Turn your finances with a savings plan

It is never too late to begin saving, and you do not need to start with large amounts.

11:58 04 February 2014

If you are determined to improve your financial circumstances this year, you’re certainly not alone, but you’ll want to make sure you aren’t among the people who give up on their resolutions after a few months. 

 

Here are a few steps and ideas to help you succeed at your financial goals. 

 

• If you are tackling some debt issues work on paying off smaller debts. It will take you less time so you will feel as though you are accomplishing your financial goals. You will be more likely to stick with your debt payment plans if you can celebrate smaller successes along the way. 

 

• Keep a jar or container for extra change. If you receive monetary gifts, or purchases that you do not need you can return it for a refund and add the money to the jar. 

 

• You could try establishing a few different savings so that you have some you will not touch and some that is specifically meant for emergencies. If something happens during the year you will not feel as discouraged if you have to take some funds out of the emergency savings. 

 

• Keep the saving momentum going throughout the year by having funds automatically taken from your pay to be deposited into a savings account. After a little while you probably will not even notice the difference and your financials will grow fairly quickly. 

 

• Make sure your savings accounts are earning you the best interest possible. The more money you deposit the more you will earn from the interest. You will feel good about the extra that you did not have to take out of your own budget. 

 

• Try using cash back sites or other special offers which can help you get money back that can be funnelled into various savings accounts.

 

• Review expenses and reduce costs where possible. You might find the adjustment easier than you expected.