![\"Dart](\"https:\/\/raizinvest.com.au\/investors\/wp-content\/uploads\/2019\/12\/2020-money-goals.png\")
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The end of the year is the ideal time to make some financial resolutions for 2020. One of the most common resolutions, when it comes to personal finances, is to be a better saver for the year ahead. This sounds easy in theory, but can be harder to achieve in reality.<\/p>\n
With that in mind, here are five simple tips to help you achieve your saving goals in 2020.<\/p>\n
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It\u2019s basic but often overlooked — you\u2019re much more likely to shift your spending habits and get better at saving if you have something to aim at. While the particular goal is up to you, it could be a holiday, a new car, or some new clothes, make sure it\u2019s clear and achievable.<\/p>\n
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A budget is also important<\/a><\/span>. That\u2019s because it allows you to see where your money is going and then allocate more to saving and less to spending. Once you\u2019ve examined your income and expenses, you\u2019ll be in a position to know how much income you have to work with at any given time, which will help you to save more effectively in the future.<\/p>\n What also helps, when it comes to maximising your savings, is to look closely at your budget and figure out how much you spend on discretionary items like clothes, holidays and eating out to see where your expenses in these areas can be trimmed.<\/p>\n <\/p>\n While reducing expenses opens up more opportunity to save, so does some lateral thinking. For instance, it\u2019s a good idea to keep on the lookout for cheaper deals when it comes to banking, insurance providers or memberships on things like gyms and streaming services.<\/p>\n It also pays to stay on the lookout for cheaper brands of clothing and food as well as savings on utilities, like power or water, by switching providers or using services off-peak.<\/p>\n <\/p>\n It\u2019s simple — debt is not your friend if you\u2019re trying to save. Indeed, you\u2019ll be amazed how much easier saving is when you\u2019re not fighting against spiralling debt.<\/p>\n If you\u2019re in this boat, try and get across how the interest on your debt\u00a0is calculated and when it’s charged as this can help you manage your\u00a0repayments\u00a0and avoid paying unnecessary interest. It\u2019s also a good idea — if you have several debts \u2013 to try and pay off the debt with the highest rate of interest first.<\/p>\n <\/p>\n Even for the most disciplined person saving can get difficult at times, especially with brands constantly trying to get you to open your wallet. That\u2019s why it can help to team up with a family member, mate or colleague who\u2019s also got a saving goal and work together.<\/p>\n Still, if you do have to go it alone, think about imposing some hard spending rules on yourself. For instance, when it comes to impulse buys, one option is to impose a 24-hour ban on splashing cash after it hits your account. If you impose such a \u201ccooling-off\u201d period on yourself, you may realise that what you wanted to buy was not so essential after all.<\/p>\n Additionally, think about taking some of the pressure off yourself by automating saving for next year<\/a><\/span>. It\u2019s easy to schedule a recurring amount of money to transfer from your transaction account to a linked savings account. Doing this can be a convenient way to keep money landing in your savings account on a regular basis.<\/p>\n <\/p>\n <\/p>\n Download it for free in the App store or the Webapp below:<\/p>\n <\/p>\n Important Information<\/strong><\/span><\/em><\/p>\n The information on this website is general advice only. This means it does not take into account any person\u2019s particular investment objectives, financial situation or investment needs. If you are an investor, you should consult your licensed adviser before acting on any information contained in this article to fully understand the benefits and risk associated with the product.<\/em><\/p>\n A Product Disclosure Statement for Raiz Invest and\/or Raiz Invest Super are available on the Raiz Invest website and App. A person must read and consider the Product Disclosure Statement in deciding whether, or not, to acquire and continue to hold interests in the product. The risks of investing in this product are fully set out in the Product Disclosure Statement and include the risks that would ordinarily apply to investing.<\/em><\/p>\n The information may be based on assumptions or market conditions which change without notice. This could impact the accuracy of the information.<\/em><\/p>\n Under no circumstances is the information to be used by, or presented to, a person for the purposes of deciding about investing in Raiz Invest or Raiz Invest Super.<\/em><\/p>\n Past return performance of the Raiz products should not be relied on for making a decision to invest in a Raiz product and is not a good predictor of future performance.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":" The end of the year is the ideal time to make some financial resolutions for 2020. One of the most common resolutions, when it comes to personal finances, is to be a better saver for the year ahead. This sounds easy in theory, but can be harder to achieve in reality. With that in mind, […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false},"categories":[1],"tags":[],"yst_prominent_words":[158,128,1750,98,1111,157,151,224,245,2473,313,97,82,117,166,125,239,392,315,1809]}Analyse your expenses<\/h3>\n
Get out of debt<\/h3>\n
Phone a friend!<\/h3>\n
\nDon\u2019t have the Raiz App?<\/h3>\n
![\"download-raiz-app\"](\"https:\/\/raizinvest.com.au\/investors\/wp-content\/uploads\/2018\/08\/download-app.png\")
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