My 2018 Savings Plan

My 2018 Savings Plan

In February I found out I got into uni! For most this would be a time to celebrate, but for me, it was a time to start stressing over whether I could actually afford it! After a few sleepless nights, I finally broke down to my best friend and let it all out. The first thing he said was ‘I told you to start saving months ago’.  He did and he was right I should have been saving months ago! But we all learn from our mistakes and we improve our selves!

After this breakdown, I finally put a bit of a plan together! So I thought that I would share this plan with you. I’m doing this for a couple of reasons. One is because I’m hoping my plan might be able to help or inspire you with your savings plan but by putting it in writing and hitting publish I have to stick to this plan!

Killing my Overdraft

2017 was an awful year for my finances and I had to take out a £300 overdraft. As many people will know when you take out an overdraft it is so hard to get rid of it again. I am determined to say goodbye to my overdraft this year so for the months of March and May I will be reducing it by £50 and for the months of April and June I will be reducing it by £100.

Building my Savings

I’m 21 and my savings account is empty. This is something I am not proud of and I hate the fact that I have done nothing in the way of saving over the last three years. Because of this, I am determined to start filling my savings account in preparation for university. Just like with my overdraft I have a plan! For the months of March and May, I will be putting £100 into my savings account. For the months of April and June, I will be putting £50 into my savings account. For the months of July, August and September I will be putting £150 into my savings account!

The Extra Bits

In my job I get given tips on occasion, these tips will be going in a tin and every time I get to £100 it will also be going into my savings account! I will also be putting any change that adds up to less than a whole pound into my money box! I will then count this money up every month and if I can change it into a note that will also be going into my savings account!

So that is my savings plan for the next seven months! I hope this has been slightly interesting and possibly inspiring! I will post an update in September to let you know how I get on!

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