5 Common Practices Of Successful Financial Savers

piggy-bank-970340_640It can often seem difficult trying to save for your financial future when faced with an influx of monthly bills and household expenditures. So if you’ve been trying to set some money aside for a rainy day, here are five common practices which the most successful financial savers have in common that you can utilize to protect your own financial future.

1 – Create a realistic budget

According to a recent US study, roughly 54% of respondents admitted that making a budget could improve their saving habits. If you start by outlining all of your day-to-day expenditures and monthly bills, as well as your income and investment returns, then you can begin to set long term goals for resolving your debts and saving for your retirement. Regardless of whether you have a student loan, a mortgage or even a few months left on your car’s lease, by identifying all of your expenses you can set yourself a realistic budget and savings goals which will reap substantial financial gains in the long term.

2 – Be thrifty

One of the most common practices of successful savers is that they are able to live below their means. From shopping around for the best deals on groceries to taking advantage of online discounts for family holidays, these successful savers are cautious with their cash in every aspect of their lives. Adopt these same thrifty habits and you will be able to spend less than you earn and save the difference for the future.

3 – Take advantage of financial tools and resources

 

Following on from the point above, one of the most common traits of successful savers is their opportunity to identify opportunities and seize them. As such, the vast majority of successful savers dedicate some of their time to researching financial trends online, such as assessing their long term saving goals by using tools like this pension income calculator, acquiring budgeting tips on money saving forums like the MSE Forums and using voucher code websites to make expensive purchases. If you visit these free online resources on a regular basis you can glean exclusive insights on the latest investment opportunities from seasoned savers.

 

4 – Copy and file all important financial documents

 

A tell tale trait of a successful saver is an organised financial folder! As soon as you receive any important document associated with your salary, taxes, savings or pension plan, you should copy and file it away. Even if you have opted for paperless online banking, you should back-up all of your emails and important files on a hard disk drive or cloud computing platform so that you will have access to your important financial documents should your computer malfunction in any way. By equipping yourself with this organised filing system for all of your financial correspondence, you will be able to track your expenses and investments in order to identify possible opportunities for saving money.

 

5 – Always plan for emergencies

 

A Life Tuner survey revealed that 42% workers live pay-check to pay-check. Although this practice will pay the bills, it does not allocate any funds for financial emergencies. Therefore, it is strongly advised that you begin to allocate some funds into a savings account which is solely designed for financial emergencies. By doing so you will be able to ensure that an unforeseen incident, such as car repairs or medical bills, does not derail your long term savings goals.

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