Am I write to save?
A key part of making and sticking to a budget is setting goals and writing them down. The golden piece of advice to set a goal and write it down holds true no matter if it relates to saving for an early retirement or for other targets, such as a holiday, school fees or a wedding.
Research – as detailed in the eZonomics story When reminders make you rich – shows going a step further and arranging reminders of the goal can also increase the likelihood of the savings target being reached and boost the total amount saved.
Save often and watch your money grow
In addition to writing down savings goals, other simple steps can help reach money goals:
Name your account: If you’re saving for a Rolling Stones concert, calling your account One Night With Mick Jagger could encourage you to not miss a payment
Set up automatic payments: Having payments go into a savings account is a simple way to ensure you won’t “forget” to save
The eZonomics video I can’t possibly save that much gives handy hints, urging savers to get started and not delay, save often and to reinvest interest they earn (rather than spend it).