How to Start Saving Today
How to Start Saving Today
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Struggling to save?
There are many ways you can start saving money to stretch out those last few notes or coins in the bottom of your wallet or purse!
How much you save depends on a number of factors:
Is there something specific you are saving up for?
If you are saving for something in particular you will need to consider when you want the item and how much it costs to create a saving plan.
Is it a short-term or long-term goal?
Is it for an emergency fund?
Generally, it is suggested that a maximum of 50% of your income will go to necessities such as your bills, or rent, or mortgage. This leaves the other half of your income to be split between savings and discretionary items. It is recommended that 20% should be saved allowing you 30% to spend on discretionary items of your choice. Depending on your lifestyle, you may decide you do not need 30% of your wages to go towards discretionary items or a whole 50% to go towards necessities giving you excess to transfer into your savings.
Want to know how you can save money by money management or lifestyle changes? Simply click to find out more!
Still struggling to save? Creating a budget is a great place to start when you're thinking of enhancing your savings.
Check out the "How to Budget" page for more information on creating and sticking to budgets!
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