Saving: it's all in your head

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Being in control of your finances gives you peace of mind

The best reason to save is nothing to do with money. And everything to do with keeping your head!

By saving regularly, you get more familiar with the calmness that comes from feeling free of worries and other troubles. That’s peace of mind.

If you don’t have peace of mind, it’s hard to sleep, eat and enjoy life. All kinds of worry can affect your health, which can make life pretty miserable. Debts hanging over your head make you dread the post coming or a phone call from an unknown number. Stressing about money is draining, but it doesn’t have to control your whole life.

It doesn’t matter how much money’s coming in. Even big-earners can be bad with money – having a high income often means higher levels of spending. Being ‘good with money’ isn’t a magic trick or a knack that some people have from birth. Managing money well doesn’t need to be hard or boring, especially once you’ve got the foundations in place. And saving is one of those foundations.

Take back control

Getting your head around the idea that saving is important is the first step. Even if you can only save a bit here and there, it feels good to have some money tucked away. That’s one less thing to worry about if life goes a bit pear-shaped.

Knowing you have enough to cover an emergency or unexpected bill gives you a head start. Getting into the habit of saving now, helps you prepare for your future.

Taking back control over your finances gives you one less thing to worry about.

Making a start

Perhaps the simplest way to start is to ‘spend less money than you earn’. Logical, right? But with easy access to payday loans, credit cards and overdrafts, you could be spending more than you earn without realising it and creating a bigger and bigger spiral of debt.

Put some time aside to go through all your accounts. Work out your income, all your expenses, debts and loans and see if there’s anywhere you can make some adjustments.

Identify an amount that you can squirrel away and commit to doing that. Every payday. No matter what. Even if it’s just $20 a week, it will quickly start to grow.

Making a small start now means you can get ‘good with money’ too!