Whatever your goals, a regular savings plan is the first step to meeting those goals.
To achieve any financial goal: – You must spend less than you earn.
The easiest way to “spend less than you earn” is to “pay yourself first”. This means you set aside a portion of your salary for yourself as savings before you pay anyone or anything else such as bills, groceries, etc.
How do you do this?
When your salary hits your regular account, have a certain amount re-directed automatically into your savings or investment account. Then do NOT touch the savings/investment account until you have reached your goal.
You may also choose to have different accounts for different goals.
How much can I afford to pay myself? – Use our free budget tool.
If you would like advice on the best strategies to help you reach your savings goals, contact Prudentia Financial Planning today for a free initial consultation.