And yet, for some reason, it's hard to put money away. But there are ways to build savings into your life without sacrificing fun or quality of life! We'll go over some practical steps to get you started and also improve your financial health. 

Before we start

Please note that this does not constitute as financial advice, but a general guideline. It is important to speak to an accredited financial advisor who will be able to advise you based on your situation to find a solution that will be best suitable for you. 

Your budget will make or break your savings plan

It may seem like basic advice that we hear over and over again. However, it's the small things that can sink your financial ship. Having a budget is crucial to your savings goal. It's the process of deciding how you want to spend your money, and then tracking it over time. You should identify what you need in your life and prioritize spending accordingly. After all, it's hard to save if you're spending too much on things that aren't important to you. Once you've made a budget that works for you, stick with it.

See what you can cut back on

The first step to saving money is to make a list of your expenses and see what you can cut out. This can be a very difficult process, but an important one if you want to reach your savings goal. Seeking professional advice from a financial advisor can also help you cut back in a way that doesn’t result in you leaving off beans. Look at each expense on your list and think about whether or not it's necessary, as well as how much time or money each one takes up. If there are some things that take up more time than they're worth, consider cutting them out completely (or reducing them so they're only around once in a while or finding an affordable alternative).

Separate your savings account

Avoid separating your savings from your budget only, but make sure that you choose the right savings account for your financial goal to make sure that you get a good interest rate or even withdraw it without any tax implications. Try opening your savings account at a different bank to avoid the temptation of dipping into it. You can also have an automatic debit order to help you stick to your monthly contributions.

Grow your means of earning an income

Aim to diversify your means of earning more than one income. It's not necessarily easy, but it can be done. There are several ways to do this. One is by selling things online. If you have a skill set that could earn you some extra cash—like designing websites or editing photos or writing blog posts—offer those services as well.

Negotiate for a raise at work.

Sometimes it boils down to receiving an increase at work to help you reach your saving goals. You've done your research and know how much you're worth. You've got a solid idea of where you stand in your company, but it's time to take it up a notch. If the thought of asking for a raise makes you nervous, don't worry—we have you covered with our handy tips which you can learn more about here.  

The most important thing to remember is that saving money is not a one-time thing. It’s about making small changes in your daily life that will help you build up to your larger goals. You don’t have to cut out every single expense from your budget—just look at the ones that aren’t necessary and start there.