Master your Money: The Best Ways to Save

Saving money is at the crux of personal finance, especially as the best way to make money is to not have to spend it in the first place. In an economy that's squeezing wallets harder than ever, saving money is undoubtedly not easy, but not easy doesn't mean impossible. Here are some tips on how to save your money, regardless of if you're on a budget, or need some ideas for where you want to keep a big windfall. 

Eagle eyes on expenses 

One of the best ways to start saving money is to look at exactly what you're spending your money on. Categorise all your expenses for a month and you'll see exactly how much of your money is flowing out, and where it's going. It's easy to casually spend a little here and a little there, but a lot of littles is a lot, and you may realise that that little bit of spending ends up adding up. If you know what your excess spending is, it makes it so much easier to cut it out of your life. 

Go for goal 

Another great way to save money is to set a goal for yourself and keep it in mind. The goal can be small, like saving £10 a week, or large, like saving £100 a week. Regardless, keeping the goal in mind will ensure that it stays with you and helps to block out unnecessary spending, so that you can further grow your money instead of letting it drip down the drain. 

Lock it up 

The best way to ensure you're saving money is to make sure that you can't even access it in the first place. That's where iFAST Global Bank comes into the picture. With iFAST Global Bank, you have access to fixed term deposits in 10 different currencies, allowing you to save how you like*. iFAST Global Bank fixed-term deposits also have market-competitive interest rates to ensure that you're getting a proper bang for your buck. Locking your money up in a fixed-term deposit is one of the most foolproof ways to save, as you won't be able to capitalise on your impulses by withdrawing the money, because a fixed-term deposit locks your deposit until maturity, ensuring that your money is safe until the term is up. But most fixed-term deposits mandate a minimum term of 1 year, locking out individuals who may want to save on a shorter term. Luckily, iFAST Global Bank fixed-term deposits allow you to have terms as short as 1 month or as long as 5 years, depending on the currency, ensuring that you can save on your own timeline, while keeping your money out of daily spending. 

iFAST Global Bank Fixed Term Deposits are subject to a fixed deposit term. Early withdrawal before maturity is not permitted unless under exceptional circumstances and may result in loss of all accrued interest. A 14-day cooling-off period applies from the date of application, during which you may cancel your fixed term deposit without penalty. More details can be found on our website at www.ifastgb.com. Deposits up to £120,000 are fully protected by FSCS (Financial Services Compensation Scheme). More details: https://www.fscs.org.uk/. T&Cs apply. 

Even a little helps 

Saving money isn't always easy. Sometimes it feels more like a chore to save, as you feel like you're denying yourself extra joy because the money you would have used to spend is now going into a locked account. But that's not what saving is about. There's no use in saving the money if you're blowing it all when you reach your saving goal. Saving is all about sustainability, and the best way to save is to put away what you won't miss. 

The best way to save isn't to take the maximum you can cut away, it's to ask yourself the maximum that you won't miss.