7 Tips to Save Money and Reach your Financial Goals

7 Tips to Save Money and Reach your Financial Goals with Money Compare

Having a savings account is a great way to meet financial goals and achieve financial well-being. The sooner you start savings, the quicker you’ll reach your financial goals 

Here are our 6 best tips to save smarter and reach those goals!

1. Establish your Goals

It is important to have something that you are aiming for. Finding the motivation to save will feel that little bit easier when you have a goal that you are striving towards. It’s a great idea to have a balance of short term and long term goals to keep you focused and motivated. A short term goal could be saving for a TV or a holiday. A long term savings goal could be for a house deposit

2. Create a Budget

Having an overview of your income and expenses will help you determine how much money you can allocate to your savings. It will also help you keep track of any unnecessary spending so you can reduce some habits and put more funds into your savings. 

6 Tips for a Budget

3. Set Up Automatic Transfers

It makes it easy when you don’t have to think about transferring money into your savings accounts. If you don’t have to think about it, and the transfers are happening automatically, the savings will add up quickly! Whenever it’s pay-day, set up a transfer. Savings will soon become a habit and a normal part of your money management. 

4. Reduce Impulse Spending

It can be easy to give into retailer savings, the latest gadget, and the fashion and make up trends on social media. But if you can resist temptation, and avoid impulse buying, you can put the cost of those products into your savings. If there is something you want, it can be a good idea to wait 30 days to see if you still want or need the product. You can also reward yourself with something small when you reach savings milestones. It’s good to have balance when saving!

5. Cancel Memberships and Subscriptions

Do you have subscriptions to several streaming platforms? Or a membership to the gym you don’t use? Cancel any subscriptions or memberships you don’t use often, or switch to a cheaper streaming service and only use one. 

Major Streaming Services Increase Prices in NZ

6. Reduce Unhealthy Habits

Quit smoking, avoid regular takeaways, swap your morning takeout latte for bringing one from home. You can make a big difference to your spending habits by tightening up on habits that aren’t always healthy for you. If your daily coffee is $6, and you reduce this to a weekly treat, imagine the amount of money you will be saving!

7. Compare your Bills

You can make savings on your utilities bills by comparing. NZ Compare makes it easy to compare broadband, power, mobile, and other money and finance related bills such as your mortgage or insurances. You can find better deals for your household that reduce your expenses, and you can put that money towards your savings account.

Compare Broadband

Compare Power

Compare Mobile

Compare Money

Further Reading: 

Bill Anxiety? You Have More Power than you Think

A Guide to Comparison

10 Easy Ways to Save Money and the Earth

Practical Tips for Saving Money on Everyday Expenses

Thursday, 16 May 2024