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  • lukeparsons5

The Quick & Easy Way To Save Your First £1,000

Updated: Nov 11, 2021

I want to help everyone save more money and build long term wealth, but I think the most important people to teach these methods to are the younger generation.

Financial education is not taught in schools, and young people normally start adulthood in crippling debt or with bad spending habits.

So if you're a twenty-something with no savings...this article is for you!

Here's how to save your first £1k!

Cut Your Expenses By 5%

If you have no savings you probably spend everything that you make, which means there is plenty of scope to scale back your expenses.

Commit to reducing your expenses by 5% every month, and you'll be surprised at how much you save!

If you spend £1,000 a month, and cut back on 5%, that's a £50 saving per month, and £600 per year!

Don't know how much you're spending, and on what? Download my Budget Spreadsheet to start keeping track of your money!

Sell Stuff You Don't Use

We all have clutter in our homes or bedrooms, so if you need to generate some spare cash, then sell the stuff you don't use!

Facebook Marketplace is a great place to sell stuff you don't use anymore, or you could use eBay or Gumtree (I personally find Marketplace the easiest solution).

A good rule of thumb to follow is if you haven't used it for 6 months, you probably don't need it. So get rid and free up some cash!

Got Spare Change? Turn It Back Into Notes!

If you have loads of "shrapnel" lying around, gather it all up and work out how much you have!

You can then take it to a coin machine at a supermarket and get it converted back to notes! You'll get charged a small commission, but its worth it.

It's amazing sometimes how much all those 10p's & 20p's add up to!

My own example, a couple of years ago I had a mammoth amount in a tin, which I had not changed up for years. I took all this change to a coin machine and realised I had over £100 in spare change!

Don't make the same mistake I did! :P

Start Paying Yourself First

The most important habit to get into if you want to start saving regularly is paying yourself first.

What I mean by this is, put money aside for your savings first BEFORE you spend any money!

This is one of the most important money saving principles you will ever learn. It is better to get into this habit while you are young as it will become an automatic habit later on in life!

And it will stop you from impulsive spending!

You can do this by setting up a standing order with your bank to pay into your savings account on the day you get paid.

Final Tip: Don't Spend All That You Make!

If you implement all of these ideas, I can guarantee you your first £1k savings will happen much sooner than you think.

I don't remember the first time I had £1k in my bank account. But I know if I had done all of these things, I would have reached it sooner.

The key to saving is to not spend all that you make. Live below your means and that £1,000 will be in your savings account before you know it!

If you enjoyed reading this article, please consider buying me a coffee on Ko-Fi. All coffees will be reinvested back into the site, and not drunk cold because they were forgotten about.


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