Gain financial freedom with these saving tips

It doesn’t hit a person that  they have overspent until they reach that time of the month when debit orders have to come off. After your account is ravaged and torn apart by your many bills you are left with just pennies to spare and packets of noodles for supper every night.

Don’t be caught in the same rut every month and make these money saving tips part of your lifestyle according to Old Mutual:

Create a budget and stick to it: The first step you need to take is to draw up a budget, and then stick to it. Not only does this help you to work out how much disposable income you have available, it also helps you to track where and on what your money is spent. This makes you aware of unnecessary spending and will assist you to eliminate some or most of it.

Adopt a savings mindset: The majority of consumers find they are “spenders” as opposed to “savers”. You can change this by making small changes to your habits, such as starting a savings plan that you then commit to paying into regularly.

Think long term and invest for the long haul: Part of developing into a successful saver means you have to be prepared to ride out the short-term highs and lows. Now more than ever, considering the current economic climate, it is easy to get side-tracked by uncertain market conditions, but investing for the long term and being committed to that mitigates the risks.

 

READ more money saving tips on Old Mutual site

  AUTHOR
Lauren Beukes
Journalist

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