Tips for saving money
It can be hard to stay motivated to save, which is why it’s often viewed as a rare and difficult thing to achieve. However, saving money doesn’t have to be so complex. Follow our six tips that will help you save money.
1. Pay off your debt
Even if you’re just making the minimum required payments every month, keep it going. Your debts will get paid off soon enough and you’ll have more money to save each month.
2. Have a vision
When you have a clear goal of what you’re saving for it’s so much easier to stick to it. Work out how much you’ll need to save each month and then save pictures, follow relevant social media and everything else you need to do to keep your dream alive.
3. The power of habit
By paying money into your savings account first-thing every month, or even setting up a debit order, you’re creating a savings habit that’s more likely to last than when you’re only saving occasionally.
4. Set up a budget
See how far you can get on the least amount of money. You’ll be surprised how innovation kicks in when you give yourself a budget for everything.
5. Cut down on expenses
Evaluate and re-evaluate your spending regularly to see where you can cut down on costs. Perhaps you can join a lift club and save on petrol, eat less take-aways, buy cheaper household products, etc.
6. Get the right account for your goal
Do you have a short- or long-term goal? Depending on your answer, you need to open a savings or investment account that is tailored to your needs.
Saving really gets so much easier when you have a clear plan and you know what you need to do.