When it comes to saving money, there are so many decisions to make and it can feel overwhelming.
There are also many misconceptions around saving, and a lot of information to digest.
So, to help make savings as simple as possible, Dominic Traynor, product manager at Shawbrook Bank discusses four myths around saving money and the real facts behind them so you can get the most out of your money.
Budgeting doesn’t work
While some savings habits work better than others, budgeting is one of the most effective ways of keeping control over your money.
Having a firm grasp on your income and outgoings is a great place to start and will help you understand how much disposable money you have to spend and save. Many struggle to budget because they can’t stick to the goals that they’ve set. The key thing here is to make sure your plan is realistic for you and your spending habits.
If you find yourself often overspending, look at what this might be triggered by – is it shopping on a Sunday night to cure the Monday blues, or saying yes to every plan so you don’t miss out? If so, you could set yourself smaller goals or limits so you can slowly reduce your spending and make achievable personal targets, like putting a lock on websites using BlockSite on Chrome.