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sorted.org.nz |
Saving
Decided you want to get saving? Great. This section contains tools to help you.
Learning to be a regular saver is a giant leap towards getting your
finances sorted. You'll find tools here to help you with different
types of saving - saving for a specific goal (like a new house or for a
holiday), or a regular saving programme (for your retirement, or for an
emergency fund)
Retirement
Saving for your own retirement is one of the easiest decisions to
put off. But talk to those retired people who are now enjoying the
benefits of their own savings. Generally they'll say that starting
regular saving early was one of the best decisions they ever made. It
needn't be much. Check out the Quick Retirement Calculator and see how saving regularly could help you achieve the lifestyle you want in retirement.
Emergency fund
It's a good idea to save some money to have put aside for
emergencies. You never know when you may need it, but you'll be pleased
you have it to call on if you do.
Saving can be hard work. It takes real discipline over a long
period. Lots of savings programmes don't make it in the first month
because people are too ambitious. If you're serious about saving, it's
important to set realistic savings goals.
Your biggest enemy when you are saving is temptation (all those
things whispering "buy me, buy me"). Often if people give in to
temptation once, they throw away their entire savings plan.
You can avoid this trap with realistic savings goals. You know your
own personality. Think hard about what you are really willing to give
up for your savings.
If you can afford it, it's not a bad idea to leave a little bit in
your budget for discretionary spending (call it the temptation fund).
That way you can have the occasional splurge without sacrificing your
hard-earned savings.
Don't put your plan in the bottom drawer
If you're serious about reaching your savings goals, your plan will
be something you keep close at hand. Don't put it in the bottom drawer.
Take a look at it often - that way, you'll keep focused on what it is
you want to achieve.
If you have any debt, consider paying it off before you start saving. Managing your debt effectively will make your savings that much more effective.
OK, enough talk. Get saving.
A little becomes a lot over time
In a regular savings programme, even the smallest amount can turn into serious money. Adjust the amount you save each year for inflation. That way your savings hold their value.
Source
www.sorted.org.nz - Your independent money guide
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