We’re all a bit different when it comes to money.
Some of us spend our paycheque as soon as it lands, while others put it to the side. Then you have those who do both.
It’s probably got something to do with the famous words of William Shakespeare, which here at OverSixty we changed around a bit.
“Some are born rich, some achieve richness, and some have money thrust upon them”.
If you’re looking for quick and easy ways to start saving, this is for you.
One thing you can do is to separate and automate your savings into a savings and transaction account, Money Smart recommends.
Place a reasonable amount of money into your transaction account so you won’t be tempted with the rest in your savings.
You can also organise with your employee to drop that mulla into your savings account, which in turn will help you transfer less money to your transactions account.
Another way to save money is by looking at your bank statements from the last two months and highlighting anything that is simply not essential.
Are you still paying for the gym but not going? Cancel it. Did you really need those three coffees? (Maybe… but probably not.) The point is, it all adds up.
When you go shopping make sure you have your list ready so you’re not buying things on impulse.
It is also suggested that you cook meals that can easily be frozen and used another time.
Car and/or home insurance is never cheap, so it is recommended you compare the plans and go with the most suitable one for your situation.
Having a savings plan can help you manage your money and stick to your goal much easier.
Setting up a savings goal is also a wonderful way to help you stay focused no matter how small or big the goal is.
Finally, if you have any debts, start paying them off as it gets rid of a lot of thousands you’d be owning otherwise.
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