Good financial habits are so important that many advocate financial education should be taught in schools from an early age. Your financial habits will have a huge impact on many areas of your life and will affect things like what type of holidays you can take, where you live, what you can do in your spare time, when and how well you can retire and of course, the immeasurable but crucial ‘peace of mind’ feeling you get from knowing you’re financially secure. Here are 7 top money saving tips that almost everyone can do and that can have both immediate and significant long term benefits in your life.
#1 – Make Saving Automatic
In 1926 George S. Clason wrote a seminal book called the Richest Man in Babylon. Possibly the key lesson taught in the book is creating a habit of saving 10% of your gross earnings to create a future for yourself and your family. How much you can afford to save each month will depend on your income and living expenses, but however much you decide to save, make it automatic via a direct debit or standing order so that it comes straight out of your bank account into your chosen savings account before you get the chance to see it, let alone spend it.