- Pay off your debt first - unless you're
paying a fee, financial advisers won't make money if you use
your savings to pay off debt, so they may be reluctant to offer
this advice. Check out our page on Debt
Reduction Versus Savings.
- Once you're debt free, stay debt free -
check out the Consumer Debt Management
Programme and ideas for reducing the
- Start saving something, anything, and start
today. Even if you can only save a few dollars each week, you'll
start to learn the habit of saving. And the longer your savings
period the better - check out the page on Compounding
- Keep saving. Saving is a journey. Until
you retire, you'll probably need to keep saving.
- Becoming a successful saver is a lifestyle
change. It will require discipline.
- Look for an investment that will let you
drip-feed your savings. This will help provide a form of discipline.
- Don't wait for the next pay increase. Despite
your best intentions, there will always be something else to
spend it on. In general, increased income inevitably equals
increased spending. "Successful saving is not about
how much you earn, it's about how much you save".
- Once you've started to save, invest
it to avoid temptation.
- Work out a savings
plan - what's it for? When do you need it? How much do you
need and how are you going to get there? Set goals. Write your
plan down. If applicable, discuss and agree on the plan with
- Use the savings
goal calculator to help map your savings plan.