These money-saving tips focus on small steps that will hopefully lead to big results for your wallet that can take you a big step closer to your goals — whether it’s a big purchase like a new car or a small purchase like the weekend. 1. Be specific. Make your savings goals as specific as possible. If you’re saving for a short-term goal like a vacation, it’s pretty easy to determine how much you need to save each month to reach your goal on time. For long-term or regular saving, the general guideline is to save 20 percent of your monthly salary. It is best to set up the direct debit procedure the day after receipt of payment – this way it is as if you have never had the money and you do not notice when it is gone. 2. Track your expenses and create a budget. Write down your expenses in a month. Add the cost of all non-essential items to the list to see how much you can save with just a few small changes. After tracking your expenses, create a budget that cuts out unnecessary expenses. Remember to include your savings as a monthly bill that needs to be paid. 3. Make small changes. Throw the loose change from your wallet into the jar. The cost of just €2 per week is €104 annually. 4. Use a cash over card. On the day of payment, withdraw your budgeted monthly pocket money in cash and divide it into four weekly parts. Do your shopping with this cash as often as possible; This will help you keep track of what you can and can’t buy. 5. Start thinking in terms of needs and wants. A good way to break unnecessary spending habits is to examine yourself to see if what you are about to buy is really a need or just a necessity. 6. Write down your inspiration. When you’re saving for something special like your dream home, new car, or vacation, do you keep these pictures in your fridge or on your desk at work to remind yourself what it’s about and how badly you want it? 7. Keep track of your savings. Check your savings every month. It’s easy to lose motivation, but seeing money grow can encourage you to keep going. 8. Consult a local financial broker.
Financial Advice with Philip Cullen of Southeast Mortgage & Financial Services
Philippe Cullen: FA, RPA, CUA, CUG, CUC, APA (Individual General Insurance)
Southeast Financial Services
The purpose of this article is to provide information, not advice. You should always do your own research and/or seek advice from a regulated financial broker before proceeding with anything in this article.