You probably don’t need me to tell you that saving money is hard. Few of us barely have enough to pay rent, travel to work and eat on a day to day basis let alone put some 'spare' cash aside for emergencies. But, nevertheless, I’ll reiterate: saving money is really fucking hard. Particularly if you’re a see-it, buy-it kind of person. Oh, compulsive shopping, how I miss you.
But just because it’s difficult doesn’t mean it’s not doable. There was this one time that I logged into my online banking account and realised that I’d somehow managed to collect about £1100. Yep, more than a grand just sat there in an account with my name on! Albeit this happened one singular time, stayed in my account for about three weeks and then I moved out of my mum's house, into a new flat in London and haven’t made much use of my savings account since. BUT, the point is that saving one thousand pounds is way more achievable that you might realise my fellow broke friends. You just need to be ready for the long game.
We’ve already given you a lesson in how to save £100 without really noticing and I’d be lying if I said you wouldn’t notice working towards that extra digit at least a little bit. But apparently being an adult has something to do with having money ‘for a rainy day’ which I gather to mean for when shit hits the fan and poo is raining all over your moneyless life. So, besides being patient, sensible and generally having a better handle on your finances, here are a few practical ways to save a decent amount of dollar and prevent that happening.
1. The ‘how to accidentally save £100’ upgrade
Let’s start small and straight forward. Remember the old £2 coin trick that involved stashing those coins in a separate special £2 coin purse every time you were given one as change? Well step up the game a bit and do it whenever you’re given one of those shiny new £5 notes. Of course, this involves actually taking out cash instead of throwing contactless cards at every machine within reach, but leaving the plastic at home and limiting yourself to a weekly cash allowance is a good exercise in budgeting anyhow.
Pros: you can actually see what you’re saving rather than having
Cons: takes discipline. Physical cash is fun to spend. But also, you’d have to have somewhere secure to stash it all.
How long to £1000: Just under 2 years if you keep hold of two fivers a week.
2. The sneaky ‘trick yourself’ way
Chances are, when you eventually found a job, an adult in your life told you to put a percentage of your earnings into a savings account every month. Chances also are that you didn’t listen to them. So, listen to me instead. Set up a direct debit (it takes like 10mins of your life to sort out, promise) from your main bank account to send 5 or 10 percent of your monthly income into a savings account you set up earlier. I’ve found that I can’t always guarantee that I’ll be able to manage without that little extra chunk of disposable income, though, so instead I have a reminder on my phone for the day after payday to transfer some money and I’ll usually aim for somewhere between £50 - £100 if I can, but it’s as important to be realistic with yourself as it is to bite the bullet and put some cash away.
Pros: if you use a direct debit you’ll have no idea the money’s even gone. Ignorance is bliss
Cons: A percentage of your income can feel a bit intimidating when things like tax and bills are already coming out
How long to 1000: 10-20 months depending on how you budget it. Could totally do it in a year if you used all your might, though.
3. The ‘free weekend’ method
Last year The Deltic Group, a late night bar and club operator, did a big survey across the UK and found that the average cost of a night out is about £60 and with the majority of us splurging on an evening out on the town once a week, that adds ups to about £3120 a year. Anyone else feel a bit sick? I propose the ‘free weekend’ where one weekend a month you don’t go out on the piss and instead stay home? Revolutionary I know. But one small step for (wo)man, one giant leap for your bank account, right?
Pros: requires very little effort from you and it’ll make your liver happy
Cons: FOMO will always be real.
How long to 1000: A year and a half, max
4. The complicated bills way
You knew this was coming, so let’s just deal with it. How much do you really understand about how much you’re paying for water, electricity, gas, council tax and internet? Even if it’s your name on the account it’s easy to completely miss where you might be able to save yourself some money. Yes, even if you’re living in a rented property.
Something as simple as switching energy provider could save you a couple of hundreds a year, and with energy prices on the up (again?) now’s a good a time as any to get super familiar with MoneySavingExpert.com and use their nifty tools to work out which is cheapest in your area and save hundreds. If you switch your broadband deal you could cut your annual bill by a huge amount and maybe even get £150 cash back with a new BT deal that’s on at the moment.
Pros: great long-term solution that doesn’t involve you giving up your 9 am coffee (but you should probably give that up anyway)
Cons: takes a legitimate period of concentration and conversation with your flatmates and suppliers to sort out.
How long to 1000: If you put away the money you were spending before, probably a couple of years.
5. The earn extra income thing
I know, I know. Who has the time, right? Well if you’re serious about savings then make yourself a little window of time to earn a bit of extra cash without selling your housemate’s favourite lamp on eBay. There are loads of websites like People Per Hourwhich involve you offering your highly skilled talents and services. Depending on what you’re good at you could earn £10 per hour for helping someone out with some web design, blogging or social media posting. We’ve got the full lowdown on other easy ways to make money on the side over here.
However, another untapped resource for income that you probably didn’t think about is that empty driveway in front of your house. If you live in a city you’ll understand the value of having somewhere to park. Rent out your space and you could earn £200 per month for not having a car. Some involve paying a fee but the geniuses over at MoneySuperMarket.com (just bookmark it now, okay?) have broken down what you get (and give) each of the top parking rental services.
Pros: earn extra that can go directly into your savings account without having to take anything away from your pay packet
Cons: can involve giving up some of your free time. Laziness is not an excuse.
How long to 1000: Anywhere between two months and the end of time. Depends on how many pies you’re prepared to put your fingers in.
Like this? You might also be interested in…
How To Split A Restaurant Bill With Friends When You’re Skint
All The Wats Your Life Improves When You Get Your Finances Sorted
Follow Jazmin on Instagram @JazKopotsha
This article originally appeared on The Debrief.