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Saving strategies
Building wealth starts when you set a goal and make a plan to reach that goal. Whatever goal you choose, whether it's buying a car, buying a house, or getting out of debt, learn about proven savings strategies and get simple tips on the best ways to save.
Discipline
To achieve any goal in life, you need to be disciplined. Similarly, saving and investing requires discipline. A disciplined approach helps you to remain focussed on your financial goals. Formulate a plan and review it periodically to ensure that you are on the right track.
The 10% rule
Your goal should be to save at least 10% of your earnings before tax. This should be the minimum. Most millionaires live far below their means as they are disciplined and highly focussed on their financial goals from the beginning. They are millionaires because they have decided to be.
Review your current consumption patterns
Make a careful study of your consumption patterns. Identify items of expenditures that you can do without or explore opportunities to reduce your costs without unduly sacrificing them.
Review things like your satellite TV bill, telephone bill, entertainment expenditure, insurance, brokerage services, utilities and cars. Then divert these cash savings automatically to an investment account.
Budgeting plan
Budgeting is vital to any savings strategy. It helps you identify where your money is going. Wasteful consumption patterns can be controlled through successful budgeting. Often a simple spreadsheet is all you need.
Plan to make saving automatic
Save first and spend later. Find out from your employer whether you can direct your pay to different accounts. If you don't have such a service, you can set up an account that will take the money automatically out of your account each month and in to an investment account.
Cut up the cards
Continuing to use credit will keep you in eternal debt, because even if you make your monthly payments on time, most of your money is going towards high interest rates. Close your accounts, cut up your cards, and start paying more than the minimum balance. This can save you hundreds in interest in the long run.
Don't bank on bonuses or tax returns
Try to avoid using bonuses and tax returns to catch up at the end of the year and get out of financial trouble or pay off big expenses. If it's not regular income, don't count on it. Plan as if you won't be getting that extra cash. Then when you do, you can put it into savings, a mutual fund, or even a large splurge for yourself.
Keep the change
Just leave your leftover change in a jar each day when you come home.
Every few months, take the money and cash it in. You'll be surprised at how quickly it adds up and you can put the money towards debt or an emergency fund.
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