Saving is a personal thing. You need to work out what the best saving method is for you. You might decide to save lump sums like your tax refund or your annual bonus. Or you might prefer to undertake microsavings using app like round-up or acorns.
Whatever savings method you use, the best savers are the ones who form habits and save regularly. Here are our tips for becoming a more successful saver.
4 Habits of Successful Savers
1. Create a goal and make a budget
It sounds obvious but if you have a goal and a budget, you’re more likely to save. We’ve already talked about how to set a goal and the importance of making it something that is real and personal for you.
Once you know how much you need to save, you also need to work out how you’re going to do it. That’s where making a budget and figuring out how much you can afford to save becomes so important.
2. Research savings accounts
We all look for the best deal on mobile plans or health insurance but when it comes to savings accounts, we usually choose a savings option from the bank we already use.
There are a number of different saving accounts you can choose from depending on your needs. Do your research and think about how you plan to use your saving account and your end goals. For instance, if you don’t want to withdraw money from your savings account , think about opting for an account that gives you bonus interest if you don’t make withdrawals. Alternatively, you could choose an account that offers a higher interest rate but won’t let you withdraw money out before a fixed date.
Compare your options and find the account that works best for you and your savings strategy.
3. Set up regular payments
Direct debits are not just for bills – they’re also for savings. Setting up a direct debit from your everyday account to your savings account automates the saving process, making you more likely to do it.
4. Track your savings
The final secret to successful savings is to track your progress. If you have a visual representation – like a graph – to show how far you’ve come and how much further you’ve got to go, it motivates you to stay on track and put in the final efforts needed to reach your savings goal.
Connect with one of our financial experts to learn how you can get the most out of your money
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