Save fun money with smart borrowing and budgeting
Are you having a separate provision for fun money-saving in your budget? Most of you do not know about this idea of saving money for fun. Salting away money for pleasure does not seem like a solid money goal.
It is possible even while managing expenses with a budget. Financial planning does not restrict you from setting apart money for personal expenses. Instead, it helps you to be a step ahead in saving for fun money.
The misconception about budgeting is that it allows savings for financial goals only. However, you can use this tactic as a tool to generate different types of saving opportunities. Mastering the art of budgeting is a huge achievement indeed.
Prevent poor scores from becoming a headache with it. Take out money within your limits and repay on time with effective budgeting. This type of financial strategy works best even when you have to deal with bad credit and debt consolidation loans together.
Utilise the latter to control the pile of debts. Pay back money within time despite low scores by acquiring the perfect budgeting skills. Any tricky situation cannot bother you much if you know how to work with a budget.
Find out here how you can follow the same trick to stash money for some fun.
Unlocking the secrets of saving money for fun
Do not overwhelm yourself with a huge saving target of £ 200- £ 400 for this purpose! It is tough to beat this target practically when you are just starting out.
Instead, give yourself a target of £ 20 to £ 50 for fun money saving. It is realistic and easy to achieve with other ongoing expenses also.
| Why do you save for this reason? Some might find saving money for fun as a vague purpose. You must have strict money goals in life. Nevertheless, you can have a different outlook on this. Treat it as a way of motivating yourself to become a better person. You deprive yourself in the name of achieving work and life goals. This will be a little treat from you to yourself. |
Pay attention to the tips that will help you reach closer to your goal.
Understand the aspects you want to cover for fun
You can treat this payout as allotting pocket money to yourself. The only difference here is that you and not your parents are sponsoring the money. It is something you can expend in whatever way, like having a pampering spa session or partying with friends.
Keep aside usual expenses that you want to meet and financial goals also. This money is for something that interests you the most. Spend it to accomplish any luxury purchase.
In short, this saving should not cover any bill that is pending. Creating a separate arrangement is necessary if you want to continue the saving expedition. Have this financial backup to fulfil your desires.
Otherwise, a sudden plan to visit the salon can prevent payment of other payouts. You might have to seek suggestions from direct lenders like Huge Loan Lender to tackle debts later.
If you want to prevent such situations, stick to formulating a saving plan for fun money.
Analyse your current budget plan
You are blessed if you already pursue a budget. Strategies on how you can optimise it to save a little extra for personal pleasure. If possible, adjust some payouts that are not a priority.
Maybe, you have different saving provisions active on the same budget. Find out if little adjustments in every provision can help you save extra money.
It is not difficult if you are saving for some short-term goals. Once the amount is somewhat close to what you need, go ahead with it.
Look for ways to amplify your earnings
If there is no scope for extra savings in your present budget, consider having an additional source of income. Be ready to allot your free time to that part-time work.
Become a virtual assistant or a freelance writer to earn additional money. The best thing is that you can keep doing it for the extra saving till you reach the desired goal.
Instead, you can ask for a salary hike or promotion if you want to continue with the existing job. Start a side business if you are passionate about a hobby. However, you cannot start earning right after the launch of the business.
Go for this arrangement if you want to enjoy these small treats. There is no harm in going to this extent. It will make sure your actual budget remains intact while you get the opportunity to have extra money for a fun time.
Alter some spending habits
Maybe, you go out every week with friends and eat outside. This expense is not a crucial one. You can change it a little bit without spoiling the time you spend together with friends.
Instead of going out, call your friends at home. Cook food for them and have dinner or brunch together. You will be amazed to see the amount of money you can save with this attempt.
The cost just explodes when you dine out. You can control it and extract a good amount of saving by doing the same thing at home. A little alteration in your spending habit can do magic.
You love to spend some money on buying a new dress every month. Instead of doing it, save the money you dedicate for this purpose and have an exclusive dress for an occasion.
This way, you will not have to shell out extra pounds to purchase a costly dress during a festival. Besides, you can also sell off some of your old clothes to collect extra savings for a new dress.
These are some of the provisions you can adjust your spending habits to accommodate saving for personal pleasures.
The bottom line
Saving for fun money does not mean you can exploit the resources. It implies having money to accomplish those unfulfilled desires. This saving is a window through which you can spend time doing what you like without creating a dent in your monthly budget.
Ailsa Adam is the Editor-in-Chief and former content head at Hugeloanlender. She has been a valuable member of the content strategy team since 2017 due to her abundant experience in the finance sector. Passionate about helping individuals navigate the world of loans and personal finance, she has dedicated herself to acquiring extensive knowledge on various financial products. Before her role at Hugeloanlender,
Ailsa worked as a seasoned journalist and writer, specialising in creating informative blogs and articles on diverse loan types. She is known for her meticulous research and commitment to delivering accurate and engaging content. She holds a degree in MBA Finance and has a keen interest in creative writing and art.
