Get plugged 10% at a time

If you’re ready to start saving for the first time or perhaps you’re starting to save again from scratch, getting over that hurdle of taking the first step is the most difficult and takes the most determination. That’s because humans are creatures of habit, and changing those habits is uncomfortable.

The reason we save is to achieve something, whether it’s to go on a holiday, buy a home, retire comfortably or have enough for a rainy day, but just like anything in life, if you want to make it happen, you have to plan for it. With a savings plan, you’re creating a strategy for growing your money to achieve your dreams.

Saving is an important aspect if you want to reach financial stability. But getting started and staying on track is sometimes easier said than done.

One of the hardest things about saving money is getting started, and the bigger the goal, the more intimidating it might be to start, but with the right plan, anything is possible. That’s why it’s important to develop a realistic strategy that’s simple to follow and stick to. Once you’ve got everything in place, you’ll be able to effectively save for your goals, no matter their size.

In the current economy, personal budgeting is more important than ever. If you want financial security, then create a budget and stick to it to ensure you don’t spend what you don’t have.

Most young people don’t think of getting life cover (i.e. life insurance), but they should. Besides the important reasons to get life cover, there are also distinct benefits to getting insured in your 20s already, from fewer exclusions and fewer added risk charges to lower premiums in the long run.

How we manage and feel about money can have a significant impact on both our financial goals and overall wellbeing, which is why it’s important to reflect on your financial behaviour.

It’s never too late in the year to set financial goals and aspirations of what you’d like to achieve in the short- and long-term. A popular way of setting such goals is creating a financial vision board.

Before you borrow money or take on more debt, ensure you understand what your credit score entails. Knowing the basics of this one financial term and how it affects your life will help you make informed financial decisions and, if need be, improve your financial health.