4 Things You Might Be Saving Up For This Year

Save Money (Photo credit: 401(K) 2013)

There are some things in life that - unfortunately - are just more expensive than we would like. These types of things can take a lot longer for us to save up for than we would like too, but most people would agree that it is worth it in the long run when you meet your goals and expectations. 

Here, we will look at a number of common products, services and experiences that people save up for - maybe you will find something on this list that rings home for you, and if so you might be inspired to find a new way to save for it.

Car

In order to get out and about, many of us rely on our cars. They come in a whole host of specifications and budgets, and cater for us in different ways such as accessibility, speed and size. You might be saving up for your very first car, or you might be looking to upgrade your existing car for a newer model. Regardless of which type of car you want, there’s a good chance that you’re looking for the best price for it. Look out for sales, use your negotiation skills, and see if you can get a good finance agreement from the seller. 

House

A house is probably the most expensive purchase you will ever make in your life, so naturally it is the thing that can take the longest to save for. Of course, not many of us will be cash buyers so we rely on a mortgage in order to secure our new house. But in order to get a mortgage we need a deposit, which can still mean needing to find tens of thousands of pounds. Look for the best savings accounts that will give you a higher rate of interest for the money that you’ve put aside. 

Education

If you have a family with young children, you might be looking ahead to their schooling and university education. Whilst it is possible to get student loans in the UK, you might want to pay for education fees up front to save your children from paying them back at a later date - this can mean the cost of the loan ends up being much more than the education itself. If you aren’t going to need the money in the next few years, look for a high interest account where you can safely save for the future. 

Holiday

In the scheme of things, a holiday can be a slightly more affordable thing you might be saving for. There are still a couple of ways you can reach your holiday fund more easily though, such as putting your savings into a reserve account so it’s not simply sitting in your main bank account. You can also keep watch on the currency exchange rates in order to get the maximum holiday spending money. 


About the author Stephanie Craft is a blogger in the UK who keeps track of the best savings accounts and discount websites.