Pay yourself first
Pay yourself first by making regular contributions to your savings. Start saving early and contribute often to allow your money more time to accumulate and earn compounded interest. Take the time to review your spending monthly and set aside money for your future.
Start by creating a savings plan. Consider your income, bills, groceries, and other expenses. Set realistic budgets and keep yourself accountable. Review your plan regularly, and as your needs change, make updates to your plan.
Save as much as you can, and as often as you can. You would be surprised at how quickly small contributions can add up. In addition, always be aware of how you can maximize your interest earnings. For instance, if your goal is to save $100 a month, it’s better to save $25 per week, then $100 at the end of the month as your money gets a chance to accumulate interest earlier.
Keep a portion of your savings accessible in case you need them. While it’s important to lock some money away to earn more interest in investments and term deposits, it’s also essential to have access to cash in case of an emergency. Figure out how much money you need easy access to for peace of mind, and lock the rest away for your future.
While these tips set you up for a great start, you may have more questions. Book an appointment with a financial advisor or planner for a customized plan to help you reach your savings goals faster.
