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Do you want to save more money at the end of the month and know how to better manage your income?
Saving money is a big challenge for many of us and consists of reducing our usual expenses. Although it may seem difficult to achieve, it is not impossible. A savings plan is one of the most effective ways to save money at the end of the month to be able to pay for our next family trip, a new car, home improvements, or simply to have a buffer for unforeseen events.
Today we would like to explain 3 ways to put into practice how to make a savings plan so that every day you can be more proud of yourself for having managed to increase the amount of your savings and reduce unnecessary expenses.
The 3 Methods of a Savings Plan
There are many methods to help you save money. Here are 3 of them:
1. ‘The 52-week challenge’.
This 52-week plan is very easy to put into practice and continues to show great success among savers who have already tried it.
It consists of:
- Save the amount of money that corresponds to the number of the current week of the year.
- Spread the savings out weekly, adding €1 each week.
- Start the first week of the year corresponding to Week 1. This first week you should save only €1. In week 2 (= the following week) add the amount of €2, in week 44 you have to save then €44 more, etc…
With this plan you will be able to save a total of 1.378€ at the end of the year, if you are consistent in this method.
2. Savings Plan: ‘30 days’.
This plan is the shorter version in only 30 days, applying the same strategy as in the 52-week challenge we have already seen in the previous point. The amount of savings is smaller, but still quite significant.
What you need to do is:
- Save the amount of money that corresponds to the current day of the month.
- Add €1 each day to the savings amount.
- Start the first day of the month by saving €1. On the next day, being the second day of the month, add the amount of €2 more, etc., and so on, following the same rhythm increasing the daily amount of savings by €1 more each day.
By following this savings plan you would reach a monthly saving of 465 Euros.
3. The ‘Envelope Challenge’ to Save Money
The Envelope Challenge is a way to control your monthly expenses by reducing your budget for a specific item. Whether it’s for a weekend getaway with friends, or simply to reduce your leisure expenses when you go out to dinner, the cinema or shopping. By being consistent and organised, you’re going to achieve it with this plan.
Here’s how to do it:
- Decide on a specific concept to manage your money.
- Prepare an envelope marked with the concept you have chosen to save money.
- Distribute and put the money you want to spend in the corresponding envelope.
- Enjoy spending the money in the envelope for the concept you want, carrying only the cash in the respective envelope. When you go out to spend that money, try not to pay by card to keep better control over your budget.
Alternatives to your Savings Plan
As we have seen, applying a personalised plan to our needs is easy to put into practice. Many people have tried it and succeeded. Any of the methods we have presented today will work depending on the amount of money you want to save.
But, there are also alternatives to get the money you need. And if you have personal reasons that don’t allow you to save the full amount you need, don’t worry. We can also provide you with a large selection of the best personal loans and their best conditions on the market today.
Other tips to save money are for example: compare prices in different supermarkets, petrol stations, tariffs contracted with water, electricity, gas, etc., and thus keep a better control of your usual expenses.
If you commit yourself to a savings challenge and are consistent in following the best personalised savings plan for you and your needs, you will be surprised at the end of the month when you notice a big difference in your savings.
