3 tips to stay in a money-saving mindset

You may be on your way to saving for an emergency fund or you may have just started the saving habit. In order to stay on track, follow the simple steps below;

Remember why you are saving – Remember the reason you are saving. It could be a vacation or for a comfortable retirement, make sure your reason is always at the back of your mind. When thinking of your saving, know that after you do save, you will be rewarded. Think about your reward, it could be enjoying a family trip to a place you’ve never been before. Change your attitude to emphasis what you will get in return and not on what you will be forfeiting in the present.

Be accountable – Detailing your spending in the form of lists, spreadsheets and budgets, is a good strategy. You will be able to see exactly where you spend the most and where you can curtail your spending. Once a budget is made, do your very best to stick to it. If you’d rather automate this process, you could auto pay your bills and ask the bank for an automatic deposit into a savings account.

If you get more money, don’t increase your spending – Once you finally get that promotion, try not to increase your expenses. Give yourself a treat and make a promise to yourself to use the extra money to speed up your savings. Budget for 10%-15% of your income to be put away as savings.