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How do I save money?

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Saving money is one of those tasks that are so much easier said than done. To try and save money is a lot harder than actually spending money and to achieve a result you must learn how to set realistic goals, keep your spending within your limits and get the most for the money that you actually have. Hopefully the steps below give you a starting point to be able to save for the item that you really want, be it a house, car or skateboard.

Step 1 – Set savings goals, short term goals are easy to achieve however if you want to raise a deposit for a house you may need to take a long term view. The secret is sticking to goals and making sure they are achievable. Set time frames as well, that way you know when you will achieve your goals. Again make them realistic.

Step 2 – Budget, a budget can really help show you where you are exactly spending your money. It will also help demonstrate how much of a surplus you have on a weekly basis to help set those savings goals.

Step 3 – Get rid of Debt, those pesky credit cards and personal loans really eat into your ability to save money. If you cannot get rid of this first then at least look at consolidating the debt into a lower interest rate to save on high interest.

Step 4 – Trim your current expenses, have a good look at the budget and decide where you can save some money. As an example, can you move to cheaper accommodation? Can you find a less expensive insurance company? Can you cut back on going out, cigarettes or alcohol?

Step 5 – Open a separate saving account, most banks offer better interest rates for a separate savings account outside of your transaction account. They may pay bonus interest for example if you make a deposit during the month without a withdrawal.

Step 6 – Think outside the square, you may have a shed full of stuff that you never use and choose to hold a garage sale or list items on Bairnsdale Buy Swap and Sell. You may decide to take up a second job on a Friday evening, ask your parents to match your savings dollar for dollar or even form a club of like minded people that meet once a week to discuss how your savings goals are going and share ideas on how to save money together.

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