Get Serious About Saving Your Money

We all know how important it is to have savings available to us. But putting money away can be tough on a tight budget. You're always one unexpected, unavoidable expense away from having nothing left to keep in reserve.

All you can do is start from where you are with what you have, and you'll see. If you're diligent and committed to making the micropayments you need to, you'll start seeing results sooner than you think!

Clear Debt as Quickly as You Can

This is by far the best way to save huge amounts of money. Maybe you need to downsize your living space, postpone a trip, or give up takeaways and eating out for a while, but do what you need to do.

Every cent you contribute towards your credit card debt is a reduction in the dollar amount you're paying in interest every month.

Set a Goal for Your Savings

Don't just dump money into your savings account. Decide on some goals and then put money specifically towards them.

This is also a great way to combat the urge to dip into your savings account for non-emergencies. Some ideas include emergency savings, a fund to cover Christmas gifts, and capital to cover entertainment going forward, for example. The next time you want a pizza, feel like spinning some slots' reels at River Belle Casino, or could do with a massage, you'll know you have the money to cover it.

Live Within Your Means

Once you've cleared your credit card debt, you may be tempted to go on a shopping spree to reward yourself for all your hard work with the extra money you suddenly have access to. Don't! Keep living as cheaply as you can for a while longer, and put the money you've freed up into a dedicated savings account instead.

This may mean that you keep driving your old car even if you want a new one, and could see you missing out on vacations with friends and family, but it won't be forever. And the reward you'll enjoy thanks to the sacrifices you're making is a nest egg steadily increasing as each month passes.

Pay Yourself First

Look at saving money as paying yourself, and make sure this is the first thing you do when any comes in. That's right. Before your mortgage, rent, or food, or gas bills get paid, transfer money into your nest egg.

It's a great idea to get a separate banking account for your new fund so that it never even hits your checking account. This way you won't be tempted to spend it, since it's out of sight, out of mind!

Make a point at the beginning of the month to decide on what you're going to contribute to your new financial goals. This will ensure that you don't spend it as it comes in, and that when your paycheque comes through you're that much closer to financial freedom because you're making the payment you need to.