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Saving and budgeting
When it comes to saving and budgeting too many people think about the things they will miss out on, rather than what they can achieve. Setting your goals is the first step and can help you to focus on the positives.
What would you like to achieve?
> Save for a holiday
> Plan for your children’s education
> Buy or upgrade your house
> Put something aside for a rainy day, or
> Save for your retirement.
Most people can tell you how much they earn instantly, but if we asked you how much you spend would you know? The big items are easy to remember but it’s often the everyday small items that are putting you out of pocket. Tracking your spending is a great way to ensure you don’t live beyond your means – and it only takes a few minutes a day! Small changes can make a big difference to your spending habits.
Once you’ve tracked your spending it’s time to set a budget which will help you ensure you spend your money on the things that matter most to you, as well as pay the bills and start putting aside funds for your longer term goals. Once you have set your budget you can put in place a savings plan, and make your savings work harder.