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Easy ways to start a savings account

Savings. Not something everyone has in this day and age. With the cost of living on the rise and wages not seemingly following suit, many people are finding a whole lot of the month left at the end of their wages. And, for the most part, it isn't down to bad planning or a lack of budgeting skills. In short, our money needs to do more for us than ever before.

But even if you are struggling, you will know the importance of saving money. You will know you need to, even if you just can't quite do it.

With many people, one or even two salaries away from financial ruin, is it possible to start saving for a rainy day, your future or an emergency? Even a small amount of money nestled away for something like an Oven Repair will help remove the immediate financial burden. But is it possible? We have some ideas of ways even those on a small income with little disposable income can start to save money.

The $5 Challenge.

You have probably seen this doing the rounds and thought that there is no way you can do this. The idea is that you put away every $5 bill you get into your savings.

It doesn't have to be $5. It can be any amount you can afford, even if it is $1. Pick a coin or note denomination and vow to put it away into a savings account every time you get one. It may be that you dip into it frequently, this isn't the point. The aim is to get you saving.

A Cent A Day Challenge

Simply this is putting a cent a day away BUT this increases with each day. Day one would be 1 cent. Day 2 is 2 cents and so on. Towards the end of the year, you would be putting a lot away per day but you can work this out per month if you get a salary to put the required amount each month away, or even do it on a month by month basis so the first of each month starts again with 1 cent.

Household Bills.

Not so much a way to add to your savings account, but rather a way to help you be able to afford to start saving. If you are struggling with your household bills, then it is worth scrutinizing your expenses to see exactly where your money is going.

A recent survey has found that a staggering 63% of gym memberships regularly goes unused. That is a lot of US dollars being wasted on a monthly basis.

Dig out your bank statements and see exactly what you are paying for. Start with things that aren't essential and if you don't need, use or even want it then cancel that subscription.

Then look at your phone bill. Can it be reduced - consider not upgrading and opting for a cheaper plan come renewal time. The same goes for any cable and streaming services you are paying for.

Then look at your utilities and see if you can negotiate lower packages or change suppliers to get a better deal.

What other ways do you know to make saving easy and fun?

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