OK, so if you’re playing along (which I sincerely hope you are) then you will have decided what you’re saving for, how much you need to save and what timeline you need to work to. Now the hard part… how are you going to save for it?
Firstly, check your finances. It’s almost impossible to save without being in control of your finances. This five step plan should have you on the road to simple saving…
1.) What accounts do you have? Take a moment to gather all of your paperwork and cards together. What do you have? Think of everything – savings, ISAs, bonds, loans, credit cards, store cards, current accounts, joint accounts, Premium Bonds – the lot!
2.) If they’re not already – get ’em organised. The ‘place for everything’ treatment helps you stay in control and means you don’t forget what accounts you actually have. It also means you can locate that all important paperwork when you need it and, besides, filing is therapeutic. Don’t forget to set up appropriate folders on your PC for e-bills and PDFs!
3.) Now that you know where everything is, it’s time to check the health of those accounts. Debts? These will need to be paid off before you start a saving plan – if you want to maintain your sanity and your credit rating! Or perhaps you were lucky enough to find loadsamoney stashed in a savings account which you’d forgotten about – if so, your savings plan just got a whole lot easier.
4.) Clear a date in your diary, preferably a rainy Sunday afternoon so you can…
5.) Budget. I’ll come onto this separately as it’s a much bigger topic.
Go on… go grab that paperwork and get sorted! xx