Unless we have a specific savings goal, it can be hard to squirrel away money for a rainy day. It can be just too tempting to spend, spend, spend! To make it easier to save some cash, you should decide on something that you want to save up for. This will give you a much-needed incentive. And the savings goal can be anything you want. Something physical, or an exciting experience! Not sure what to save up for? Here are five awesome ideas.
A Big Holiday
Haven’t left the country for a while? Well, get saving and you’ll soon have enough to visit far-off and exotic locations! You don’t have to push the boat out too much. There are many cheap hotels out there, even in the most luxury destinations. But saving for a holiday doesn’t have to mean travelling too far. If you can’t get too much time off work, go on a staycation.
A New Car
Cars seem to go out of fashion after only a few months, so this is one item we often long to upgrade. Even if you have the latest model, it’s a good idea to have enough in the bank in case something were to happen to it. Accidents happen all the time, especially during driving. Save up enough money so you are always prepared to replace your car. It’s better to be safe than sorry, and it’s better to have saved up some cash rather than be stranded without a vehicle!
A Deposit For A House
Houses are only getting more expensive. That means you’re going to need a sizeable deposit to put down to secure your dream house! Even you don’t have much extra money to put away each month, every little counts. Keep putting some money to one side and, eventually, you’ll have enough cash to bag your dream home! One thing to remember is, the bigger your deposit, the smaller your mortgage will be. No one wants to be paying off a mortgage for years and years, so give yourself enough time to build up a really big fund for a deposit. It may be a long, hard slog, but you’ll reap the benefits with small mortgage repayments!
Pay Off Debt
Whether you have a large debt from college, or you’ve got to pay off your credit cards, put your savings towards paying off your creditors. Debt can cause us lots of unnecessary stress, so put every spare penny towards clearing your slate. Once you are all paid up, then you can start to focus on saving for fun stuff!
We all need to treat ourselves sometimes! So for those times when you need a pick-me-up, set some cash aside for fun day trips, presents for yourself and fancy clothes. Anything you want really! If you’re all about giving, save up some cash so you can get your friends and family super cool gifts for birthdays and Christmas!
Looks like it’s time for you to open a new bank account. One for all your hard-earned savings!
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