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May 03 newsletter

Welcome to the Shape of Money's step-by-step guide to the secrets to wealth.

This month we look at another secret to wealth: saving. "A part of all you earn is yours to keep" (The Richest Man in Babylon)

We've all been saving power - now let's save some cash.

In order to achieve your financial goals, you'll need to save. It sounds so obvious it surely can't be a secret! But there are so many competing claims for your cash that it can be difficult both to kick-start a savings programme and to keep it going.

Saving shouldn't be confused with investing. Savings are the regular or lump sum amounts you put away. Investments are the various options you employ to make money on your savings.

To successfully save, you need to create some sort of regular savings pattern. This can be as simple and effective as arranging an automatic payment to transfer a portion of your pay to a savings account. It is important to always remember that saving is a long-term venture.

the Shape of Money has a useful topic, "A Guide to Becoming a Successful Saver", which contains tips and assistance to help you create a regular savings plan.

For many people, however, saving anything is just not possible. Not because they don't earn enough, but because spending is just too good and easy an option. Anecdotal evidence suggests that their best saving option is to seamlessly move money out of their bank accounts and into an investment which is locked in some form.

Why not check out the savings goal calculator to calculate the regular savings amount you'll need to achieve your financial goals?