Wednesday, 10 June 2015

How to start saving

Hi everyone!!

I think that saving is such an important aspect of our lives as young adults. The road in front of us is just so open and we don’t know what will happen in five, ten or twenty years from now.

Job Security is such an important part of our lives too. It’s always about the economy. So many young and qualified people are unemployed and there’s nothing they can do. I’ve been there and it was such a nightmare. But once you start working there’s just so many things that you need and just can’t live without.

Girls, let’s be honest. We need everything. Those boots, that watch, that hair. And everything is sooo expensive. I’ve now entered into the life of quality buying. I still buy for quantity (there’s nothing that saddens me more than running out of clothes – what is that??) but now I buy for durability because I believe that I take good care of things I had to buy myself.
Image result for savings people
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Here is how you can still enjoy life and have savings:
As soon as you receive your cheque – take out the amount you want to save and put it in another account or investment plan that will earn you interest.

Make peace from the beginning that that money is untouchable. Otherwise you will rely on it and ruin your investment plan.

Give it a name. What is it for? If it’s money without a goal sometimes you see its usefulness. It will always be your reserve tank when you run into some issues. If it’s for something more tangible you’ll be more motivated to keep going.

Use a method that is beneficial to you. We all want to dig a hole and out money in there but there’s so many options now where you can get a bigger return. I’d suggest that proper research if you want to invest into more high risk investments but if you’ve never saved on your own before or with lower risk options, I’d suggest that you leave the high risk options for now.

Transfer control over that money to someone else. The bank/investment fund. Any money you have access to will always slip from your fingers. No matter how control freaky you are.

In order for these tips to work you must be determined to save. It is not easy so if you do it half-heartedly you’ll just never leave your point of departure.

Personal Side Story
My mom made a small decision after she just started working to have R100 taken from her account into some investment plan she participated in. Because the amount is so minimal she wasn’t really concerned with it. Then one day I think about 5 years ago she wanted to start her own life policy plan with Old Mutual and they found that investment plan had almost R40k in it! And she started it in her twenties! Because she didn’t know she had it, it’s as if overnight money fell into her lap and it just shows the type of mindset needed to pull off the savings game!

I hope this helps!!


Till next time!

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