A Quick Guide to Start Saving

Start saving now

I recommend you start saving right now no matter how little you can put away. Don’t put off saving as the sooner you get into the habit the better off you’ll get overtime. If you have debts, it’s worth paying that off first before you start saving.

Start small and save often:

Even putting away a small amount of money each week or month can help you build up your savings pot over time.

If you save 10% of your salary every month, in 12 months you have saved a month’s salary. A great strategy? Think about what you can do with an even higher savings rate.

According to The Money Advice Service’s website, when you start saving, getting into the habit of saving money regularly is more important than how much you put away. Getting into the habit of saving is difficult but once you get used to it it becomes second nature.

Manage what you spend

To save money, you first need to identify how much money is coming in and where your money is going. Budgeting for your everyday spending can help you figure out how much money you need to live on, and how much you can afford to put away.

Having a budget that works will help you feel more in control and or spending beyond your means avoiding the possibility of going into debt.

Make saving automatic:

Set up a standing order so you don’t need to remember to move money into your savings account every month. By setting up a standing order you won’t have to remember to make the payment and you won’t be tempted to skip a month. When you set up your standing order ensure the money is coming out on pay day. This will help you avoid spending money that you meant to be saving.

Pay Day = Save Day

Payday Saveday: A day a month to put a little bit away – no matter who you bank with, or what you’re saving for.

Change your spending habits

Making a few small changes to what you spend can help you save. One coffee less a week or taking lunch into work can soon add up.

You may also like

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.