Welcome to the Reserve Bank of Fiji’s Public Awareness column. Our article series on ‘Savings’ began last week as we looked at creative ways to teach our children to save money. In continuing the series, this week we look at tips to help you save more money.
The end to the festive season usually leaves most of us “dry” in terms of money. It is an opportune time to start with a savings plan earlier on during the year rather than later. Simple things such as eating out less or making your own coffee rather than running out to buy one will help you save a little extra cash. For savers, both young and old, letting go of these small daily pleasures can be quite difficult, especially for those millennials who may already find it really hard to save. Fortunately there are ways to save money without having to impose too many limitations on yourself.
Admittedly, for the majority of our population, having to save up to buy a first home, car or that much awaited trip, can be quite daunting. Often, cutting back on expenses is the first thing that comes to mind, however this may not work for everyone. The issue then is to find a way to increase savings without having to sacrifice one’s lifestyle too much.
Here are some tips that can help cultivate a savings habit and help you reach your financial goals and targets:
Remember, saving money and acquiring money management skills not only enables you to reach your financial target but also helps build your financial wealth for future investments. For millennials, especially in times of rising prices and many economic uncertainties, honing one’s savings habits and money management skills becomes a necessity in order to have a comfortable life now and in the future. Giving yourself a longer time frame to save money always helps. By doing so, it gives compound growth more time to work in increasing your money and it also helps to cushion you against volatility. So be smart, get financially literate and save for a better future!