Posts from the ‘Uncategorized’ Category

3 ways to figure out your savings strategy

Figuring out the savings strategy you need in your life is key in order to nailing savings to the floor. Personal experience highlighted to me that the allure of money and material things is easy to get sucked into.

You need to ask yourself questions like this:

  • Do I need to have it?
  • Can I live without it?
  • What are the most important things for me to have
  • What do I really need?

When you understand your goals, you can start to implement your savings strategy.

Here is one way in which you can do it.

1) Make a list of 5-10 important things you want to achieve in your life. This could be absolutely anything from owning a Mustang convertible to skiing.

2) Assign monetary value to the things you want to achieve. In case of a Mustang, it could be $30,000. Or if you want to save a healthy sum for your retirement, work out how much you can afford to save in your budget.

3) Now is the hard part, saving itself. If you have a job, you may want to consider getting freelance income in order to get you to your savings goal.

It is important to always think of your savings goals in monthly terms. Instead of thinking this year “I will save X amount of pounds”, think this year, “there are 12 months where in which I will save X amount each month on a specified day for my goals.”


Fixed Rate Savings Bonds: The Pros and Cons

The pros

  • You know your money is safe for a certain amount of time
  • There is a fixed rate of interest on your savings
  • You can’t touch it, so no way of impulse spending

The cons

  • It can be locked away from any time from 5 years to 30. This is not practical if an emergency happens and you need to release the liquid assets.
  • Different banks have different minimum investments that they expect. This may not be useful for you if you don’t have a lot of money saved away to begin with.


I can see the appeal of fixed rate savings bonds. They would be practical if you are saving for a long-term goal, such as if you want to save for a round-the-world-trip in five years time or you want to save for your wedding. What do you think?

Cutting Entertainment Costs: The Cinema

I would not say I am a huge knowledgeable person about cinema but I do love going to the cinema.

This afternoon, I am going to watch Savage Grace at the Watershed.

Today’s price is £3.50, compared to the normal price of £4.00

So I am saving 50p by going to watch the film on Sunday.

50p does not seem like much but I think judging by how many times I go the cinema (at least once a month), the costs do mount up!

I am definitely trying to cut down on entertainment. I have not been to a club in weeks, like I have mentioned before I do not drink alcohol or smoke and I rarely eat out (though I did last night!). Anyways, cinema is something which I will hopefully phase out by going to cheaper viewings like Sunday matinees.

Just see the price difference:

Option 1: If I went to see Hancock at the Odeon in town on Monday at 3.30pm, it would cost £6.40 for an adult ticket

Option 2: Watershed on Sunday for films before 4pm like I said = £3.50.

The difference between the prices is insane.

Any cinephiles out there? How do you justify things if you are tightening your belts?