Having a rainy day fund is crucial when you're running a household. Unexpected bills or expenses can crop up at any time- it could be a broken down appliance, car troubles, a higher than anticipated bill or something else entirely. Without an emergency fund you leave yourself extremely vulnerable. According to the charity Shelter, eight million people are just one paycheque away from homelessness. A whopping one in three would be unable to pay for the roof over their head for more than a month if they lost their job. Putting a little money aside is one of the most sensible and worthwhile things you can do. Here are a few hassle-free ways you can do so.
OPEN A SAVINGS ACCOUNT
It makes sense that if you're saving money you have a suitable savings account to keep it in. This just keeps it out of the way of your other money so it's less likely to get spent again. You can open standard savings accounts with your bank online within a matter of minutes. Each time you get paid, transfer a little over to it. Whether it's a little or a lot, whatever you can afford will add up over time.
SAVE YOUR LOOSE CHANGE
Loose change really does add up. Pop any coins smaller than 20p into a jar whenever you find them in your bag or pockets. Once the jar is full, you can then either take it to the bank or use a coin machine which can be found at most supermarkets. It's so much better than letting spare change get lost, and for the sake of throwing a few pence in a jar every now and then you could end up with a nice bit of cash at the end of it. You can then put this straight into your savings account .
SELL WHAT YOU DON'T NEED
It makes sense that if you have things you no longer need, to sell them to raise some extra money. Old mobile phones, games consoles, discs and other technology will all get you a few pounds. There are a range of websites that buy these kinds of things so it's worth looking into. Bric-a-brac and general bits and pieces could be sold at a car boot, and other items will find a home on places like Gumtree. Have a rummage around, you could use it as an excuse to declutter your home while you're at it. Anything you raise is a nice addition to your savings.
TAKE ADVANTAGE OF CASHBACK
Sign up to a cashback website and take advantage! Whenever you shop online you'll receive a percentage back- no strings attached. All you have to do is click through the site before placing your order which takes a matter of seconds. Putting a bookmark on your browser is a good way to remind yourself to do this each time. To save money ideally you will be cutting back on your spending, but essential purchases can't be helped. So when you do spend, at least this way you're saving a little too. Cashback is usually paid a number of weeks after the purchase, but if you remember to do it every time you'll soon build up a nice chunk of money. Which of course can go straight into your savings account.
Do you have any tips for saving money?
