Savings Tips

NZCU News

Savings Tips

Most of us assume it’s easier to spend money than to save it. That’s because it is easier for the majority of us.

“It’s only money,” we say, while our money whittles away.

And before you know it, it’s gone. In its place are people and places who you owe money to.

What to do?

Here’s a few tips:

  1. Find your ‘why’. You’re not going to save money if you don’t have a strong purpose. Is it for a holiday, a special birthday, an anniversary gift?
  2. If you can’t find what you’re looking for, don’t buy token rubbish. It’s money wasted.
  3. Set up a savings account with an automatic payment of what you realistically can afford. Don’t be over-ambitious. Save what you know you can save.
  4. Savings made interesting. Ever heard of compound interest? It’s in your interest to know. It happens when the interest you gain in your savings account is reinvested on top of the amount already in there. You generate further earnings on top of the existing asset’s reinvested earnings. It grows by itself … and it’s not even magic.
  5. Create a budget, be realistic … and stick to it. And don’t just keep it in your head, write it down and keep it handy when you’re being tempted to buy something you possibly can’t afford anyway.
  6. Gambling? You may have the occasional victory, which gives you an adrenalin buzz, but the odds are generally stacked against you in the long run.
  7. Sit on it. The shops we like going to know every trick in the book, from the music that’s being played to the way their goods are displayed. Write a list of what you need before going out and stick to it.

 

If you would like to find out more about saving, contact our branch and check out our range of savings accounts

Savings Accounts