Joe Moore had rightly said; “A simple fact that is hard to learn is that the time to save money, is when you have some”. At first, that quote didn’t sit well with me.  My perception was that, “You can save if you make a lot of money.” Soon I realized that this mindset was the first hurdle to overcome if I was going to begin to save..

The good thing about saving your money is that you get to escape unforeseen financial crisis, meet financial needs, and even enjoy the fun of seeing your few bucks growing into hundreds and thousands of dollars. In addition to this, you can accumulate enough capital to start that business you always dreamed of.

Below is a list of 5 effective steps to help you build a sustainable savings practice and achieve your financial goals:

#1. Discipline Your Wallet!

Different people have different ways of saving money. Some people learn the saving tricks from their parents while other have financial advisors. Regardless of which way you have learned to save your money, what matters is your commitment. You won’t achieve the best of everything if your passion and discipline are not are the forefront. Before you consider saving some of your income, for whatever purpose, commit to yourself to act and learn. Remain determined even when it seems difficult.  If you’re having a hard time accomplishing this, check out this blog: ‘Ridiculously Simple Ways to start Saving Money Now.” It will definitely lead you towards the right path!


#2 Plan to Save

Molly is a  25 year old millennial, who likes to pack lunches and cook at home instead of going out to eat. She blogs on the side to help pay for her workouts, because she loves workouts – such as Barry’s Bootcamp, and Shreds. These are a little bit more expensive than a typical gym membership. All this is part of her plan to maximize her savings. There are several things you can do to prepare yourself to save such as, opening up a savings account, acting as if the money was not there to spend, or setting up direct deposits so the money is taken out before you receive it.


#3. Make Savings a Priority

It’s quite common and easier to decide the amount to save after budgeting for your major expenses, but the truth is that you have great control over your expenses and that’s why you need to budget for your savings. If you decide to save whatever remains after all expenses, you will realize that sometimes, you have little or none to save. Decide an amount or a percentage of your income to save and let your spending depend on the balance. A financial rule of thumb is the 50/30/20 rule, where 50% goes to your major needs ( house, debt, food). 30% goes to your wants (dining out, vacations, entertainment, memberships), and 20% goes to your savings and retirement.


#4. Develop a Focus – Have Something You Are Saving For

Whether you have a dream to further your study, acquire a commercial or residential property or start a new business, saving a little every paycheck can go a long way to make that happen.

Larissa, 27, started Budget Undercover, a blog about paying off her students loans, and continuing to live like a student to make it work. She actually had a purpose to save, and she achieved that. Learn to build your savings on something very purposeful. A little savings of $500 a month from your $5,000k monthly income is sufficient to start a blog site within 2 months or build up an emergency savings fund for a rainy day.


#5. Never Quit Saving Your Money

You may achieve your goals of saving even before the target period; that’s not a good reason for you to stop. Belinda was passionate about having her own car to ease her transport to work, she effectively saved and was able to buy herself a car within a year — yet she didn’t stop saving. Six months later, her dad had an accident and sustained a head injury that required urgent surgical operations. Because she never stopped saving, she was able to fund 80% of her father’s operation.

Start your savings journey today by putting away 5% of your next paycheck into your savings and scale it up to 20% as you get the hang of it!