There is no start date or end date for saving. One should start saving money at a very young age, preferably in the teens so that it can really develop into an old habit, hard enough to shun. Those who do not get enough allowance or don’t have part-time jobs as a student can start saving right from the first pay cheque. The longer you delay the onset of saving, the longer it would take for you to amass the necessary assets. Aussies need to become money saving smart, especially at a time when cost of living will only grow dearer, healthcare costs will skyrocket further and our demanding lifestyles will stress our financial prowess.

The Motivation

Saving requires motivation. Very few people are habitual misers in the twenty-first century. With so much around begging for attention and our hard earned cash, one cannot distract oneself enough. Staying secluded or distanced from the provocations and the enticements is very difficult. The only thing that can compel you to save is a healthy motivation. Saving for a home, car, emergency funds, higher education, marriage, kids’ education, vacation, business or even early retirement can be strong motivating factors.

It is necessary that you work on short term and long term goals. Short term goals will motivate you every day. Long term goals will motivate you once a month or remind you every year to have a savings target for the fiscal.

Be Pragmatic

You know how much you earn. Decide how much you wish to save. Then decide how much you can spend. Don’t have an approach where spending comes first and then whatever you can save. Have it backwards. Set a budget and then spend accordingly. The budget must include everything from rent or mortgage to groceries, entertainment to dining out, shopping to the odd weekends away.

Comply with your Nature

You wouldn’t be able to do anything that is absolutely against your natural self. If you are someone who enjoys partying, you cannot shut yourself at home or deny yourself even an iota of socializing. You must have an approach to savings that complies with your lifestyle, your needs or desires and who you are essentially. Work on a budget within that realm of possibility.

Multipronged Approach

Have a multipronged approach. Keep aside a bit of your monthly income every time you get your pay cheque. Make abrupt decisions of putting aside a larger sum of money whenever you get the chance. There will always be months when you would spend less and that is the time when you boost your savings. Don’t go out to spend the spare cash you have when the month has been kinder on your finances. There will soon be a month turning against you.