Finally, in my very very late 20’s… I mean a couple of days away from 30 and I’ve just started properly saving.
I’ve said it on many occasions, that I am just terrible at saving.
Chris, my Fiancé, on the other hand is freaking awesome at it. That boy could put 75% of his income a way a month if he wanted to and be perfectly happy eating hot dogs at home… alas he lives with me, and we actually need to do life, not just side step it.
But, I have been taking notes from his impressive savings skills and started to form habits of my own, so that I too have even more of a rainy-day fund sat there for emergencies… or maybe I’ll buy myself a car.
Whatever I do, I will have that little pot of cash built up so that if anything ever goes drastically wrong I’ve got back up.
- I’ve set up the Moneybox app which invests in stocks and shares. On pay day it collects £100 and then weekly it collects £40 and invests it into different funds that I select. Currently it’s Fidelity Index World, iShares Global Property Equity and iShares Overseas Corporate Bond Index. That will change depending on my risk (take advice from MoneyBox, as I don’t know your circumstance). That should be £3,280 over the course of a year and then hopefully it should increase in value.
- I invest in peer-to-peer lending, I’ve got £500 in a development in a project in Stourbridge, which all going well should get 18% interest over the next 12 months.
- I have a rewards account with NatWest, every time I spend money on eligible utility bills I earn a couple of £’s, which works out to around £10 per month, which goes into my savings.
This is a start… roughly aiming to save £4,000 through this method in 2019, as I will be reinvesting a lot of it back into new property purchases. However, having that cash, just on standby will feel like a weight lifted. If I need it, it’s there.
Also, notice: this money is just coming straight out of my account. I don’t see it, it’s a great trick. Out of sight, out of mind. I just set up automatic savings and then I forget about it. It’s the only way I’m able to save.
I’ll let you know how this goes. As with everything, consistency is key.
Has this inspired you to start saving? Do you have any tips of where else I can put my money to save it wisely?
Comment below, I’d love to hear from you!
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Natasha
