Matthew would like to quit his job and go back to study but, as often is the case, he has no savings. His entire pay is typically eaten up by rent, car repayments, food, entertainment and, well, other stuff.
Understandably, Matthew feels trapped and dreams about a different life—one in which he has enough savings to quit his job and make these life changes.
Matthew isn’t alone.
Only a small percentage of the public has savings to fall back on. Many are largely living week-to-week with no safety net should unexpected bills arrive or one of life’s little emergencies happen.
Do you find that you use your credit card a little more often than you’re comfortable with? Do you feel like you struggle to get ahead? Does saving money seem impossible?
The first step towards saving is to look at your spending habits. Where can you reduce costs? Most people find there are areas in their spending where they can cut back without compromising their lifestyle. Here are some suggestions:
- Take your lunch to work instead of buying it.
- Catch the bus or train instead of driving.
- Plan your meals and groceries on a weekly basis and eat at home (rather than eating out).
- Invite friends round for dinner rather than eating out and ask them to bring a plate of food
- Give up drinking take away coffees or cut down on the amount of alcohol – sounds daunting but you’ll save money and it can be a healthier option!
You will also find many other savings tips in our blog.