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Successful Savings

  • 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 mortgage.
  • 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 Growth.
  • 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 your partner.
  • Use the savings goal calculator to help map your savings plan.