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Saving money for the future can seem repetitive and boring, especially when in your fantasy land, you’d much rather be earning and spending your income every month rather than storing it away for a rainy day. It’s much easier to spend your money, but what will benefit you in the long-term and potentially in the not-so-distant future is saving and investing any extra cash into something that will give you more money back through returns. When it comes to money, the problem is that we are just simply not saving and planning enough in order to make it work.

Sometimes, the hardest thing about saving money is getting started, which is why these top 10 tips will help you. The following guide aims to develop your skills and create a realistic long-term strategy that will be able to benefit you through allowing you to save for your future. Remember, it’s not always about putting away your savings into a large pot, you may have to invest some money in order to see the significant gains take place!

1. Keep Note of Your Expenses and Budget Where Possible

Figuring out how much you spend is the first step to saving your money every month. Keep track of your ingoing and outgoing payments to know much you have left after paying essential bills, therefore giving you a clear picture of what you can afford to save out of your income. Once you’ve worked out the exact figures, organize them according to priority and perhaps cancel bills you don’t necessarily need. For example, if you’re an avid Netflix watcher and pay £9.99 a month for your Netflix, but you have other subscription boxes such as NowTV and YouTube Plus, then you could cancel these. There are countless expenses that come out of your account every month and are forgotten about, but canceling these and becoming more aware of payments will allow you to save and invest in the long-term.

2. Cut Down Your Spending

Do you find you’re spending £100 every week for your food shopping? Perhaps shopping somewhere a little cheaper or only buying the necessities when it comes to food will allow you to cut down your spending and put the money into something a little more long-term. People don’t realise how much you can cut down what you’re spending if you’re aware of the price of items, especially luxury ones. You may also want to cut down eating out and try out cheaper places to eat. If you’re someone who spends a lot, especially on nonessential purchases, give yourself time to think about purchases before taking the plunge and spending your money. Doing this is always best if you love designer items but don’t want to hurt your bank balance any more than you already have.

3. Invest Your Savings

Saving for your future can seem daunting when you’re not entirely sure what will provide the best returns. However, investing any savings you have into an asset or investment type can be a great way to see your money increase long-term. The likes of property investment can provide individuals with a second steady income as well as giving them a property that will gain capital appreciation over time. If you’re a savvy investor and do your research before investing, then you will find you reap the best returns. Those of you who have never considered investment before will need to speak to experts/professionals first, just to ensure it’s the right step for you. RWinvest is a leading property investment company who specialises in residential and student buy to let investments that are below market value. Their opportunities and those similar are ideal for the first time investor who hasn’t ever considered saving/investing for their future before.

4. Pick a Savings Tool

Despite what you may realise, there are hundreds of different saving tools out there. If you want to make interest on your money, you can use a Lifetime ISA to gain £1,000 for every £4,000 you have in your account until you’re 50, that is £33,000 in tax-free interest! However, you need to be sure this is something you’re prepared for since there are harsh fees to pay out if you don’t use this Lifetime ISA for its intended use (which is buying a house or having money for retirement). If you decide against an ISA, you can take a look at stocks and shares instead, but stay aware of the risks that come with these types of investments. Regardless, there are many different ways to save for your future and earn returns on your savings too!

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