From putting sums aside regularly to going on a no-spend week, here’s what the money experts advise
From putting small sums aside regularly to embarking on a no-spend lifestyle, here’s what the money experts advise
The challenge can entail committing to a new financial habit, using an app to gamify saving or joining with a loved one to save towards a goal. “Sometimes it can be useful to flip them on their head and save the opposite way around,” she says. Saving €270 in dry January and just €50 in December might be more doable.
“Even if you are just going for a hotel stay in March, you might find there is €100 in the vault that you might not even know is there. It can make the bill that bit easier to cope with.” Mooney does not really do rounding, preferring instead to pay for things in cash. She and her husband have separate bank accounts, but both contribute to a banking app ‘savings jar’ to save for their holidays. The visibility and accountability of saving jointly spurs them on, she says.
“On Saturday night, we all had steak and home-made fries; the whole meal cost €12 for five people. We lit candles and made it a bit fancy and it was lovely,” Mooney says. A no-spend weekend is also popular, David Looney says. “I’ve had clients say to me once a month they will do a no-spend weekend where they will cook the food they already have, do aCaz Mooney recommends low-spend weeks or months to help people manage their money and build up savings“We are doing a low-spend January at the moment. We are trying to save towards goals and we are giving ourselves a boost by doing a low-spend month – that means no takeaways, no eating out.
“Increasing your disposable income will give you more capacity to save. Review your subscriptions, review your mortgage rate and reduce your repayments,” he says. Where you have identified savings, create a monthly standing order for that amount and save it.“Get into the habit of putting that somewhere valuable for your financial future – a savings account or, better again, your pension,” he says.
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