Maximizing savings: ONE FOR THE MONEY

Maximizing savings is one of the most important things you can do to ensure you are comfortable in the future. Unfortunately, many people fail to put in place strategies that increase their wealth. A good way to start saving is to make a lump sum deposit into a separate savings account and make regular deposits each pay day. You will find that by doing this your net assets will grow along with your bank balance. Personal wealth and business wealth require you to set budgets and stick to them in order to maximize your savings and build your bank balance. It is therefore important to put strategies and valuations in place to ensure you multiply your assets.   Ask the following questions:

• Have you made a budget? This allows you to estimate how much ‘surplus’ income you will have each month to put towards your savings.
• Have you chosen a money saving option? When choosing between saving options, it is important to consider how frequently you will need to access these funds and what type of interest structure you prefer.
• It’s simple, but have you paid off your credit card debt and do you pay it down on a monthly basis? We all know credit card interest is a rip off. No point accumulating debt on top of the debt you’ve just made for yourself.
• Have you decided on a motivation to save? To save well, you need to direct your money management energies to the pursuit of a goal that hits your emotional hot buttons, whether that is to become a property tycoon, or just comfortable.

The above is just a small sample of what you should be checking for when it comes to your savings security. If your answer is  YES to all of the above, then you have made a reasonably sound investigation into maximizing your savings and you should feel safe moving forward.