5 top tips on saving for the future

By Julie Ryburn
In Home Loans

Life is definitely about living in the moment and enjoying the here and now. If 2020 has taught us anything, it’s that nothing can be taken for granted. And the same goes for securing our future. How we manage our money now will have a direct impact on our quality of life when we are older. Here’s where to begin.

1. Review your expenses

Give yourself the financial onceover and see where your money is actually going. Organising your budget is the perfect opportunity to draw a line in the sand and make meaningful changes to how you live.

2. Direct your savings to specific goals

It’s much more motivating to save money if you know what you are saving for. It might be a new car, a house modification or even a new home. It doesn’t all have to be doom and gloom, dedicate a particular savings account to special events for when you want to splash out. Set up an automatic debit and you won’t even notice those savings building up.

3. Maximise your money

Savings are a great way to protect yourself into the future, but if you want to make your money grow more quickly, think about making some smart investments. With the cost of living not getting any cheaper, your money needs work as hard as possible. If stocks and shares feel a bit too risky, think about saving for an investment property instead.

4. Changing habits

It’s easy to get stuck in our usual routine, but even just cutting down on coffee and alcohol can make tangible savings across a year. Re-financing is another way to improve your mortgage payments leaving more cash for the savings account. Talk to a professional about your options – small changes can make big savings.

5. The 30-day rule

Get tough on yourself with impulse purchases and make smarter decisions. If you’re desperate to buy something, give yourself 30 days to consider. This deliberation forces us to consider whether it’s a need – or a want.

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