Saving for a major event*
If you have a major event on the horizon, like a wedding, a birth, house move, anything really, there might be a financial implication associated with it, one that currently you might not be entirely prepared for.
Thankfully there are ways to help you save, and solutions to help you reach the finishing line on a financial goal.
Setting a budget
Saving money comes down to controlling what you spend. If you have a specific financial goal in mind you need to work out what you can realistically save each month in order to achieve that goal.
Look at what you need to pay for; is it one big purchase or multiple smaller things? Make a list and look at the costs involved. This helps to inform your budget, controlling what you spend in order to reach at least the target you set yourself for saving. You might also want to get the mobile app for your savings account, so you can always keep track of your transactions and be able to make a mobile deposit whenever you need to.
A sensible budget should enable you to live comfortably, with a few subtle changes that help you to save.
Those simple changes could be alternatives to normal spending that for the most part aren’t noticeable.
Changing where you do your grocery shopping, or forgoing a takeaway for example. These might not seem like huge savings at first, but they add up in the long term.
Making small changes, and pairing back unnecessary purchases, nights out, etc, for a few weeks can help you save money quickly and help you to reach whatever amount to save you have set for yourself.
Crossing the finish line
Sometimes a budget might not stretch far enough, you might have had to reassess your budget or been hit by a surprise expense. In these situations short-term financial solutions, like a Logbook Loan, might be an option. This is where you use your car as collateral to secure the loan, with you borrowing what you need up to the value of the car.
This is by no means a long-term solution; Logbook Loans are designed to provide a quick cash injection and to be repaid within a short space of time. This should only be an option if you absolutely need the rapid cash injection, such as to cover a sudden additional cost that your budgeting didn’t take into account.
Companies like Auto Advance are members of the Consumer Credit Trade Association or CCTA. This means that as a lender they are committed to responsible and ethical lending. CCTA membership should be something you are mindful of if you ever consider this option.
Finding the right balance with your budgeting can help you to save cash for when you need it most. But remember that in situations where there is a sudden expense there is also a possible solution.