We all know that sometimes the hardest thing about saving money is just getting started, especially when living expenses are high and/or you’re in debt.
But, it’s never too late, in fact, you could start today!
Set your goals and go for it
Firstly, why do you want to save? Do you want to go on that family trip you’ve always dreamed about? Want to buy a house or a new car? Maybe you want to start an emergency fund for any unexpected expenses? Whatever your financial goals are, make a list, add the amount you need to achieve that goal and keep it top of mind.
Open up a savings account
It’s always a good idea to separate your savings from your daily active account. Most banks offer a wide range of savings account but it’s advisable to shop around and find a savings account that offers great interest rates that suit you and your financial needs. Remember that you don’t need a lot of money to open up a savings account, just a financial goal and the motivation to save!
Budget budget budget!
It’s simple – you can’t start saving if you don’t track your spending. When you start crunching numbers and understanding where your money is going, the sooner you can start saving for things that matter. Budgeting is also a great way to identify how much we actually spend on things we need compared to the things we want.
In a previous blog we show you how:
Separate your expenses over the last few recent months. Arrange and separate them into necessities and wants. Isolating will enable you to organise your funds. To get a reasonable idea of your needs and wants, consider making a diagram which starts with necessity payments at the top and working your way down to want payments. Also add in all your debts.
Remember that your savings are part of your spending as well, so you will have to add this to your calculations.
In this day and age it’s easy to overspend. Credit cards, ATMs and online shopping make it easy to spend money that you might not necessarily have.
Retailers are good at what they do, and they spend a lot of money on research regarding understanding consumer behaviour so you end up putting more items in your shopping cart. It’s always a good idea to set up barriers when shopping. Enjoy shopping online? For non-essential items (like groceries) leave things in your shopping cart and come back in a day. Visiting a store? Put items on hold and sleep on it.
Work on your debt
No debt means you’ll have more money to save. Contact the Meerkat team and let’s get you debt-free. When you partner with us we’ll combine all of your debt into one reduced monthly payment. You will immediately keep MORE CASH that you can put away for savings towards a financially secure future.