Saving money and getting ahead financially aren’t hard things to do when you have a bit of sound advice up your sleeve. So don’t wait until you need a holiday or have a credit card debt to pay down to kickstart some good saving habits: Start now and reap the rewards with greater investment options, much sooner.
Here are four easy tips for having more money in the bank when the time comes to invest, regardless of the size of your paycheck right now.
1. Hoard your pennies
Most of us have had a time in our lives when we’ve gone in a little too hard with our savings goals… even when it wasn’t to save for investment! Have you ever tried cutting coffee, not eating meals out, or perhaps working overtime every night? It takes a special kind of person to hack that kind of savings plan… and it’s not necessarily worth it!
Take a more gentle approach and you’ll find that it’s more sustainable, and that you don’t crash out in a blaze of overspending glory. MoneySmart’s data shows that 43 per cent of Australians don’t save at all, so something is always better than nothing.
Make smaller incremental goals and build up to a larger savings target. We’re talking 10 per cent of your income a week at first, until you begin to not miss the money — at which point you can build up to a larger percentage.
2. Set your sights on a goal
Achieving goals feels like a win. Every little win feels good and gives you an excuse to treat your self just a little on the weekend.
So set your sights on something that you want to achieve with your savings, be it a solid investment, your first property or perhaps even some travel.
But don’t stop there — make it real by getting advice on how exactly to achieve your goals.
3. Get advice
From financial advisers, to mortgage brokers, there’s a wide range of professionals who can help make your goals a reality.
If property’s your goal, the first thing you should do is talk to us – that way you’ll get a clear idea of what exactly you can borrow and what you need to aim for.
4. Risk it to get the biscuit
If you risk nothing, you gain nothing. We’re not saying you should buy a lotto ticket or throw it all on black… we’re reminding you that action gets results, and that you should start saving and setting goals right now. Because the sooner you start, the more time you will have to achieve your goals.
For more advice and a savings plan tailored to your personal situation, call us today.