We are living in challenging economic times, now more than ever, it is clear how essential it is to save for a rainy day.
It can be tricky deciding on how to start saving, like any goal - it's best to jot down your long and short-term saving goals. Have realistic money goals and commit to achieving them. Discipline is everything as it can be tempting to spend your savings if you have no clear goal of what you want your savings to do for you. In the spirit of savings month, we have outlined some saving tips to get you started.
1.Re-evaluate your spending habits
It is essential to ensure that you are spending your money on items that matter the most. Re-prioritise to make sure you can cover the essentials first, save a little and then spoil yourself.
2.Compare brands and products
Brands and retailers often offer the same products at different prices. The internet is useful for comparing and evaluating products before making a purchase. There are various websites that you can use to compare and evaluate product features to ensure you are comparing similar products. Look out for seasonal sales and discounts.
3.Think twice before you take on debt
Taking a loan is a big financial decision; it can make life easier if planned accordingly. It is also essential to pay back the loan when you can. Never take a loan to cover your lifestyle.
4.Open a savings account
Life is unpredictable, prepare for unforeseen circumstances. Save for raining days.
5.Keep receipts of your purchases
Keep track of when and what you spend on. Keeping your receipts will help you manage your money throughout the month and keep track of your savings.
6.Use your student card
There are benefits to having a student card, use them. Shop where you can use your student card and make a saving.
Why not start saving this savings month and beyond? Saving is a lifestyle, and it becomes easier with time. Write down your saving goals and commit to achieving them.