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Saving is key to consistent cash flow, and while it might not feel like you’re saving much with small cutbacks, they can make a big difference in the long run. Here are five easy money saving tips you can implement straight away to help make it happen.

1. Evaluate your largest expense

For most people, that’s probably your rent or mortgage payment. Consider your current living arrangements and determine whether your dwelling is still the best option for you. Depending on your outcome, it may be time to refinance your mortgage, renegotiate your lease or look for new premises.

2. Plan ahead

Consider any big events or expenses you have coming up, such as Christmas or an annual holiday, and plan for them. How much will they cost and how will you pay for them? Using savings instead of debt to finance these events will help you save a significant amount.

3.  Set a savings goal

Saving is a crucial part of financial planning. If you don’t have any savings, there’s no way of sugar-coating it: You’re going to have to set up a budget and give some things up. Once you hit the particular goal you have set out to achieve, reward yourself with the new iPad or laptop you have been wanting. Mini splurges keep your budget from being boring and make you more motivated to cut costs elsewhere.

4. Set up an emergency fund

Establishing an emergency fund is crucial in today’s economic environment. Most experts recommend that you have three-to-six months’ living expenses saved in case of unforseen financial needs. Don’t be alarmed if you don’t have an emergency fund – there is no time to start growing one like the present. Even if you can only afford $10 per week, it’s a good start. Figure out what you would need to save to feel confident that you would be financially stable if the unexpected happened.

5. Track your spending

Writing down every cent you spend over the course of a week will give you a clear indication of exactly where your money is going. Scrutinise your spending habits and look for ways that you are needlessly throwing money away. The reality is, you may not realise how much money you are wasting until you see it right in front of you. This is also a great opportunity to make sure you are still getting a good interest rate on your savings account and cancel any direct debits no longer needed.



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