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Useful saving tips for families

The recent Global Financial Crisis knocked the world’s economies for a six. Many companies, families and individuals are still recovering from the financial mess that saw industries collapse and unemployment rise. Families still struggling on the unemployment line should look to legal firms such as Sinnamon Lawyers for specialised financial and legal advice to help them through the difficulties.

But even families that have a regular income and feel they are doing okay should still endeavour to put a little away each week in case a rainy day is just around the corner. Here are a few tips to help families save for an emergency or a special treat such as a holiday.

Have a savings goal

A goal is always a good thing to have. Putting a little cash away to build up savings is reasonably easy to achieve if you have a something to aim for like a holiday. It also works just as well if your ambition is to have money set aside for the future. Set a target and a timeframe, then put a little away each week until you reach your goal. Depending on your end goal, you might need to cut out only one daily coffee to make a real difference.

Set aside a bit from each pay

Force yourself to be your own banker and debt collector. Establish a second bank account and as each pay comes in, deposit a small amount of your wage into it. Work out how much of each pay you can take out without affecting your regular household budget. Transfer this amount into the second account and do not touch it again until you need it. Some employers already directly deposit wages into the workers’ banks and even offer a service where they will put your pay into separate accounts. Check with your pay office.

Establish a small change jar

Everybody has small change lying about the house or on the floor of the car. In the majority of cases, these discarded coins end up being sucked up by vacuum cleaners or otherwise thrown away. Many people would be surprised at how much of their spendable cash ends up in the rubbish or pockets of other people. Why not keep this disposable cash for yourself? At the end of each day, put all your coins in a sealable jar or money box and keep filling it until you’re ready to take the stash to the bank.

End impulse shopping

Always shop with a list and avoid the temptation to buy on impulse. There is a big difference between ‘need’ and ‘want’. By shopping to a list of necessary items, you will make big savings. If you see something that is not on your list but you feel it is essential to have, note the item for inclusion on your next shopping list. Buy it a week or so later if you still feel you need it.

Saving money is often a matter of mustering the willpower to curb your spending and being a little bit more prudent with your cash. Try these tips and you will soon have enough set aside for a dream holiday, to help with a new car or just for peace of mind should you find yourself in difficult financial circumstances.

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Clever Dude

1 Comment

  • I love our small change jar! We aren’t what you would call a family right now (we don’t have children) but it’s surprising how quickly change can add up in a change jar. We will even sometimes put small bills like $5s in the jar, since rarely can we buy anything with just a $5.

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