Saving money is one of the most important financial habits you can adopt. It can help you to become more financially secure, making it easier for you to provide for yourself and your loved ones in the event of an emergency.
Saving money can help you to:
manage unexpected costs and emergencies, such as medical expenses
reach your short, medium and long-term financial goals, like saving for a car, down payment on a home or retirement
Keeping a savings habit and setting financial goals are good for your health too. Studies around the world suggest that people who save for their future feel more positive, sleep better and experience better mental well-being than those who don't.
Saving money can feel like a challenge. However, there are small things you can do that will go a long way towards saving a bit of money each month, such as:
planning your meals and cooking in batches to save money on food
using price comparison websites to see where you could get a better price on services and utilities
buying items in bulk to get a bulk purchase discount
turning up the air conditioner by a couple of degrees
Check out how to find the right balance between saving money and paying off debt.
Explore our 5 tips for creating and keeping a habit of saving your money.
Ways to set specific savings goals to stay on track with your short and long-term goals.
Assess your spending habits so you can figure out how much you can afford to save each month.