Are you doing some winter cleaning this year? Don’t forget to tidy up your savings too. You probably have spent the year money without saving a dime, or you actually saved but ended up spending it. You need to follow this tips to get your oncoming year money in form to avoid the “relegation zone”.

Most people must have read several saving tips but implementing them is somewhat difficult for them. If you follow these tips carefully, you will smile by this time next year. I know you are smiling already. Don’t mention

A new year is nearby. Start saving now!

1. Set a Savings Goal
Before you start saving, set a goal you wish to achieve. We all know what goal is. It can be called “Target”. Most people fail to reach their goals because they feel too ambitious. How did failure manage to come in? They set super-high goals.
Your savings goal should be measurable, achievable, timely, and realistic.

When setting a savings objective, think of a particular target you know you can reach in 12 months. This would require some measurements of self-discipline from you a sacrifice. It’s a goal after all, but you shouldn’t overstretch.

Write down the goal and place it where you will see it every day, or find a relative or friend who can hold you accountable for your savings goals.

2. Choose a Good Savings Account
Be choosy about where you want to save your money. There are wide options of savings account. Before you pick a savings account, watch out for interests, fees, minimum balances etc. It’s best to do a research, ask questions before choosing a savings account in any bank. You could also ask about extra charges such as ATM fees and monthly service.

It is important to note that interest rates might be small but every little piece counts when you have a specific savings goal to meet.

3. Automate Your Savings
Most people must have read several saving tips but implementing them is a problem. This is common with people that lack self-discipline.

You don’t save after spending; you spend after saving.

Setting aside a part of your monthly salary the moment you receive alert is one thing that we find hard to do. Thanks to modern banking, we can automate this process without having to think how or when. Ask your bank to always transfer a fixed amount of money from your current account to your savings account every month.

Or, ask your Human Resource (HR) dept. if they can directly pay a certain amount of your salary into your savings account.

4. Create an “Emergency” Reserve
While your savings account might be growing like a tree by the riverside, it is very important that you secure some funds that are solely for emergencies.

If you lose your job or have to go to the hospital, you should have something to fall back on without having to tamper with your savings.

Just as we are too religious and might want to say “God forbid, bad things won’t happen to me”, it is practically wise to still save for such days. After all, God didn’t promise us an all-time happy living on earth.

Your savings account might be for big purchases such as a house, land, or car but never for any reason touch the money in your emergency fund unless there is actually an emergency.

“Your emergency account should be pumped with enough money to cover up for your expenses for a period of three to eight months” – Financial Experts.

5. Track Your Monthly Expenses
For one month, dedicate your little time to track every single cent you spend. This will let you know where your salary is going and which area you are overspending pending; Biko don’t leave Bae out of this.

This is an important step towards setting a realistic and achievable budget. You might find out that you are spending an obscene amount on drink, or sport betting every week. Once you are aware of that, you can reduce your drinking spree and sport betting to three times a week and put the rest of that money into your savings account.

6. Then Fix a budget
Set an achievable budget. This will help you reduce some useless spending you often embark on without even knowing it. It might be a trial-and-error process at first but you have to figure out what works best for your lifestyle.

This is not a request to cut out all the fun stuff in your life but you need to meet your savings target, plus pay bills too; on time especially.

7. Be a Smart Shopper
When shopping online, always endeavor to compare price of a particular product or service across many sites. This is to make sure you are getting the best deal. Because something is displayed as being discounted doesn’t necessarily mean it’s the best deal. Surf the net, knock on the doors of other sites and check how much they also sell the same product you wish to buy.

8. Check Your Progress
In order to see that you are actually growing your savings, you need to know how deep your pocket is exactly. Fix a “money date” with yourself every Sunday.

You are probably thinking what you will do when you embark on the “money date” right? Use the moment to check all your transactions for the previous week. This will let you know whether you are still on track or not. If you fall off-track, it’s probably because you spent too much.

When you finally hit your savings goal, celebrate and reward yourself. Savings is all about moderating your financial lifestyle not completely cutting out shopping, fun, and spending.

Culled from - http://crownstarblog.com/great-tips-grow-savings-today/