How do I start saving?
There are 3 things you can do with your money: spend it, save it, or invest it. If you have a budget, how you spend your money should be taken care of and if you're sticking to your budget you shouldn't be overspending.
Start saving as early as possible. The power of compound interest – earning interest on interest – works best when you start early. Visit your nearest credit provider or speak to your financial planner to help you choose savings options that suit your needs.
Ways to save money
All it takes is some hard work and clever strategies – like making your money work even harder than you do.
- Budget: Track your expenses so you can see where to cut back and put that money into savings.
- Set savings goals: Decide what you are saving for, like a new fridge or a holiday. Create a savings goal and work out how you will achieve it.
- Give yourself deadlines: Set realistic dates for achieving each goal.
- Challenge yourself at the beginning of the year: Start with an amount you can afford to save in January and increase that amount by 10% every month for the year.
How can I start saving?
Spending money is easy, but saving and investing it can be difficult. You may feel it’s impossible for you to save because of your current financial situation. But even if you can’t save much each month, every cent counts. Watch our video for practical tips on how to start saving.
