Starting to save money right NOW!

29 Nov 09 / Posted by: Alex

Lots of people ask us, what is the best way to save money? What is the fastest way to save money? The answer tends to remain the same, there is no easy way – it takes hard work and a disciplined outlook.

So what is the best way to begin saving money? Well the answer is simple – begin right now!

Starting your savings

Ok so as we said above, you must begin right now. Lots of people wonder when the best time to start is, but really you should begin right away as in our heads it is never a good time to start – although the number may be small, at least you have come to the realisation that it is time to get serious.
So what are the logical first steps to begin your savings account?

The 10% rule

This is a tried and test formula – save 10% of everything you and your family earn. It may be small, it may be big – but it will definitely start to add up a lot faster than you may think.

Sign up for a high interest savings account

Deposit that 10% into a specific savings account with a high interest rate, the hard it is to touch the better. You don’t want to dig into your savings just to buy lunch or something little, see it as the account that is NEVER touched.

Get your family involved

Whether you are a mum, dad, student, single or just in a casual relationship – if you want to get serious about saving money, tell your family. They need to know you are taking it seriously and intend on saving at least 10% of everything you earn. Better yet, ask them to contribute also?

Give yourself a goal

Figure out a time goal for your initial savings plan. For example, tell yourself that you will only touch the money come time to pay for your holiday, buy a house or something similar. I tend to give myself at least a 6month goal – doing this mean I can watch the savings grow and keep motivated that it won’t be long before I can access the money.

Get motivated

Why not share your motivation with other readers? Drop us a comment below and tell us why you are saving and how long it will take you!

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