Five of the best money saving tips
Most people will spend at least one third of their life in retirement without work. The more money you can save early in your career the more you will reap later.
Save Early and Invest Soundly
1. Spend less than you earn
Save regularly. Try to save at least 10% of your salary each payday. Don’t spend first and try to save what’s left. If possible arrange an automatic deduction and budget from what remains.
2. Save early
Learn the power of compounding interest . The sooner you start the greater your returns. Don’t gamble or take unnecessary risks with your hard earned money.
3. Pay off high interest debts
Pay off credit card loans as soon as possible and house mortgages if they carry high interest loans.
4. Budget within your means
What is essential? What is not essential?
Reduce your non-essential spending.
5. Spread your risks
“Don’t put all your eggs into one basket.”Spread your savings over different types of investments such as bonds, shares, property, and income-based assets.
Get professional financial advice from a banker or a registered financial planner as they have access to more information from research teams.
“Money is a good servant but a bad master”