How to Save for beginners without a budget

3.2 billion! That’s the number of results google spits out if you search the words “how to save money”.  

Most of us want to start saving but we don’t know how to start. With expenses that rival our income, big hopes and dreams for the future, and the constant feeling that we “never have enough” it can be overwhelming to sift through the 3 billion possible solutions available to see which is the right fit for you right. 

And all that sifting often leads to discouragement and procrastination or believing the lie that “I can’t save”. 

Well, today is the day when your excuses for not saving will “die”. I’m going to give you my foolproof rule to easy saving even if you have never saved before. 

 When it comes to saving, many financial experts have different rules on how much you should save. Some say 10%, others say 30%-50%, and still, some say save as much as you can, and cut out all fun from your life. 

Now I can’t say which option is better, as they would suit different personalities. But if you feel you can’t save at all you can follow my Super Simple Saving Strategy.

Start by saving just 1%

If you can live on 100% of your income, you can live on 99%.

If you find it hard to save, the most important step is starting small. Starting small is a very easy and painless way to start saving. 

There are two parts to the rule:

Step 1: Start Small with 1%

Step 2: Stay Consistent

Step 1: Start Small

Start this month by saving only 1% of your monthly income in a separate savings account. i.e. For every £100, you bring in, you save £1 only. 

OK? Simple? Maybe even doable?

Now, as tempting as it might seem to go overboard and save huge amounts in month one and forget about saving again for the rest of the year, or to save much less than 1% or even nothing with a promise to make it up next month, 

I urge you to start and remain consistent. The more you save, the easier it will be for you to save in the future

Step 2: Stay Consistent

Saving is a habit, one that you can cultivate by starting small and staying consistent.

If each month you save 1% of £100 which is £1, at the end of 12 months you would have saved £12. So all you want to do now is multiply 1% by your monthly income and start there.

If your income varies each month, then calculate the average of your last year's income and assume that number is your monthly income, and aim to save that much each month. However, you will have to be flexible with yourself, as some months you may save less, and other months you will be able to save more. As the habit builds, you will be able to put 

To Turbo boost your savings

Increase your savings each month by a percentage of your choice. 

E.g if you increase your savings each month by another 1%, then on a £100 income in 

month 1 you save 1% which is £1

Month 2  you save 2% which is £2

Month 3 you save  3% which is £3

Month 12  you will save 12% but have a total of £78

That’s £78 saved for every £100 you earned over the year. For a novice saver, that’s a pretty decent savings pot. You go, girl!