Updated: Apr 25
You will be suprised how quickly you can find £1000 when you really need it and look for it!
This is what we did to save out first £1000 emergency fund.
Put monetary gifts towards your savings.
Sell GIFTS/presents you don’t want on eBay, Facebook and so on.
Turn clothing or items of furniture you no longer need into cash by reselling.
Cut down your food shop items by 50% by Shopping at discount stores such as Aldi or Lidl for the next two months.
Shop weekly and only when you have used up everything in your cupboards, fridge and freezer!
Create a budget and see what expenses you can cut down on.
Cancel all non-essential subscriptions and memberships for a few months (remember to give 30 days notice)- put that money towards savings
Save on food by taking lunch to work, cooking homemade meals and planning meals ahead.
Make your own coffee for a few months, it all adds up.
Have a no spend month (where you only pay bills, save, and/or contribute towards debt repayment).
Save on transportation- drive less- save petrol, take the bus, avoid zone 1 or walk more.
Embrace the old. Don’t get caught up in having new things
Revisit your budget and make additional temporary cuts to reduce expenses.
Ask for a loyalty discount on your current subscriptions.
Shop around for the best deals, don’t be so hasty to purchase!
DIY- Consider doing things yourself, your hair, nails, minor home improvements and make your own shampoo and conditioner.
Say NO! No eating out until you have met your savings goals
Be adventurous and try non-branded products- they do the job just as well and can taste better for less.
Delay or avoid upgrading for some time. Downgrade and save the additional money towards your emergency stash.
Set up automated payments such as a standing order into your savings.
Save your loose change- save a penny a day. Or save a pound a day.
Find a part-time job or do more overtime.
Begin a side hustle. Turn your hobby or creativity into a side hustle that can bring in some extra money.
Feel bad and say No, anyway! Say no to events, eating out and anything that involves spending money
Cancel your landline- Who uses a house phone nowadays?