3 simple ways to leverage your savings

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I have always emphasised the importance of savings.  Whether it’s for a rainy day, a holiday, to purchase a house or for retirement, you should always try to make saving a regular habit.  Below are 3 very simple ways to supercharge your savings.

1) Save 10-20 percent of your monthly income-and make it automatic.

This is always about paying yourself first above everything else.  I automatically set up a standing order so that a portion of my salary gets paid into my retirement pension and savings account every month. Try and budget for at 10 percent of your take home pay, the more the better.  The beauty of this is that once this becomes a regular habit, you wouldn’t really miss the extra money being put away every month into your savings

2) Earn more

In this day and age of the sharing and gig economy, there has never been a greater opportunity than to earn more money.  Whether it’s by asking for a raise or setting up a side hustle, the world is your oyster.  And what should you do with that extra money?  Put some more into your savings account of course!  The key here is not to fall into the trap of ‘keeping up with the Joneses’. This is easier said than done, but as long as you keep your standard of living the same, leveraging your savings should be a piece of cake in this regard.  See also my article on 8 ways to make extra money without giving up your day job here and 5 great reasons to start a side hustle.

3) Assess your expenses-and get rid of things you don’t need

Do you really need the 3 television subscription services or the gym membership for the gym that you hardly ever use?  Then now is the time to sit down and really assess your monthly expenses and toss out what you don’t need and use.  When doing this exercise myself, I found out that I had 3 gym memberships at one point as well as a few subscriptions for magazines I hardly ever read!  And what should you do with this extra money?  Put it into your savings account of course!

What other methods do you use to supercharge your savings?  Please fill in your comments below!

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