Save more Money



Set Goals

The first step to achieving anything is to set a goal. How much do you need to save? In terms of property, you’re probably saving for a 10-20% deposit. So figure out how much you will need to save and then commit to that goal. (Don’t forget transfer costs…)


Record your expenses

Take the time to track all of your expenses – everything that sucks money out of your pockets. Everything from snacks to a night out to household expenses. EVERYTHING.

Then organise all of these expenses into categories, for example; groceries, petrol, entertainment etc… Then total each of these categories.


Budget for Savings

Now that you have a good idea of what you spend your hard-earned money on each month you can work on a budget. The aim of a budget is plan your spending and very importantly, limit overspending so you can discipline yourself to save as much as possible. Be sure to add in a savings category.

Typically you should try save 10-20% of your income.


Minimise Expenses

Even if you are saving your 10-20% its always a good idea to find out how you can shrink your expenses further. Identify where you could spend less, for example, luxuries such as entertainment and eating out.

Otherwise find ways to reduce your fixed monthly expense, such as:

·       Insurance: shop around and compare insurance for cheaper plans

·       Subscriptions which are nonessential: Unsubscribe from all subscriptions you do not use or do not need.

·       Rent: If you live in a 3 bedroom house but can easily live in a 2 or even 1 bedroom house, maybe you should consider the sacrifice in the name of your long term goals.

Another great way to reduce spending is to give yourself a cooling off period for when you “really” want to buy something you don’t need, give yourself 2 or 3 nights to sleep on the decision. This can save you from buying a lot of things on impulse.


Save first, Spend second

When that sweet cash comes flowing in on payday make it a habit to save first. When you save first you recondition your mind to believe you are only earning a fraction of what you actually are being paid. This reprogrammes your spending habits to be more conservative and saving money far less painful.


Maximise your Money

Needless to say you want your money to work for you. So when we save, we typically save over long periods of time and to put your money in the right place for maximum growth can have a substantial effect on our future.

Try put your money in a higher interest savings account. Maybe even explore low risk investments which generally grow faster than if you kept your money at the bank.  Always remember that all investments have risks and nothing is guaranteed.


Track your Progress

Keep an eye on your money and watch it grow! Set intermediate savings goals and as you hit your goals reward yourself with a low-cost gift. Plus, it is extremely satisfying watching those numbers get bigger and bigger and may even inspire you to save even more and hit your goals sooner.