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How to save money for a journey
You need to know where your money goes every month to begin budgeting. You must therefore begin to track your costs. Each of them. You need to take a look at all your income streams over a 30-day period, compared to all your costs. By checking your bank statements and entering those figures in a chart you can do this manually. Oder you can consider using a budgeting app if it sounds like too much work.
Divide your costs
You need to divide your costs into 2 categories for this next step: fixed and variable. All your expenses that are harder to change are covered in your fixed costs. This includes things like rent, repayment of debts and bills of utilities. All you spend, however, are a little more adjustable in your variable costs. Therefore, all non-essential food shopping, clothing and any subscription service (e.g. Netflix, Spotify) are covered. You can use codes from deals sites like Askmeoffers & CouponsABC to save some money on your travel, they have codes such as Oyo coupons, Dominos coupons, etc which you can use to save money on travel and food.
It is important to put this cash in a designated savings account once you start freeing some extra money every month.
By dividing your savings from your daily expenditure account, you will avoid consuming your savings without need, so you will have a greater risk of remaining on the budget.
An even better tip to save money? Make your savings account automatically a monthly transfer. After you know what you want to save on a monthly automated bank transfer, you can transfer it to your savings account without having to think about it.
Monitor your budgeting objectives
It is important to assess at the end of every month, how easy or difficult your budget targets have been to achieve. You might have to reduce the amount you save each month or identify an area where you can free up extra cash, if you are finding that it is difficult to reach your goals.
However, if you find that you save more than you have planned, then adjust the budget to fit this and try to save even more. The trick is to set your budgeting goal that's difficult enough to inspire you to be smart, but not so hard to make you feel unworkable.
By Jenny Sean