The other problem is that the future always seems so far away that it’s always very easy to think that there’s plenty of time to start saving – later.

But the future could be closer than you think! You could lose your job, become ill, or get injured, so the sooner you start saving, the better. Save whenever you can, and you won’t regret it. Don’t buy on credit all the time: that’s an unnecessarily expensive habit. Don’t pay enormous bank charges to transfer money overseas: use a money transfer company to do it much more cheaply. Don’t tell yourself you’ll start saving next month: start now.

Top Tips

To help you stay motivated to save, and to make it easier to succeed, check out these five top saving tips:

#1 Stick to Your Budget

First and foremost, every successful saver needs a budget. You need to know how much money is coming in and what that money can or can’t buy you. You have to be realistic, not engage in wishful thinking, and if you don’t have the money, don’t buy the item.

#2 Try Teamwork

Unless you live alone, working together effectively with your partner is essential to financial success. You each need to know everything about the other’s income and expenditure. It’s no good thinking, ‘I trust my partner, it’ll all work out’ – make sure it all works out by discussing the details of who will use what money to pay what expenses. The bonus is that your partner will be able to remind you what the two of you agreed on in case you get tempted to go off the rails.

#3 Set up Automatic Savings

Even if you are a very disciplined saver, if you wait until the end of the month to see if there are any funds left over to put in your savings account, chances are that there will be little or no extra money to save. Rather put your savings first, and set up a debit order to put part of your salary into your savings account each month before you get the chance to spend it on anything else.

#4 Be Vigilant about Unnecessary Expenditure

Remember, there is a difference between wants and needs. If you find yourself saying that you have no money to save at the end of the month – but during the month, you’ve managed to fit in several extravagant shopping trips or beauty treatments – you may not have your priorities right. Northwestern Mutual found that as much as 15% of Americans had absolutely no retirement savings.

#5 Consult a Financial Advisor and Tax Professional

You need a financial advisor to make sure that you choose the most lucrative savings products and that you’re not wasting any of your hard-earned money on unnecessary fees or penalties. In addition, it may be worth it to get hold of a professional tax consultant. Even if you have to pay the consultant a fee, s/he may be able to save you money in the long run.

Final Word

In today’s fast-paced world, it’s difficult to go without any of the conveniences and indulgences our money can provide for us. But saving today is essential for anybody who wants to continue to enjoy the same quality of life in the future.