Today, more than ever, it is important to have some money aside. Whether it’s for buying a home, getting out of debt, or achieving financial freedom, saving money is crucial. Greenway has helped multiple individuals and families save money and reach their financial goals.
Here are 7 tips on how to save money in 2021:
1. Set savings goals
Having short-term and long-term goals will help you identify what’s important for you. Having a goal will motivate you to save money and keep your objectives in mind. When you know what you’re working towards, saving money feels easier and is no longer a sacrifice.
What you should do to save money:
- Set a realistic goal
- Keep track of your progress
- Have a timeline
2. Pay yourself first
Paying yourself first meaning prioritizing your long term needs and paying your future self. You should pay your own savings and investments accounts first. This can include paying off debts, your pension or simply your savings account. If you only think about saving your money after everything else is paid for, then it’s easy to end up with nothing left.
3. Review your spending habits
You want to learn how to save money? The first step is to learn how to spend less of it! It is possible to change your spending habits. For example, you can review your broadband bill, your phone bill or even where you buy groceries. Be reasonable and cut uncessary expenses, and you will see results!
4. Budget and understand your finances
Having a budget will help you build a solid plan and prepare for the future. Saving money will be easier once you know exactly where your money is going.
With work, family, children, our lives are often too busy to organize our finances. Getting help from a professional is often the best solution. At Greenway, our qualified financial advisors provide a full financial plan to help you save money and achieve your financial goals. Book a free consultation now.
5. Pay off your debt
If you’re trying to save money by budgeting but also have a lot of debt, begin with the debt. The best solution is to find a balance between saving and paying off your debt. Don’t forget that the longer you take to pay your debts, the more money you spend on interest rates.
6. Automate your bills
When you automate your finances, you are effectively placing your money on autopilot. Set up your bill payments and savings accounts to be charged automatically every month. Your bills will ne paid on time and you will save money by avoiding late fees.
7. Open a savings account
In order to secure your money and save, you need to open a savings account. Not only will this encourage you to save money, you will be assured that your money is safe in the bank. You have the choice between a regular savings account and a lump sum deposit account. Putting your money in an Irish savings account is a guarantee that your money will be protected. Putting all your money into an online bank, for example, can put your money at risk.
Get financial advice
Book a free consultation with us now. Our high-quality financial advice will help you become financially independent and save more money!