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Getting better at saving money

We deal with a wide range of issues here at Finance Facts, but one subject that seems to crop up again and again is that of saving money.

So many people are looking to make additional savings. We receive plenty of questions from users of the site about how savings can be made. As a result, we've decided to pull together some hints and tips in this section.

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Reasons for saving

We mentioned above that we get approached by many people who are looking to save money. The reasons for wanting to do so may differ from one individual to the next - in fact, it's fair to say that they usually do differ. Some people reasons include:

  • Saving for a holiday
  • Trying to reduce debt levels
  • Saving for a wedding, or in preparation for having children
  • Frustration at "never having any money"
  • Saving to buy a car
  • Saving for an operation
  • Saving for a deposit on a house

These are just some of the reasons that we've heard over the years. Your own driver may well be listed above but, in some senses, the actual reason behind wanting to save doesn't matter too much - the process of doing so is often still the same.

Scale and timescales

The scale of the task that you face will, however, be influenced by the reason. So are you trying to save to buy a £100 gadget or a £20,000 car? The sums involved will make a big difference.

Timescales will also be critical. If you set yourself too tight a deadline then you may have unrealistic expectations. You will, on the other hand, want to be sure that you are pushing yourself to achieve the maximum possible savings.

Further Reading

Money savings tips
Saving on the big things in life
Spending less on rent
Reducing credit card debt
Debt consolidation loans