The perfect way to plan your savings

Sometimes, it's better to have a worse plan than no plan at all, but with a savings plan you can never go wrong

09:56 18 September 2013

Saving money is the best way to make sure that nothing takes you by surprise. It takes a lot of determination, but in the end it always proves to be the right decision. Many people are resilient to cut their monthly purchases, but there are many good ways to get you started right away. If you are one of those people who like to be in control when it comes to finances, follow these simple steps to planning your savings account right away:

• Set your goals and prioritise them accordingly. You have to know exactly what you want to purchase and how much it costs, before opening your savings account;

 

• Calculate exactly how much money you can save each month, so that you know which goals are out of reach and which ones are affordable when it comes to your savings;

 

• Find the best amount of money to save each month – it can either be a higher amount, so that you fill up your savings sooner, or a lower amount, if you don't need the thing you want right away or can't afford it;

 

• Search for the best savings account on the market. It is probably the most important step, so don't overlook it;

If you have followed these steps, then you are on the right track. Now you only have to be determined enough to go all the way, so try not think of your savings account as an enemy that takes valuable money from you; think of it as the goal that you planned for – your friend's wedding, your kids' college funds, etc. In this way, it will be easier for you to make those payments each month.