A friend and work colleague recently discovered my blog and has given me a good tip for putting money into savings. She has a banking app on her phone and can access both her current and savings account from this at any time. If she makes a purchase of a discounted item, be it on sale or yellow stickered, rather than simply congratulating herself on a wise buy she immediately transfers the amount saved into her savings account. She does this whatever the item is – food, clothes, household goods, etc.
I think this is a great tip! Of course, it won’t work if you are only buying the item because it is on sale and wouldn’t be able to afford it otherwise. It is food for thought though and you could create a healthy nest egg with very little effort.
Another useful thing she does is to rent out her driveway during the week as she lives in the centre of town. Whilst she is at work her drive is earning her money, which she receives in cash, so she makes this last for all her miscellaneous expenses during the week – that loaf of bread or pint of milk that might otherwise mean a trip to the cash point.
You need to use the resources you have and be creative to make the most of your hard earned cash,and she is certainly doing that.
Personally, we don’t live close enough to town to rent our driveway, but we do have a spare room and take in foreign language students on a short term basis. I currently have two very nice French 16 year olds!
We have decided to use the room to create a more regular income and will be decorating it in the next few weeks and advertising for a lodger. We didn’t really want to go down this road as we value our space and privacy but we have a small back room that we have used as a dining room in the past. This is now going to become the lodger’s sitting room, so no need for awkward negotiations over the tv remote 😊. I hope we can find somebody nice.
I also used to teach yoga to make a little extra but this proved a real bind after a busy working day so it is on hold for the moment. I will start a new class at some point I expect.
What do you do to help you create a nest egg?