5 tips for sorted saving
5 tips for sorted saving
Saving is one of those things that sounds simple in theory, but in reality can be hard to put into practice. Here are five tips to help you get started:
- Be realistic
Your biggest enemy when you are saving is temptation (all those things whispering “buy me, buy me”). You can avoid this trap by setting realistic savings goals. Think hard about what you are really willing to give up for your savings. - Make it automatic
Once you’ve worked out how much you can afford to save, set up an automatic payment so the money goes into your savings account on pay day. Or ask your employer to set up a salary deduction so the money goes into your savings account or super fund before it even hits your bank. - Start small
If you save regularly, even the smallest amount can turn into serious money through the magic of compound interest. - Start early
Saving for your own retirement is one of the easiest decisions to put off. But talk to those retired people who are now enjoying the benefits of their own savings. Generally they’ll say that starting regular saving early was one of the best decisions they ever made. - Get into the habit
Start a small savings scheme even if you are still paying off a loan (such as a mortgage). You’ll get into the habit of saving, and start to build a small nest egg. You’ll also start to build your knowledge of savings and investment options, so that you’re better prepared when you want to start serious saving.
User comments Saving finally
Consolidated our debts and now pay for things with cash, and save $50 a week which is a realistic amount we don't miss it, usually we would bank anything from a $100-500 a fortnight and then take some out the week after because we needed it which made us dip into it quite often.
$50 a week is gud for us, haven't missed a payment and haven't taken from it and not tempted to either, we have $1250 in there now and proud of ourselves for starting to save and to have some savings.
Posted at 05:23 pm on October 15, 2010 Be realistic
Be realistic about how much you earn, and so how much you've got to spend at the moment. Saving is impossible when your spending is bigger than your wallet.
It is tempting as with all the deals on TV at the moment, LCD TVs, computers whatever have never seemed so cheap. But look hard at what you've got to spend - *real* money in the hand/in the bank - and ask yourself can you afford to blow the cash.
If you can't get a plan to save until you can. Don't learn this one the hard way!
Posted at 01:32 pm on November 20, 2009 
