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Tips on how to start saving

We would all like to save more money. Whether it’s just to have a little more security in case something unexpected comes up, to be able to afford that dream holiday or for retirement, we could all use a little extra cash put away. For many, however, saving money seems like an almost impossible task. In this article, we will share some thoughts on actions anyone can take to help them start saving.

Budget

Start off by spending a month taking note of every cent you spend. This will give you a clear idea of where all your money goes each month and will probably reveal some interesting, if not startling surprises. Do you know how much you spend on groceries each month? Or on coffees or lunches? Was it all necessary? Find at least one thing you can cut and commit not to spend the money saved as a result.

Automate your savings

To make sure you do not spend the money you want to save, set up an automatic transfer that takes the money from the account into which your salary is paid and puts it in a specific savings account. Make sure this happens as soon as your get your salary so there’s no temptation.

Change your habits

Once you get going it will become easier to make other changes in your life that will help you save more. Ideas include, planning your meals in advance to reduce the overall spend on groceries, selling items or cancelling subscriptions you don’t use, looking for free activities rather than spending money on entertainment, comparing prices and maybe changing your insurance or utility providers if cheaper options exist. All of these options, and others, can free up extra money for you to save without having to make huge compromises on your overall lifestyle.

Start a side hustle

Another option to help you save is to increase your income. One of the great advantages of the digital revolution is the ability to set up a side hustle and promote it with just a laptop or mobile from your kitchen. Rather than spending your evenings in front of the TV, why not use the time to turn that hobby of yours into something which generates some money. Again, make sure that the income generated, or part of it, goes directly into a specific savings account.

Make your savings work

Earning regular interest on your savings helps to keep you motivated as you start to see your hard work rewarded. When you’re just starting out, look out for accounts, such as MeDirect’s MeMax, that do not require minimum balances, are instant access and pay interest monthly. Once you have built up some savings and are comfortable that you will not need instant access to all of your money, you can start to explore higher interest paying fixed term deposit accounts and investments.

Saving money is a struggle but it is important to protect ourselves from the unexpected and to be able to afford the things we want in the future. With a bit of planning and some discipline, the peace of mind that comes with having a certain amount of money saved, is within reach.

MeDirect Bank (Malta) plc is a participant in the Depositor Compensation Scheme established under Maltese law. This account is available in Euro and rate quoted is gross of tax, paid on a monthly basis and is compounded. Account holders can deposit up to €2,000 per month up to a maximum account balance of €50,000. Terms and Conditions apply and are available upon request.
MeDirect Bank (Malta) plc is licensed by the Malta Financial Services Authority to undertake the business of banking in terms of the Banking Act (Cap. 371).

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