Thursday, 27 February 2014

Give Yourself An Incentive To Save For Unpredictable Future

Saving can be tough, so sometimes it is worth having a good incentive. Saving towards something that is important to you will have the effect of keeping you focused and determined to succeed.

Saving for a holiday – This year, instead of dreaming about a wonderful holiday, or wishing you could go on a longed for break to sunnier shores, why not start saving right now and work towards the holiday of a lifetime next year.

Saving for a house – This can seem like an almost impossible task but it is possible! Here’s how. If you can afford a mortgage now, but don’t have the deposit, start saving the amount you would pay for your mortgage. It will mean being careful, especially if you need to pay rent at the moment, but by doing this, you are in effect, starting to pay for your house before you have even bought it!Saving £300 per month for a year will come to £3600 plus interest. If you save for three years, you will have £10,800 which could be used as a healthy percentage deposit on a house.

Saving for a car – People who urgently need cars, often opt for a finance package that allows them to pay a sum each month. However, if you already have a car, but really want a new one, instead of taking out finance, why not save the monthly amount you would pay for finance instead? You will have managed to save the amount you need for a new car in far less time than if you were paying for a car loan, which will have interest added to it too. Instead of paying interest, earn it!

One of the hardest aspects of the recent difficult economic climate is that it has reduced the amount of money being saved by hard working people. And yet, saving money is the best way to survive difficult times, and it is the best way to boost your finances and climb out of financial difficulties. It may not be easy, but it is easier than having to work hard to pay interest and charges on credit.


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