reposted from the Salvation Army – Your the Boss
Summer is around the corner. Love it or hate it, this time of year can get pricey! With the warmer weather comes more events, more pressure leading up to Christmas, holidays and next thing you know, you’re thinking about back-to-school supplies (for those with kids).
Before you start sweating, take a pause and think about one thing you might be able to do to put some money aside for Summer.
Let’s call it your Summer Fun Fund. Or you can call it something better.
Start with a goal
- How much money will you save each payday?
- What will you do with that money by the end of the year?
- Imagine your future self spending it.
- Where will you write down your goal, to make sure you stick to it?
- Write it on a piece of paper and stick it to the fridge, or make a note in your phone.
Now it’s time to choose your simple system
- How are you going to save that money?
- We recommend setting up a direct debit out of your bank account into a dedicated savings account.
- Unsure how you’re going to find that extra money to put away?
Try one of these savings strategies:
- Stop a regular spend or reduce a habit, eg. Cancel a subscription you’re not using and put that amount into your savings account.
- Start grocery shopping with a list and avoid impulse buys.
- Get a better deal by calling your electricity, gas, internet or insurance. You can also use an independent comparison website.
- Check your bank statements for any items you think you can cut down on.
Support for the journey
- Can you find someone to do a Summer savings challenge with you?
- Research tells us that those with support are more likely to succeed in their goal.
- How can you reward yourself along the way?
Perhaps you can celebrate with a treat or your favourite activity when you save a certain amount.
Expect obstacles and be kind to yourself. Some weeks you’ll succeed, and you’ll also face setbacks. It’s all part of the process.
Let us know how you go?
If you’d like further support to help you manage your money, the Moneycare team members are great listeners. Call us on 1800 722 363 to make an appointment with a financial counsellor or have a live chat on the Moneycare website here.
