If you are anything like me, you want to keep living it up and still have money set aside for the future.
I mean it’s 2017, all things should be possible, right? So the question is, “How can we enjoy life today and still build a secure future?”
- Mind the pennies and the pounds will take care of themselves
You may think spending on the big thing is what gets you into trouble but more often than not, it is the little day-to-day things that end up costing more over time.
Keep a spending diary, better yet, download an app for that. This will reveal your buying habits and behaviours. You will then be able to make smarter choices about where you want your money to go.
- Increase your income
“Yeah right,” you say. “Easier said than done.” But if compromising your lifestyle is not an option, then you need to increase your income.
Explore the needs of your company to see how you can add value in a way that can be rewarded.
Consider your salary and realistically assess whether you could make a good case for a raise.
Enhance skill sets formally or informally to determine how you can become more marketable within your industry and the company that you work for.
Also, research ways to develop additional streams for both passive and active income. For example, if you are a social media wiz, really good at writing or photography you can offer your services to manage a social media account for a small to medium size business or become a freelance content developer and sell your content (photos, articles, videos etc) to businesses like marketing agencies.
- Automate your savings.
Arrange for part of your salary to be paid into a high-interest savings account. Your employer may let you nominate multiple bank accounts for your pay. Or you can set up a standing order.
- Make saving fun
Try making saving fun by doing it with a friend. I turned saving into a game and did an “extreme saving challenge” with my friends where we didn’t spend anything at all beyond the bare necessities. Even when I went back to my normal life after a few months, I had enough money for a trip to Jamaica at Christmas.
All in all, even if you ignore all of my unsolicited advice on saving without sacrificing your lifestyle, remember this one thing, look after yourself. Your health is more important than wealth.