Budgeting and saving are very important steps you need to take so you can achieve your financial goals
To be able to start to budgeting for your future you will need to save money for the future. If you are finding it difficult to save, a good first step is to document all of your spending over a week or a month. This will highlight where your money is going and it may also show you how small amounts of daily spending on little luxuries like coffee can quickly add up to quite a substantial amount of money.
Craig at HQB Financial Solution feels budgeting and developing good spending habits is critical to secure a sound financial future. It’s easy to slip into a spending rut and not realise it until too late. Contact Craig here and get started now.
Tips to help you with saving and budgeting:
- Pay yourself first – regularly set aside some of your income before you’re tempted to spend it.
- Too good to be true – steer clear of short cuts to building up your savings as these investment opportunities are often riskier than they appear.
- Start saving with a friend – so you have support when you feel your motivation fading.
- Check all your utility and insurance bills – make sure you are getting the best deal and don’t be afraid to move to another provider.
- Be realistic – setting small achievable goals boosts your chances of achieving them.
Save first – spend later. Saving is about putting some money aside, investing is about making that money work harder for you.
Saving is easier if you commit to putting the money aside soon after you get paid and spending what is left, rather than trying to limit your spending and saving the amount left over.
An automatic deduction, either directly from your pay, or from your bank account a day or two after you get paid, is one of the easiest ways to set yourself up so that you save first. That way, you know exactly how much you have left to spend each pay period.
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