A simple guide to Saving – Where to Start

Planning for the future is the foundation of all financial success. When you have money saved it gives you the advantage of being prepared situations, such as going back to college, starting a new business, meeting unexpected health challenges, or taking advantage of market crashes to buy shares or stock.

The first step to saving is deciding how much you would like to save and what for – retirement, a house, car, college, dream vacation or just to have the extra money available when needed. Once that is done, you need to where to save and the accessibility of your savings either in the short term or in the long term.

To start saving, you need to:

• Set a timeline of when you want to reach your goal
• Set a schedule by dividing the total goal amount by the number of weeks, months or pay periods between now and your goal date.
• Get on a savings platform, like SaveIt.
• Treat your savings contribution like any other must-pay expense, such as rent or groceries.

Below are a few tips to help you make the most out of your savings:

• Keep track of your weekly & monthly spending to know your necessities & cut off your luxuries. You would be surprised how much you can reduce from your weekly expenses.
• Make purchases with cash instead of through bank transfers. This can help you stick to a budget and avoid impulse purchases. Simply decide ahead of time how much you want to spend and then set aside that amount in cash before you go shopping.
• Lower your bills by reducing your electricity consumption, data consumption, airtime recharge. These bills may seem small, but they are a big part of your monthly expenses.
• Rank your nonessential expenses. Keep the ones you like the best and cut the items on the bottom of the list.
• Pack a lunch. Or cook more dinners at home. Eating out at restaurants can eat up a lot of money that could be saved.

Once you have it all worked out and you can manage your finances, you can then start saving for the future. You can use a life savings plan to save for a longer period & to also get a free life insurance plan that will protect you & your loved ones.