Most people, at some stage or another, will need to save money. Whether it is for a large purchase such as a house deposit or money for a rainy day, similar savings principles apply.
Consider the following tips to boost your savings account:
Automate your savings
One of the easiest ways to get into a saving habit is to automate your savings when you get paid. Create an account that is separate from your everyday expenses such as bills and groceries and allocate a set amount to be transferred each payday to this savings account. Having the money in a separate account will help to avoid the temptation of spending your whole pay packet.
Hold onto small cash
Holding onto small cash, i.e., $5 dollar notes, can significantly add up over time. Challenge yourself to keep a hold of small notes or coins left over after running your errands or a night out; you might surprise yourself as to how much you can save with little to no effort.
Save extra sources of cash
Anytime you come across an extra source of money such as a raise, bonus or a tax return, consider banking it. If you have managed to get by on your salary or wage up until now, you can continue to live off the same amount and you will thank yourself later when you can afford that holiday or car, etc.