Welcome back to Money On Trees. Today, we are going to discuss one of my favourite topics when it comes to finances: saving. I’ve always believed that saving is something that can be achieve through practice. We discuss it in every Money On Trees seminars and our attendees often forget to include it in their budget. Today, I am going to share some of those tips from our seminar in hopes that it will help you reach your savings goals.
Saving money for future use is easier if you know what you want and how much you will need. If you want to buy a $500 item within the next year, set a goal to save $50 a month for the next ten months.
Have a strategy
Every time you receive money from an allowance, birthday gift, part-time job, try to put some of it into savings instead of spending it. Pay yourself first!
I have this set up on my personal account and I find it extremely useful. Every time you get paid, take a percent of your pay cheque that will transfer to your savings account. I prefer this mention because I don’t have to think about it and I don’t make excuses as to why I can’t put that money in my savings account.
Cut back, not out
Are you spending $20 a week on coffee? If you save $10 by cutting back each week, at the end of the year you’ll have $520 to put into a savings account or an investment account that earns interest.
What are your favourite ways to save money? Share your tips in the comments below and on social media @Money_On_Trees on Twitter and Facebook.
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