DO YOU WANT TO HAVE MONEY IN THE BANK SO THAT WHEN BILLS COME IN, YOU CAN PAY THEM STRAIGHT AWAY, WITH CASH AND WITHOUT STRESS?

The whole point of creating a savings plan is to stay out of debt and reduce the pain of paying large bills when they crop up.

Do you have a specific savings goal that you want to achieve, like go on a holiday or saving for a house deposit?

What you need is a savings plan.

Before you can create a savings plan, you need to know what you want to save for and how much you need to save.

• Step 1 Start off by writing a list of what you want to save for. Don’t get overwhelmed by the long list – you don’t need to save for everything at once. Think of it as a work in progress. Start with the most important things you need to save for first.
• Step 2 Write down how much you need to save for each item. How much is your electricity bill usually? How much do you need to save for your holiday?
• Step 3 Then put a due date for when you need to save that amount by.

Are your savings targets attainable? Are they realistic? Can you afford to put aside that much each and every payday?

A smart saver will never factor in their credit card to form part of their budget. 

Most of us have at some point succumbed to the temptation and convenience of a credit card. But do so at your peril, they are dangerous things and credit card debt can get out of hand all too quickly. Never factor them in as part of your savings and always use them frugally and only if you can and do pay them of in full and straight away.

Establishing a Savings Plan for yourself will always be of benefit and, so long as you don’t dip into your savings along the way, you’re guaranteed to reach your goal while you get on with living.

If you can’t save as much as you would like to, remember, any savings are better than no savings at all. Save as much as you can. You may need to adjust your goal or change the time frame to give yourself longer to save for it. You might only put aside $10 for certain savings goals. The thing to remember is, over time, that $10 adds up and when you need to use it, you’ll be glad that you put money aside.

Creating a savings plan is a stress-free way to manage your money. You can rest easy knowing you have the cash to pay for future expenses. How good would your next holiday be if you can come home to no debt!

LS can give you assistance and support to save for your goals and/or to invest your savings regularly in a tax effective environment that can provide you with growth and income. Check out this savings goals calculator to get your started.

Happy saving!

For an obligation free chat, call us today on  03 9416 2065 or send us a quick message and we will get back to you promptly.