Budgeting?

Having trouble saving money? You're not alone! Budgeting and saving is a little like keeping to a strict diet or a healthy exercise regime. We know we should do it, but we can always find a reason why we don't.

Although many of us will earn over a million dollars during our working lives, we'll only manage to save a fraction of it for ourselves.

Where does it all go?

Much of it is spent on luxuries and unnecessary items. These purchases add up, making it very difficult for us to reach our long-term savings goals.

Why Should You Save?

Whilst we're told that money doesn't buy happiness, financial problems certainly seem to be coupled with stress and worry.

Reduced job security, longer life expectancy and cuts to government assistance, mean it's becoming increasingly important to save for the future.

You don't need to earn a fortune or win the lottery to be financially secure. It's how you manage the money you have that will influence how well you live now and in the future. And it's not about self-denial or doing without, but smart management of your money.

When's the Best Time to Save?

When it comes to saving money, it's never too early to start. The best time is today.

The earlier you start, the less you'll need to put aside each week, and the more you'll be able to generate in the long-term.

How Can You Start?

Save first, then enjoy spending.

Most of us spend our money first and then see if there's anything left over to be saved. There usually isn't.

The approach should be reversed: begin by putting away a given amount and then paying off the essentials. The remainder can then be spent guilt-free.

Establishing a budget that shows what you earn and where you spend it, is a good start.

The Secret to Financial Security

The secret to financial security isn't a 'get rich quick' scheme, and it isn't particularly exciting, but it does work. It's all about budgeting and establishing a regular savings plan.

Becoming financially secure doesn't just happen. It's up to you to make it happen using:

• a budget - taking into account how much you earn;

• a savings and investment plan - deciding how much you need to put away and where to invest it;

• discipline - adding to your savings regularly; and

• patience - building your wealth takes time!