It can be difficult to save money whether it be for holidays, a new car or Christmas. The Chamber Pension Plan understands that not all your savings can be put away into your pension fund; we all need a rainy-day fund and life is for living as well. But we do know a thing or two about saving money. If you need some help to get your savings started follow these simple steps – and remember, making small steps will reap big returns.
Create a savings goal
Knowing how much you need to save is the first step. From there you can work out the kind of changes that you will need to make to reach your goal. It may be worth saving a little extra for the unexpected.
Look after the cents and the dollars will look after themselves
The old sayings are the best. Put simply, small savings add up. Cut out coffees, lunch out and walk or cycle a few times a week instead of using the car or the bus. You will be surprised how much you can save in a month.
Reassess your outgoings
That said, don’t ignore your bigger monthly outgoings. How much are you spending on cell phone data? Do you have cable but spend most evenings on Netflix? Consider whether some of the products and services that you spend your money on are really a good use of your hard-earned money. If not, consider downgrading to a cheaper package or perhaps cancel them altogether.
Sell items you no longer need or use
Why not consider selling things that you no longer use or need. Not making homemade bread in the bread maker or always tripping over kids toys they have long got bored with? Why not give unused and unwanted items a new home and make some money in the process.
Don’t forget about your pension
While we all need a vacation every now and again and a pot set aside for life’s emergencies, it is important not to forget about your pension. Try to put aside something as often as you can and make additional voluntary contribution (AVC) payments whenever possible.
The Chamber Pension Plan portfolio is managed by internationally recognised investment managers who want to see your money grow as much as you do.