Create a quick savings plan in three easy steps
Are you trying to save more money but you’re not sure where to start? Trying to figure out a way to save can seem like a time consuming process that takes a lot of work, but with the right plan of action, saving money can be easy and time efficient! To help get you started, here are three steps to quickly create a savings plan:
- Decide on one thing that you’re willing to stop spending money on and write it down. It can be the cup of coffee that you buy every morning, or travelling a little less each day – whatever you choose. Then, at the end of each month, deposit the money you saved into your savings account. If you think you'll be tempted to spend the money before the month is up, feel free to deposit the money into your savings at a more frequent rate.
- Set up a savings plan at your bank so that a specific amount of money automatically gets transferred into your savings account at certain intervals. It doesn’t have to be that much money – even a few dollars can get you on the right path to building up your savings.
- Adjust your budget. Instead of budgeting for your coffee in the morning, budget those funds towards savings. For the money you have automatically sent to your savings account every month, count that as a bill with you as the “lender” so that you make paying yourself a top priority. Just make sure to adjust your income accordingly so that the payment to yourself still fits into your budget.
That’s it! By doing two things and adjusting your budget, you now have a simple savings plan. Even if you’re just saving a little, it will add up over time.
Not enough savings and too much debt? If you’re struggling with your financial situation and need help to get your life back on track, call 1300 661 901 to talk to one of our specialist debt management consultants.
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