certain amount of months/years. This way, you won’t be able to dip into it early. Check out these saving accounts for ‘best of’ examples and continue your research online.
By making a concerted effort to save money, you will one day have the means to buy the nicer things in life. So, consider these ideas and look for more financial advice online to better improve your chances.