5 Easy Steps for Saving This Year

saving and spending (Photo credit: 401(K) 2013)

If you’ve made the decision to finally cut back on your expenses and save some money for a change, you’ve come to the right place. This article is going to outline five easy ways in which you can save money for the rest of the year, to ensure that your Christmas won’t be as sparse as last year’s.

Sell all the stuff you don’t need

By selling off all the unnecessary junk that’s piling up everywhere in your home - in your attic, under your bed and in the storage cupboards - you can give your year of saving a sharp kick start. Go through all the CDs, video games, old gadgets and clothes you don’t want, and try and pawn them off for some cash on a website such as www.musicmagpie.com.

Kill your debt

After the boost from selling some of your stuff, it’ll be slightly easier to go about slaying the debt that’s been mounting over you. If you’re in a lot of debt, you should make it your first priority to eradicate it completely.

By eradicating your debt, it’ll be easier to start saving money for yourself. The faster you do it, the faster you can kill the interest rate, too.

Set yourself goals

Setting yourself manageable goals is a good way of sticking to your new money-saving regime. It depends on what you’re saving for, though. Building a holiday fund for a trip at the end of the year is different from saving up to buy your first home, for instance.

If you set yourself a number of goals to meet, you’ll be more motivated to actually meet them.

Set yourself amounts to save

Once you’ve got your goals in mind, the next thing you need to do is figure out how much exactly you’re going to be setting aside from your income each month towards your goals.

So, if it’s a new video game console you’re saving up for, calculate how much you can afford to set aside each month without impacting on your required expenses. This kind of organisation will add to your new regime of saving and will make you more committed to save.

Get a personal financing app

If practicing this level of saving is hard for you to commit to, you might want to invest in one of the many personal financing apps that are available to smartphone or tablet users. These nifty programs analyse your earnings and expenses, and can even link up to your bank account to show you up-to-date information on how much money you’re spending and saving.