{"id":717,"date":"2024-05-04T09:10:00","date_gmt":"2024-05-04T09:10:00","guid":{"rendered":"https:\/\/www.drafty.co.uk\/blog\/?p=717"},"modified":"2024-05-06T11:40:24","modified_gmt":"2024-05-06T11:40:24","slug":"how-to-save-20000-in-a-year-uk","status":"publish","type":"post","link":"https:\/\/www.drafty.co.uk\/blog\/how-to-save-20000-in-a-year-uk\/","title":{"rendered":"How To Save \u00a320000 in a Year in UK?"},"content":{"rendered":"\n<p>Sounds impossible doesn\u2019t it \u2013 saving \u00a320,000 in a year. But it can be done. It\u2019ll take commitment and you\u2019ll need to be willing to cut back on things. But if you put in the effort, you\u2019ll get the reward. Just think what you could do with \u00a320,000 in savings.<\/p>\n\n\n\n<p>So, want to save \u00a320,000 in one year? Read on to find out how.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_80 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.drafty.co.uk\/blog\/how-to-save-20000-in-a-year-uk\/#1_change_your_spending_habits\" >1. Change Your Spending Habits<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.drafty.co.uk\/blog\/how-to-save-20000-in-a-year-uk\/#2_reduce_your_biggest_expense_%e2%80%93_your_rent_or_mortgage\" >2. Reduce Your Biggest Expense \u2013 Your Rent or Mortgage<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.drafty.co.uk\/blog\/how-to-save-20000-in-a-year-uk\/#3_use_your_skills_and_get_a_side_hustle\" >3. Use Your Skills and Get a Side Hustle<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.drafty.co.uk\/blog\/how-to-save-20000-in-a-year-uk\/#4_pay_off_your_debts\" >4. Pay Off Your Debts<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.drafty.co.uk\/blog\/how-to-save-20000-in-a-year-uk\/#5_save_every_penny\" >5. Save Every Penny<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.drafty.co.uk\/blog\/how-to-save-20000-in-a-year-uk\/#in_summary\" >In Summary<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"1_change_your_spending_habits\"><\/span><strong>1. Change Your Spending Habits<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Do you know where every penny of your money goes, or do you just keep spending until your money runs out? The first step in saving any money is knowing how much you\u2019ve got coming in and going out.<\/p>\n\n\n\n<p>Have a look through past bank statements to see what you\u2019ve been spending your money on. You\u2019ll be surprised at how much unnecessary spending you do. But if you want to save \u00a320,000 fast, you\u2019re going to have to change your spending habits. Set yourself limits on how much you spend on things like food, clothes and going out, then stick to them.<\/p>\n\n\n\n<p>If you find it hard not to spend money when you\u2019re out, leave your card at home. Only take the cash you need when you go out, so you aren\u2019t tempted to spend more. Sticking to your budget might be hard to begin with but when you see your savings grow it\u2019ll be worth it.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2_reduce_your_biggest_expense_%e2%80%93_your_rent_or_mortgage\"><\/span><strong>2. Reduce Your Biggest Expense \u2013 Your Rent or Mortgage<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>If you\u2019re paying rent or a mortgage, a big chunk of your money gets eaten up by this every month. That\u2019s why, to help your savings, find ways of paying less towards this.<\/p>\n\n\n\n<p>Do you have to live where you are, or could you move to something smaller in a cheaper area? Or consider moving in with your parents for 6 to 12 months. Doing this could save you hundreds of pounds each month.<\/p>\n\n\n\n<p>If moving out isn\u2019t an option is there a room, you could rent out? Even turning your lounge into a bedroom could earn you money short term.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"3_use_your_skills_and_get_a_side_hustle\"><\/span><strong>3. Use Your Skills and Get a Side Hustle<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>There are things you\u2019re good at that can help you earn some extra money on the side. You can improve your skills with free online learning. Then you can create your own small business selling what you\u2019re good at.<\/p>\n\n\n\n<p>A quick and easy way to bring in extra cash is to sell stuff you don\u2019t use. You\u2019re bound to have clothes, shoes or bits of furniture you don\u2019t want anymore that could be sold. Once you\u2019ve got to grips with online selling, maybe try buying things that you know you could resell for more.<\/p>\n\n\n\n<p>There are other options too like working in a bar or a shop part time. Whatever you <a href=\"https:\/\/www.drafty.co.uk\/blog\/how-to-make-money-from-a-side-hustle\/\"><strong>earn from your side hustle<\/strong><\/a> put straight into savings. Every extra penny that you earn is getting you closer to your financial goal.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"4_pay_off_your_debts\"><\/span><strong>4. Pay Off Your Debts<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Go all out to pay off your debts as soon as you can. The interest you pay on <a href=\"https:\/\/www.drafty.co.uk\/loans\/\"><strong>loans<\/strong><\/a> and <a href=\"https:\/\/www.drafty.co.uk\/loans\/credit-cards-for-bad-credit\/\"><strong>credit cards<\/strong><\/a> could be going into your savings pot instead.<\/p>\n\n\n\n<p>Find ways of paying less interest by switching your balance over to a credit card that\u2019ll charge 0% interest. If you do this, don\u2019t reduce what you\u2019re paying back each month. If you can, pay back more. The quicker you\u2019re debt free, the quicker you can build your savings.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"5_save_every_penny\"><\/span><strong>5. Save Every Penny<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Make saving money a way of life. Take on some of these saving tips:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Be on the lookout for discount vouchers, food offers and ways you can save money on what you buy.<\/li>\n\n\n\n<li>Plan what you\u2019re going to eat each week and do one weekly shop. Prepare your meals and snacks in advance so you don\u2019t end up buying fast food.<\/li>\n\n\n\n<li>At the end of every day put any change you\u2019ve got left into a jar.<\/li>\n\n\n\n<li>Set up an app that keeps a check on how you spend and that helps you save. There are some that\u2019ll round up any spending you do to the nearest pound. They then put that difference into savings for you. So, if you spend \u00a32.40 on something, it\u2019ll automatically put 60p into a savings account for you.<\/li>\n\n\n\n<li>Set up a standing order to pay some of your income straight into a savings account. Set it up to come out on the day you get paid, so you don\u2019t have to think about it.<\/li>\n\n\n\n<li>Pay less for your phone and streaming services. You don\u2019t need to upgrade your phone, get a sim only contract on the one you\u2019ve got instead. You don\u2019t need Sky and Netflix or all the other streaming apps. For 12 months, go without. Or choose one and get your monthly subscription reduced.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"in_summary\"><\/span><strong>In Summary<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>If you want to save \u00a320,000 in 12 months, you\u2019ve got to get serious about how you spend your money. Think of it as giving up a few things to help you reach your goal. By getting yourself into a routine of saving, you\u2019ll soon realise that you don\u2019t miss things you used to buy. The bonus of doing this is that, even if you don\u2019t quite get to \u00a320,000, you\u2019ll have a lot more in savings than you do now. And you\u2019ll be giving yourself great new spending habits that\u2019ll last a lifetime.<\/p>\n\n\n\n<p><strong>Disclaimer:<\/strong> We are not providing financial advice, these are just tips for informational purposes.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sounds impossible doesn\u2019t it \u2013 saving \u00a320,000 in a year. But it can be done. It\u2019ll take commitment and you\u2019ll need to be willing to cut back on things. But if you put in the effort, you\u2019ll get the reward. Just think what you could do with \u00a320,000 in savings. So, want to save \u00a320,000 [&hellip;]<\/p>\n","protected":false},"author":47,"featured_media":754,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":{"0":"post-717","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-research"},"_links":{"self":[{"href":"https:\/\/www.drafty.co.uk\/blog\/wp-json\/wp\/v2\/posts\/717","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.drafty.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.drafty.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.drafty.co.uk\/blog\/wp-json\/wp\/v2\/users\/47"}],"replies":[{"embeddable":true,"href":"https:\/\/www.drafty.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=717"}],"version-history":[{"count":3,"href":"https:\/\/www.drafty.co.uk\/blog\/wp-json\/wp\/v2\/posts\/717\/revisions"}],"predecessor-version":[{"id":1135,"href":"https:\/\/www.drafty.co.uk\/blog\/wp-json\/wp\/v2\/posts\/717\/revisions\/1135"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.drafty.co.uk\/blog\/wp-json\/wp\/v2\/media\/754"}],"wp:attachment":[{"href":"https:\/\/www.drafty.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=717"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.drafty.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=717"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.drafty.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=717"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}