If youâre saving for something or want to reduce your debts, the best place to start is with a budget. It shows you how much you earn and how much you spend, and will calculate what you have left over each month to play with.
Our comprehensive budget planner calculator will help you work out the money you have coming in and where it goes each month.
When you know how youâre spending your money, you may be able to find areas where you can cut back a little. Try to be realistic about this. A budget is there to help you save money and it needs to be flexible. If youâre too hard on yourself, the chances of sticking to your budget will decrease. However, it is important to make savings a permanent item in your personal and household budget. View our tips to control spending.
Once youâve worked out where your money is going each month and how much you have left over to save, you can then set yourself a savings goal. By understanding your short, medium and long term savings needs youâll have a clear idea of what you need to do to achieve your goals. You should also choose the most effective savings account for each of your savings goals.
The savings term calculator will help you work out how long it will take you to reach your savings goal if you make regular monthly savings.
If you can get into the routine of a regular savings plan, youâll soon get used to not having that extra money to spend each month. Tip: Think about setting up a direct credit from your account to coincide with pay day. That way, your money ends up in a savings account before it reaches your wallet. And remember, the earlier you start saving the greater the benefit of compound interest.
Avoid the temptation of dipping into your savings for those one-off expenditures by setting up a separate savings account. Use it only for making deposits and avoid linking it to a keycard so you canât access the money quickly.
Short-term debt, like a personal loan or credit card, can be convenient and useful. But itâs vital that you stay in control of repayments to ensure your debt doesnât become a burden you can no longer service.
Clearing your debts, no matter how big or small, puts you in control of your finances and provides a greater degree of freedom.
Creating a budget can help you manage your debt repayments by highlighting where you spend your money and where you can make possible savings to help you pay off your debt faster.
Getting financial advice from a qualified professional can go a long way to helping you reach your goals. Our team of financial advisers can help you develop a budget, show you how to save, help you with insurance and investments, and offer you advice on how best to reach your goals.
Itâs never too late to start saving. Every cent will count when you need it.