Saving money is hard, particularly when the cost of living is as high as it is today. I’m very fortunate in the sense that myself and my partner both have jobs and have the means to go on holidays and live quite happily in a warm and beautiful home. However, we all have particular aspirations and I’d love to have a much bigger house than the one we currently have. 2019 is a year of saving for me, every penny possible and I thought I’d throw together a wee guide as to how I’m planning on making the pennies turn into serious pounds. I’ve set myself a target of saving £5000 this year, which seems like a massive amount but I’m going to be incredibly stringent and try my very best to stick to my plan and not get distracted by pretty shoes and (even more) books. Here are a few of my money saving techniques that will hopefully help me on my way:
Saving technique #1: Weekly saving plan – £8 x 52 weeks = £416
Total saved: £416.00
Saving technique #2: Monthly saving plan – £50 x 12 = £600
Total saved: £1016.00
At this point, the numbers get hypothetical. The above two techniques are definitely going to happen- so I know by the end of 2019, I’ll have at least £1016 in my savings account.
Saving technique #3: (A sort of) Book Ban – £30 x 12 = £360
I would argue that on average, I spend about £30 a month on books. £30 is not a lot of money but over the course of the year, it adds up. Whilst I can’t guarantee that I won’t slip up and go a bit mad in Waterstones in 2019 (we are being realistic, after all) my logic is that if I can afford to spend £30 a month on books, then I should equally be able to afford to match the amount I spend and put it in my savings whenever I make the purchase. If I can’t afford to match the amount and put it in my savings, then my logic would mean that I cannot buy the books. I think that using this strategy will mean I’m a lot more realistic about the things I’m buying and will also mean that I make a start on the books I already own.
Total Saved: ~£1376.00
Saving technique #4: Freelance earnings – a small percentage – £300 x 12 = £3600.
Most of you will know that I’ve recently started working for myself and I’m happy to say that it’s going really well for me. Whilst I’m not yet in a position where I feel completely confident in going full-time with my freelancing, I’m very close to being at that point and I’m thinking that by the end of 2019, I will be. As part of this money saving techniques challenge, I’ve decided that saving around £300 of my freelance earnings each month will allow me to build up my savings relatively quickly, as well as leaving me with more than enough money to have days out and treat myself on occasion.
Total Saved: ~£4976
Saving technique #5: Be More Frugal with my Spending – £20 x 40 weeks = £800.
I use an app called Oval to help me save money without realising – whenever I spend using my debit card, it rounds the pennies up to the nearest pound and saves that amount on my online account. Until February, the money I’m saving in that account – normally around £20 a week- will be going towards a different saving plan. After that, I’m hoping to add the money saved in my Oval savings app to my overall savings fund, but I may well use this at the end of the year to treat myself to a handbag of some sort, who knows? We’ll see how the rest of my saving plan goes before I make that commitment!
Total Saved: ~£5776.
If all goes to plan with the above money saving techniques, it looks as though I’ll be meeting my target for the year – with enough left over to treat myself and Rich to a trip. However, life happens sometimes and there’s absolutely no guarantee that I’ll be able to save as I’m hoping. Unexpected costs hit and while I’m hoping I’ll be able to stick to it and spend sensibly in 2019, who knows what the future will bring?
What are your money saving techniques for 2019? Let me know!