5 Savings Tips

1. Why are you saving?

This will determine your next steps. Are you saving for a mortgage, a trip, a change in career, to buy a car, go hack to college, start a business, early retirement………Each needs a different spending plan and strategy.

Prepare a plan – decide your goals/objectives for your money?

2. Have a rainy day fund

3 to 6 months of net income

3. Save at least 10% each month of your net income

 If you can do more, do more! If you’ve a specific goal in mind this will be easier to achieve.

4. Set up a standing order

Saving every payday – Once they’re gone, they’re out of sight.

5. Have mixture of savings & investments

Short term (savings such as rainy day funds) Medium term (Investments with a time horizon of 7 years + and Long term (Pensions and Investment Portfolios). Each should consider your risk profile, costs, taxation and accessibility.