Saving money from an early age is important. Not only will it ensure you have healthy spending habits, but you will also reap the rewards of having a handle on your finances. It is however sometimes easier said than done. We all have that one thing we cannot live without in a month, or that one account we want to keep in case we need to buy something on credit.
In this post we’ll look at six of our best tips on how you can start saving money straight away. Are you ready to start saving? Let’s get started!
1. Get Debt-Free
First things first, you need to get a grip on your debt, if you have any. Before you can truly start saving money you need to pay off any debt that you have. Scrub the accounts and move on with your life. You’ll now have x amount of money to save that you previously didn’t have.
2. Create Clear and Realistic Goals
Once you are clean and debt-free, you can start making a list of goals. This should include things that you are saving for. It doesn’t have to be anything major, but definitely something that will keep you motivated and your eyes on the prize.
3. Pack a Lunch Bag to Work
This is pretty straight forward, yet the most of us don’t do it. If you have a hard time getting up earlier in the mornings to pack your lunch, make it the night before. Bringing your lunch to work will ensure you aren’t tempted in buying that sugary soda or that pot pie. This will do wonders for your health and your wallet!
4. Skip Costly Overseas Trips
Instead of planning elaborate trips when you go on holiday, why not opt for staying at home and participating in activities closer by? This will save you loads of money, and you will learn more about your town or area while discovering it. Who said staying at home has to be boring?
5. Open a Closed Savings Account
A lot of us are often tempted into spending money that is meant to be savings. Usually this is a sign that we are not living within our means. If you find yourself in this position, open a closed savings account that will enable you to access it after a pre-determined period. Saving has never been this easy!
6. Have a Long-Term Plan
Whatever your personal finance goals, you should always keep it realistic and fresh. Review it from time to time while taking note of all your spending habits and your income. You should have a long-term savings plan that keeps you motivated at all costs. Whether you want to buy a house or a car, you should have a long-term savings plan in place.
Having a healthy relationship with your finances means you know what you can spend and what not. It also means you can put some money away for those times when you need extra cash or for that trip to Mauritius.
We trust that you’ve found our top tips helpful and that you’ll be enjoying financial freedom one of these days.