A Simple and Effective Way to Save for Something Special

money

Many people don’t succeed in saving for that special item. Quite often, this is because of lack of systematic approach rather than lack of spare cash. You would have a much higher chance of success with saving if you have a specific goal.


Suppose you want a new Samsung Galaxy Tab S2 tablet? Here’s the simple way.


The First Step


First and foremost - identify how much the new item will cost. Figure out how much you can realistically save each month and how long you will have to wait.

For example, if your new tablet will cost £450 and you can only afford £200, you need to save £250. If, after working out your income and expenses, you think you can realistically save £50 per month, at that rate, you’ll be able to buy your new tablet in 5 months’ time. Now, £250 is your main goal and £50 your monthly goal. Your responsibility now is to set aside £50 per month.

The Second Step


This step is especially useful if you struggle to meet your monthly goal. Every time you are about to buy something, ask yourself this: “is this more important than (your special something, e.g. the Samsung tablet)?”

Imagine that as you walk into your local news agent, you catch sight of a glossy magazine that you would like to read with the cover story about the new Sherlock Holmes. Before you dig out that £3 to buy the magazine, ask yourself this: “is this magazine more important than getting my new tablet?” If the answer is “no”, set that £3 aside for your “piggy bank”.

If you do this with every little item soon the money you might have spent on the latte, a magazine, a new scarf on the sale aisle will add up. You’d be surprised how much extra money you will save.

Try it.


Good luck.

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