Putting money away safely for a rainy day can be a difficult task at first, but after getting into the habit of doing it regularly, you can gather up a nice little sum in no time.
Meeting with a financial planning adviser will help you to set a goal, and create a strategy for how to achieve it.
Whether you’re wanting to save for retirement income, possible redundancy, emergency medical injury costs or to purchase a new house or car, there is no situation that will not benefit from financial advice.
When thinking about regularly setting aside some money, take these simple tips into consideration:
When spending money on items such as groceries or other shopping, ask yourself before purchasing it: “Do I need it, or do I want it?”.
A need is when you require the item to get through the day, week or month – for instance, you need food to live, but you do not need to buy a lot of treats and junk food; you may also need certain clothes and footwear for work, but you do not need to go overboard and purchase new things every week.
Cutting down unnecessary expenditure like this will help to get you to your goal quicker.
Another good tip when shopping is to shop wisely. Wait for sales – holiday sales are the best, such as Boxing Day, Easter or Labour Weekend – and purchase groceries that are on sale.
You may be saving a couple of dollars here and there by choosing a different type of cat food or dish washing detergent, and it will all eventually add up in the end.
Set a clear target of how much you want to save, and when you want it to be saved by. This will give you something to work towards, and will therefore drive you to reach your goal.
A financial planner can help you to identify a realistic saving time frame, and create a comprehensive budget to guide you and give you an idea of how much your outgoings will be before you can start saving.
After you have identified how much your income and expenses are, you can begin to save your money. A great way to put away money regularly, is to divert a certain amount of your income or wages to another account where you can’t touch it.