Sometimes you need to set smaller achievable goals, saving just a few pounds a day can mean you end up with thousands at the end of the year. Having a small spare change pot can be a great way to start, I dig into more little saving tips.
Something as simple as a takeaway coffee at £3.50 5x a week can add up to £910 by the end of the year. Making your own coffee in the morning takes a few extra minutes but the savings are definitely worth it. Also eating out for lunch can add up, try bulk buying some ingredients and doing some meal prepping.
Another good money-saving tip is recording everything you spend money on over a week or checking your bank statement. This can help you visualize if you are spending more money than you need to. My statement has had a sharp increase from “the pub” but I am sure that will settle down soon.
Do not be put off by investing small amounts and getting small returns, you always need to start somewhere and unfortunately, most of us have to start from the bottom. A 10% return on £1,000 is not that much but 10% on £100,000 is. Your ultimate goal should be to make your money work for you. Not you work for your money.
The first £100,000 can take years and years to get to, but if you put your money to good use, and invest in the correct places you can expect the next £100,000 to take a much shorter amount of time. With compound interest being the main driving force, always aim to reinvest returns.
Check out my other posts on where and how to invest, just remember your capital is at risk and always do your own research.