Thanks to my inherent ‘war-on-everything’ approach from my Dad, I have always had an opposition to banks. When it came to considering a loan, I knew that the rates would be high and I would be swamped with bills if I wasn’t careful with my spending. Even dodgy small time lenders with big time fees, known as ‘cash doctors’ seemed more attractive at times but as they didn’t appear much different from a loan shark after a little bit of research. After deciding a legitimate bank would be preferable in this situation, I decided to look into small personal loans from a variety of vendors. It was apparent that even with any loan, I would need to tighten my belt and be a conscious spender so I gave myself 5 tips to stick by to have it paid back in no time.
Loan Smart
The best savings tip is to ensure you get yourself a competitively low secured personal loan from a family friendly, community focused building society like Newcastle Permanent. With flexible loan options, impressively low rates and additional benefits, you can feel confident in paying off the loan through having reasonable repayment options so that the party doesn’t stop no matter what.
Create a budget
Being aware of how much money you spend and what you spend it on is a good place to start when attempting to save. There are a number of apps which monitor your spending that gives you a weekly or monthly breakdown on how much it all adds up to be. By allocating money to put away each pay check for expenses, savings and loan repayments, you’ll be able to see exactly where your money goes and make necessary changes.
Use the 30-day rule
For the impulse buyer, I’d recommend the 30 day rule. In an era of online shopping and record sales, it’s hard not to be drawn in by impulse buys. When looking to buy something that you desperately want but don’t necessarily need, it’s a good idea to sit on the idea for 30 days. If after that time you’re still in love with it, then you can be sure that it is something you really want and it’s not just a fun idea.
Set goals
Much like anything, our minds are hard to motivate without being able to picture results and reach our goals. That’s why it is important to set up small saving goals for yourself that you can reach incrementally to realise that saving money isn’t impossibility and with a bit of patience, can give you a platform for your future. Get yourself the best rates and loans by visiting Newcastle Permanent Building Society to see how they can help you achieve your financial goals today.
Bring back your money box
It may sound silly, but loose change adds up. By putting away your coins every day in a money box, not only do you have an extra avenue for saving money but you also have an emergency fund in your home for any number of reasons…even the ice cream man!
As the cost of living rises, saving money may seem impossible with other bills flooding your letterbox. Budgeting and being aware of your spending means that you can stash your cash and save it for a day that you’ll really need it. Having a loan doesn’t mean you can’t save your money. With lenders such as the Newcastle Permanent Building Society, you can save your money and pay back your loan in a way that works for you so that you can keep the Baby Loan Shark at bay.
