Savings & Investment
Saving needs to be a habit that you need to start as early as possible. Without it you will not be able to create wealth, buy large items without taking on debt or place a deposit for buying a home. Cash is king and can always be used as a negotiating chip to secure a bargain or take advantage of offers or sales, so enhancing your lifestyle.
All you need to remember is that saving is simply a deferment of enjoyment! You are putting off spending the money until a later date.
The biggest hurdle is starting the habit. Some habits are easy to start as we gain a perceived pleasure. However, savings do not provide that feeling until we use the savings to buy something. The earlier that saving starts, the easier it is to reach a target, as the saving will be spread over a longer period.
Once the commitment to save is made, it is best to automate the process, by standing order to a tax efficient account. The amount you save should be decided after you have completed a budget plan, decided how much you can (and should!) save and start saving from the next pay day! The easiest way to do this is to look at what was left at the end of last month, then save that much this month, but from day1!
Some workplaces have savings schemes available. These are good as the cash is taken out of your pay before it is given to you.