So you’ve seen some luxury villas for sale in Turkey and want to start saving to buy one? We don’t blame you! Saving up enough cash for a big purchase like that isn’t as hard as you may think. Sure, it can take some time, but with the right amount of patience and hard work you can achieve it.
To start with, create a designated saving account that you can use to save towards the deposit. When choosing which account to save up for, aim for the one that has the highest interest rate. Try to analyze your current spending habits and see if any changes can be made – you may have one or two subscriptions that you don’t really need (we’ve all been there).
To try and help you save some extra money, below are some simple tips to get you started.
Create a designated savings account
Take a moment to do some research into the best savings accounts that you can open at the moment. Aim for one that has the highest interest rate, this way you gain extra money yearly on the cash that you have saved with them. Having a separate account reduces your chances of spending the money that you are saving as well as keeping your money separate so that you know how much you have saved each month.
Set a realistic target on how much to save each month
When saving you want to set a realistic target on how much you can save each month. This way it’s achievable and motivates you to continue to save, instead of setting yourself up to fail. Create a spreadsheet and jot down all your income and outgoings. From this, you can calculate the amount of money you should have left over each month that you will be able to save. Try to underestimate this, this way if you save more it’s a bonus. Plus, some costs will crop up that you don’t expect such as birthday presents or holidays. The more financially independent you are the more likely you will be able to save more.
Analyze your spending habits
When was the last time you spent a moment to review your monthly spending habits? If you haven’t for a long time, you are not alone, how it may be worth doing. By going over your spending habits you can stop any that are unnecessary and save that money instead of spending it. For example, a lot of people sign up for multiple streaming services but don’t use them all at once. If you realize you are not using one at the moment, you can cancel it and save on that monthly cost. The same can be said when you sign up for a 3-month free trial but forget to cancel it and are still paying it a year after.
What tips do you have for saving some extra cash? Are there any tips that you think we should add to the list above? Which of the above points do you most agree with? Let us know in the comment box below.