Living Cheap Top 10 Tips - Number 10

Fri, 17/02/2012 - 18:56 -- nick

This series of articles from Living Cheap helps provides a useful guide to how to live life on a low income. They are ideal for those of us living on benefits, although not all of the tips will help all of us. Living on a low income needs planning, and the ten tips will help you plan not just for the everyday, but also how to deal with financial emergencies.

Number 10 - Save Automatically
 
The wonders of modern technology. One of the best feelings there is when you have been in a financial crisis for a while is to look at your current account and notice you have real spare cash at the end of the month. There is a problem here though - a lot of people will see that spare cash and go out and blow it all on something they don't need. This is where automatic savings can come in useful. Instead of letting the cash you save accumulate over time in your current account, why not set up an automatic transfer of funds to a savings account? It doesn't have to be a lot - why not start with £20 per month? That way, the money you have saved will not be staring you in the face shouting "spend me, spend me". As your records show that you are saving more and more each month, you can steadily increase the amount you move over time. The money you accumulate over time will now be able to serve as your emergency fund so instead of having to use the credit cards when the car breaks down, you will be able to use cash. What a great feeling. Or, it could be used to pay for a well deserved break or maybe even as a startup fund for when you are ready to put some money to work in investments etc.
 
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