Setting up a weekly savings plan

A £20 per week savings plan can have great returns if you are committed to the plan.

08:37 02 February 2014

If you saw an advert for a brand new van for just £20 a week, you might be tempted to buy it simply because it sounds cheap. The problem is adverts do not include information about deposits and interest rates. If buying a £20 sounds like something that is easy to handle then it should not be hard to save the same £20. 

 

Think about it, if you saved £20 a week, you will have £1040 at the end of the year.  In five years that would add up to £5200. Compare this to buying a van, which would cost you more than just that in gas money, maintenance and insurance premiums.

 

Most of us spend money on bits and pieces we do not need but if we cut that out and put that money into a savings account, we would be the better for it.

 

Setting Up Your Savings Plan

 

There are ways you can find £20 to put away into a savings plan. If there is not a £20 note lying about with nothing to do, then you can start finding it by following the following steps:

 

1.Check where your spare cash goes to by tracking your daily spend. There might be a couple of things you do not have to have every day.

 

2.Draw a budget and use it to find ways to save money

 

3.Open a savings account and set up a standing order for £20 to be paid in every week. Everyone should have a savings account regardless of how much money they can actually put away the entire month's savings at once so you don't find a way to spend it.

 

4.£20 should only be taken as an example, if you can save more then by all means, do so.