My Thoughts On Starting To Save Again

Collaborative Post

For me, looking after my money has become increasingly important over the last few years. As I reach middle age I want to be less reliant on my full time job and stable enough to go on more holidays. My dream is to work part time and have side hustles and investments to see me through.

Lots of people have been struggling with their finances since Covid, especially as the cost of living crisis has gripped the UK and the rest of the world. So financial planning has become more of a necessity than a choice:

This blog post explores some of the considerations to make when trying to get your money in order. I am in no way an expert on this but have learned the hard way about the importance of getting my money organised.

How To Get Your Money Consolidated

I suppose one of the biggest things I have learned in the last ten years is the importance of shopping around for finance and utilities. Sometimes consolidating debts with an all encompassing loan, for example, is a sensible way of getting your debts together and moving forward positively.

When I had several credit cards, my solution ended up being getting a loan which paid them off. Just paying interest on one loan which was spread affordably over six years made more sense than three cards all with variable interest rates and purchase fees.

One thing that can help you to get an idea of what sort of loan is practical for you is using a loan calculator. Utilising this to work out how to spread payments with the least amount of interest can be beneficial.

You have to do it on your terms.

Any loan is a serious obligation but if used carefully might be a long term solution to a current quagmire of financial burdens.

Saving For The Future

Now as well as pinching those interest charges by consolidating, it is always a good idea to find ways to save money. I have mentioned some strategies for this before in my post – Saving Money In 2023. It is something I am passionate about as it promotes independence and takes away reliance on income sources.

If you save well, then money no longer needs to be hand to mouth.

You can work out how effective small savings can be by using this Savings calculator. People often dismiss putting away a little bit of cash each week but it can be a powerful way of saving for the future.

I have taken to saving money every time I shop, using the suggestions on my banking app. If I spend £3.89 on my card, the app will suggest that I round up to the next pound and give the difference to my savings. This is a brilliant way of gathering savings, bit by bit.

In A Nutshell

Money is something that has given me a lot of stress in the past. In fact, during my twenties I was awful at managing my finances and I didn’t generate any savings. These days I am more careful with every penny and use money calculators to help me work out the best way to save and consolidate. Looking after your finances is important as it leads to stability and reduces anxiety about how the next bill will get covered.

Have you ever thought about putting your debts all into one pot?

Are you saving on a daily basis?

Thank you for taking the time to consider my money saving suggestions. Drop me a comment with your thoughts on this subject. Please also consider following my little blog for similar future content.