Savings = Sex Appeal & Happiness?

Research suggests that savings have a direct impact on an individual’s mood and can even be the secret to happiness. Do you agree? We’ve brought you some reasons why we think Savings= Sex appeal and happiness and some tips on how you can stick to your budget.

It can be hard sticking to a budget and near impossible to save money when your finances are tight. Re-evaluating your lifestyle and looking at your expenditures can really help when it comes to cutting down unnecessary spending and small amounts can really make a difference. There are many different areas you can look at when it comes to sticking to your budget, saving money and living a happier lifestyle.

Have Clear Goals

Goals Be realistic about what you want to achieve in the long term and short term. Maybe you want to pay off a student loan or clear your credit card debts. You may just want to manage your budget to reduce further damage control or your goals could be more long term such as retirement. This will give you a starting figure whether it is £1000 or £12000, facing your debts means you are taking control. Taking control and knowing what you want oozes sex appeal. Once you’ve set your goal, set aside a monthly amount to go towards the savings or debt. Save whatever you can reasonably afford each month even if it’s just £10, by the end of the year you’ll be £120 closer to your goal which is a lot better than nothing. Regularly monitor your goals and budgets. If you can afford to save more at certain points of the year then do so. Bear in mind some months may be harder than others.

Track Your Outgoings

If you’re not sure exactly where your money is going then how can you make it work in your favour? The best thing to do is to write everything down or use a spreadsheet. You may allocate £50 a month to petrol but does that include the snacks you pick up on the way to the till? Every little thing adds up so make sure you are writing every penny down to see where you can make adjustments. This will enable you to make small changes to your lifestyle and help you put that little bit more aside each month which will make a difference.

Take it Slow

If you jump straight into saving large amounts of money then you are going to feel deprived and it is unlikely you will want to continue saving long term. Allow yourself a bit of leeway when it comes to niceties and don’t deny yourself a night out if that’s what you really want. Just make sure you jump straight back on the frugal wagon the next day. If you still want to have a good social life without breaking the bank, read our article on ‘How to be a Good Friend on a Budget’.

Get Financial Help

There is no shame in getting professional financial help to guide you with your budget. Organisations such as the Money Advice Service offer free and impartial advice, guides, tools and online calculators to help you improve your finances. They may be able to advise you on things that you’ve never considered and will be able to keep you motivated when it comes to your progress.

Be Flexible

You need to be willing to alter and change your budgets when needed. Your children may need uniform one month, or the price of petrol may suddenly increase. This does not give you the opportunity to overspend but instead means you need to shift money from different areas of your budget. Get creative with meeting your needs to suit your calendar each month.

Skip the CoffeeSavings

Those fresh morning coffees add up so instead save that £2 a day and put it into a money box or savings fund. The simplest changes really can make a difference and you could end up with an extra £40 in your pocket by the end of the month by skipping your coffee trip. Making your own coffee isn’t all bad. If you really want to go all out you could prepare your packed lunch every day too instead of buying it. This will further save you money and will be worth the extra preparation time.

Have an Emergency Fund

An emergency fund is a small savings cushion to help you stay afloat in the event of a financial crisis. Consider splitting your savings into a general account which you can use for cars, holidays, pensions and other luxury items and then putting the rest of the money into an emergency fund. It is best to have between 3-6 months worth of living expenses saved up for an emergency which should be enough to help you through any tough times.

Alternative Transport

Look into other methods of transport to get you to work or to social events. Cycling to work saves you money on petrol and parking and also helps the environment. You’ll improve your overall fitness levels and being in the great outdoors will bring you those much needed endorphins. Your happiness will improve and you will have extra cash in your savings account. It is proven that people who are generally happier have more sex appeal and you may notice that you start receiving extra attention. It may also be beneficial to use a park and ride service rather than paying to park nearer your workplace. Explore options to see where you can save the most money.

Celebrate Your Progress

Compare your new lifestyle with your previous one and seriously congratulate yourself for changing your spending habits. Your savings are probably looking healthier and your debts are slowly getting paid off. This is definitely a good opportunity give yourself a pat on the back. You’re taking charge of debts, consolidating your future and you are finally doing something about it. No matter how slow your progress, anything is better than nothing so try not to forget that during the months you feel like you haven’t got anywhere. 

What is the Verdict?

MoneySavingPigDo you agree that savings equal sex appeal and happiness? What are your top tips for sticking to a budget? We love feedback so please use the comment section below. 

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