We all battle to get into a saving mode and stick to it. Our spending habits are often ruled by impulse and convenience. 

In order to get into a good saving mindset, we need to form savings habits that will become an everyday part of our lives. Unfortunately, forming habits is usually hard work, which is why most people fail at it.

Here are easy and simple savings habits that don’t require a lot of effort and will soon have you on the path to becoming a savings guru.

• Be realistic – Be realistic about how much you can afford to save. Don’t overcommit or you will be digging into your savings every month. Start small and gradually increase your contributions as you become accustomed to saving.
• Set up a direct debit into a savings pocket – Avoid the temptation of spending extra cash by moving it over into a savings account asap. A direct debit on payday will do the work for you and prevent temptation. Saying you will do it later if there is any cash left is counterproductive and is procrastination in its best form.
• Interest earning account - Whatever savings vehicle you have used, ensure that it earns you decent interest and allows you to access your funds in case of an emergency. 
• Set a savings goal – if you struggle to stay committed to saving, then set a defined goal for yourself. Visualise a clear goal e.g. deposit for a home, overseas vacation, new car etc. You can even call it your vacation or home deposit piggy bank. Keep a picture of your end goal next to your debit and credit cards in your wallet. It will make you think twice before spending.
• Technology is your friend – Banks offer many budgeting/savings apps and tools that can work out your monthly expenses or spending behaviour for you, or automatically transfer rounded up change into a savings pocket from your account.
• Compound interest – Many savings accounts deposit your interest earned back into your account. This earns you interest on your interest and will make a difference in the long term.
• Possibly pouring some of your savings into your mortgage account will get your house paid off quicker and could save you thousands in interest. Increasing your direct debit amount every month will give you financial freedom sooner.
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When it comes to saving, you need to start immediately as any savings is better than nothing at all. Chat to your deVere Acuma adviser about setting up a savings investment for you. [email protected]

Please note, the above is for education purposes only and does not constitute advice. You should always contact your deVere Acuma adviser for a personal consultation.

* No liability can be accepted for any actions taken or refrained from being taken, as a result of reading the above.