When it comes to saving money, every little bit counts. So the sooner you start saving, the sooner you’ll reach your financial goals. Here are a few tips & tricks to help you on your way.
- Set savings goals to help you focus
It can be hard when you’ve got nothing to aim for, so set some goals for the future (both short and long term) to help you focus and keep you motivated. Short term goals may be saving for a car or holiday, while long term goals may be saving for a house deposit or retirement.
- Make saving automatic
It’s easier to save when you don’t have to think about it. So set up an automatic payment that goes into your savings account every pay-day and pay yourself first.
- Pay your bills on time
You can save money just by paying your bill on time. Simply set up an automatic payment (for regular payment amounts) or direct debit (for irregular amounts) and your bills will be paid automatically every time on the due date.
- Avoid impulse buying
Avoiding impulse purchases is one of the first steps to good money management. It’s easy to make a purchase without thinking too much about it, but taking a little extra time is always a good idea. Its good to wait 30 days before you spend on unnecessary items. After a month has passed your urge to splurge may have already passed as well, and you’ll have saved money just by waiting.
- Cancel memberships and subscriptions
Do you have a gym membership or magazine subscription? If you’re not using that membership or subscription to its full potential, it may be a good idea to cancel it or find a cheaper plan that better suits you.
- Make healthy choices to help you save
Quitting smoking, avoiding takeaways or passing on that morning flat white could be healthy for both you and your bank account. Seeing your savings go up like this can also help motivate you to stick to your health goals. Its a win-win for you.
- Never give up!
Saving money can take a lot of will power, sacrifice and focus. But once you get the hang of it, it becomes easier and in the future you’ll be thankful you started saving when you did.