Saving at any age can be tough. A lot of my customers have young families, and they will tell you that growing a nest egg with a couple of hatchlings in tow is the toughest gig around.
When you think about it, though, pushing that savings balance higher and higher can be tough regardless of how many birthday candles you blow out.
When you’re young, you earn less, and few financial institutions are willing to give you a fair go when it comes to high interest savings accounts. As your income level rises, so does the cost of your expenses. Car payments and maintenance, electronics, clothing, recreation – these things aren’t cheap!
And when you’re at an age where your family is grown and you’re considering life after work, saving can be just as tough. Sure, your earnings are probably at their highest, but for how long? Once you retire, you’re on a very fixed income, and aren’t always guaranteed the assistance you might need.
So what can we do to make saving money easier?
So many of us pay bills via Direct Debit these days – it’s just too convenient. But when you miss a payment, the fees you cop can really sting. Simply by signing up for one of The Greater’s SMS Alerts, you can top up your account when you’re getting low and avoid these pesky fees. More money in your pocket!
Get Appy with the right account
A lot of us don’t even consider how many trips we make to the ATM each pay cycle, but if you’re constantly using non-Greater ATMs, or have the wrong account to suit your needs, you could be racking up direct charge ATM fees that are easy to avoid. Take a look at our Guide to getting the right account, and download our latest Mobile Banking App update today, so you can always find the nearest fee-friendly ATM, no matter where you are.
- Download our latest Mobile Banking App update.
- Check out our guide to getting the right account for your needs.
Lending and Credit Cards
Something few of us think of, but once it clicks, you’ll never forget it. You may think you’re saving by hanging onto more money each week and just paying off your minimum repayments on your loans and credit cards. But when you consider that in the long run, by making repayments in this way you’ll definitely end up paying more in interest, it makes sense to pay a little more than your minimum amount. Be realistic though – don’t break your budget.
And while we’re on Credit Cards and Loans, making your payments late or missing them altogether is a sure-fire way to incur avoidable fees. If you’re experiencing financial hardship, speak to your financial institution, but if you can pay your bills on time, as much as it may sting – a late payment fee will only make matters worse!
Use the tools at hand
A lot of the time people’s savings dwindle away because they don’t set themselves goals to work towards. Setting yourself a goal, no matter how big or small, is essential to savings success. Need a new car? Want a holiday? New clothes for the kids? Just want to have an emergency fund? Identify how much you’ll need to save, and start to plot your journey.
Online savings tools like The Greater’s Savings Goal Calculator are handy because they let you input the amount you need and how much you can regularly save, letting you determine the quickest path to reaching your goal.
Get your budget in order
If your accounts resemble a leaking boat, and you’re struggling to account for your spending, it might be time to re-examine your budget.
We all learn the basics of budgeting in maths in school, but very few of us bother to put this advice into practice in adulthood. A wise person once said that budgeting is the difference between telling your money where to go and wondering where it went. The good news is, help is at hand, and it’s easy to understand.
If you found this blog helpful and would like to be kept updated with regular expert financial hints and tips, why not connect with The Greater on Social Media today?