Do you struggle when it comes to savings?

If you are like most of my clients then the answer is yes. Here are three practical tips to help you save more.

1. 48-hour rule

I heard about this rule a few years ago. When you are thinking of buying something whether its new clothes, shoes or even a car, don’t buy it straight away. Wait for 48 hours before you purchase the item. By waiting 48 hours you have allowed yourself to rethink the purchase and determine if you really need the item or just want the item.

2. Automate your savings.

When you get paid set up an automatic transfer of a specific amount from your bank account to another account that you cannot touch. This will prevent you from spending all your pay check. It is a great way to force yourself to save. Make sure that the account you are transferring the money into is an account that you cannot easily get access too. A great amount to start is 10% of your income and then slowly build from there.

3. Track your expenses.

When was the last time you tracked your expenses? By tracking all your expenses, you will know where you are overspending and you can immediately cut back on those expenses and start saving. If you don’t know where to start, I suggest looking at your last 3 months bank transactions and go through all your expenses. Its tedious I know however once you do it you will not need to do it again as you will have the list of most of your expenses. Alternatively, there are apps that you are able to download that will summaries your expenses or your online bank app may have this feature. I suggest tracking your expenses daily if not then at least monthly.

If you need help with budgeting, please get in touch with us as we would love the opportunity to assist.