Savings remain the most efficient and stress-free way to buy financial security. Save smart now. Buy smart later. It’s much easier than you think.

With so much focus on affordability and the cost of living, it seems like sometimes we overlook what is still the most reliable way to achieve any financial dream – savings.

You are never too young or too old to benefit from saving your money.

If you’re looking at making your first big purchase, which in Australia is still into the property market, consider this. Savings are how your grandparents bought their first house. They had to be disciplined. Do their sums. And be careful they didn’t spend more than they could afford. Rarely would they have had financial assistance from their parents. Having parents in a position to help with your first big investment is a more recent development. But, with or without financial assistance from your family, you are still the one that is going to contribute the most; so the sooner you start saving the better.

Why ‘budget’ is a bad word

Some of us fear the restrictions that ‘saving’ will have on our lifestyle, enough to put it off. Others focus so hard on ‘budgeting’ that they become fixated on what they spend their money on. When all you really need is a good plan.

Your money shouldn’t control you

Controlled spending through controlled saving funnily enough results in financial freedom.
The most effective means of growing your bank balance is still saving first and spending second. Do your sums, be tough but fair and commit to an automatic debit on payday that takes your savings out of your spending money and puts it somewhere safe. This method is so successful because everything is done for you. In time you don’t even notice it, and in this way it is very good practice for when you become the proud owner of a mortgage.

Feel good about your financial future

Once you automatically save regularly you’ll begin to see how simple it is to positively contribute to your financial future without having to control every detail of your spending. Seeing your savings grow, you can feel more relaxed about your future. Ultimately saving in this way is a most successful strategy.

Save smart

In the not so distant past if you wanted to dip into your savings, you had to go to the bank (in the limited hours it was open) and fill out a withdrawal slip asking the bank if they wouldn’t mind handing back some of your cash. In the time it took to achieve all this you would have had time to think long and hard about why you were withdrawing the money. There wasn’t the instant gratification of cards and mobile phones. We have a similar but less inconvenient strategy available to us – accounts that cannot be accessed by card, making it difficult to be impulsive with our spending. Highly recommended.

Save smart now, buy smart later. Do you have a good plan?

At Elston, we can work with you to tailor a savings plan to your circumstances and requirements, professionally and expertly from the start.

If you would like more information please call 1300 ELSTON, contact us or email info@elston.com.au and an adviser will be in touch.