We all have different spending habits.  The same can be said for our savings habits.  Where are you on the spending/ saving scale? 

Saving is easier if you:

  1. Have a big goal – saving for a house deposit – a holiday – or a new car. This makes it easier to resist that impulse buy – because you know that what you are saving for will be wonderful.
  2. Transfer a fixed amount of money before you see it – Set up an arrangement that has part of your salary moved to a savings account. Put the money somewhere it is not easily accessible. Once you see the money it is easy to spend.  This is the case regardless of your earnings.
  3. Live within your means – purchasing things on a credit card and paying interest makes your purchases seem easy – but it literally costs you lots.  I have a 55 day interest free credit card and pay it off in full every month.  Others I know prefer to use a debit card to only spend the money they have.

Savings have enabled me to:

  1. Travel the world for a year – when I was in my twenties;
  2. Take my family on international and domestic holidays; and
  3. Buy an investment property – with a single income.

These savings suggestions have worked for me. I am not a financial advisor. These are broad suggestions and not based on individuals’ specific circumstances.

What are you saving for?

Share your saving strategies with us at Love Your Life Community.