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Take a good long look at your money
First, figure out how much money you have coming in and where it's all going. You might want to use a budget planner to add up your finances, organise them into categories (food, entertainment, health etc.) and work out how much you are spending on each.
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Be specific about your goals
Next, work out how much you need to save for your goals and for how long. Make sure your goals are SMART — Specific, Measurable, Achievable, Relevant, and Time-bound. Start with being very specific about your goals. If you want to buy a home, for example, how much will you need for a deposit for the kind of home you want to buy? Can you save that much? If so, how long will it take? You may find that you have to adjust your goal to fit reality.
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Start budgeting to stay on top of your money
Try to follow the 50/20/30 rule for budgeting. Allocate 50% for essentials (things like energy bills, health expenses and food), 20% for savings (which could include pension contributions), and 30% for fun stuff (like dining out or shopping). You can adjust the percentages to fit your needs.
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Take small steps towards your goals
Building a saving habit is all about taking small, achievable steps to gain momentum and confidence. Break down your goals into smaller steps that you can easily reach, like saving a certain amount each week or month. Make saving a regular part of your routine by automating transfers from your current to your savings account.
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Set yourself savings challenges
Support your spending habit by finding ways to cut back on unnecessary expenses and incorporate savvy saving hacks, like reviewing your subscriptions, having a ‘no spend’ week, or selling items you no longer need.
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Maintain a positive attitude
When unexpected expenses pop up, having a positive attitude and a growth mindset can make all the difference. It's about believing in yourself, overcoming any limiting beliefs, and staying focused on your goals no matter what challenges come your way.
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Celebrate your successes
Stay focused on your goals, maintain a positive mindset, and believe in your ability to overcome any obstacles along the way. Remember to celebrate every step forward, no matter how small – you’ve earned it.
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