How to start saving each month

There are many reasons why we find it hard to save sometimes. It can often seem quite difficult to save when there are bills to pay, debts mounting up or social events on the horizon. But it is possible! Whether you are looking to save up some money for a rainy day, buy a car, put a deposit on house or simply start up a retirement fund, we can help you get there.

Here are some quick and easy tips to start a piggy bank!

  1. Set a budget: People often spend their entire salaries because they don’t have a budget. So make a list and prioritize your expenses. Noting your spending can really cut down your expenses considerably. Restricting yourself to a set budget and listing your most important expenses like rent, grocery, bills etc. will go a long way.
  2.  Consider cutting down your entertainment expenses one week a month. Instead of going to the cinema to watch the latest release, rent a DVD and watch something from a new genre you haven’t tried before.
  3. Set saving goals: Nothing can beat a determined mind. Set for yourself a deadline and stick to it. For example you may decide to save at least $5000 by the end of the year. Start small with $50 a month and see how it goes
  4. Explore different saving and investment strategies. For a long term goal such as house deposit, consider saving over several years with bonds or mutual funds. For more short term goals such a holidays or events, try a high interest savings account
  5. Keep a check on your savings: Keep monitoring your savings account. This will not only keep you aware of your finances, but motivate you to save up more
  6. Pay yourself: Everybody likes to spoil themselves and one way to save up is to pay yourself a specific amount from your salary each month through automatic transfers or whatever method you prefer. This way, you will be spending less because the budget that you allocate to expenses will be more limited
  7. Shop around for new deals on insurance and utilities. It always wise to compare the market and see if you can find a better deal!

For more information on how Anne Street Partners can help you plan a budget and manage your finances please contact our team today on 135 444

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