Image courtesy of Hans Splinter

It can be really reassuring to have some savings tucked away. Whether you are saving for something specific or just like to have the reassurance that there is some money there in an emergency then it can be great to have some. However, accumulating them is not always that easy.

One problem is that it can be tempting to spend them. You may want something a bit extra and because you know that the money is there, you may choose to spend it. However, if you are saving up for something or want a savings buffer, then you need to make sure that you leave the money in the account until you really need it.

Many people make the mistake of saving at the end of the month. They wait until they are due their next pay cheque and put anything left into savings. A more recommended way to save is to put money into a savings account as soon as you are paid. Then you will always put in the same amount and you will budget through the month spending accordingly. If you see money is available to spend in your current account, then you are likely to spend it, therefore meaning this method is likely to mean you will save more money than if you just save hat is left at the end of the month. You will need to keep a constant check on your account balance to make sure that you do not overspend. You can still put anything left in the savings account at the end of the month as well.

Of course, if you spend less in a month, there will be more money left at the end to save. Whether you are prepared to do this, may depend on how motivated you are to save. It is more likely that you will save better if you have a goal. Perhaps you have an item that you are saving up to buy or you have a certain amount of money you would like to save. Try to think about what the money is actually for and remind yourself of this when you are tempted to either dig into your savings or to spend money on luxuries which you could be better off putting into the savings account. Write down your goal and stick it somewhere prominent to remind yourself of why you are saving.

You may also find that there are easy ways that you can spend less money without having to go without. You may be able to switch suppliers, brands or retailers and still buy all of the same items but at a fraction of the cost. This is why it is so important to compare prices as you could find that you could make a huge difference to how much you are able to save without having to feel like you are going without anything. It is also good to question every purchase that you make and make sure that you feel it is worth it. Decide whether you would rather spend the money on that item or put it into your savings. This will be very personal and will depend on what you are buying, how much it costs and how much you value it.