I want to start saving money in 2024 (step-by-step guide)
Mar 10, 2024
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Learn how to kickstart your savings in 2024 with Kate Campbell and Owen Rask as they share tips on setting financial goals, automating savings, and maintaining financial balance. Discover the importance of saving for long-term goals, automating finances, and staying motivated with practical advice on enhancing financial knowledge and opportunities.
Developing effective saving habits leads to successful investing and money management.
Establishing trust, automation tools, and accountability can help overcome saving challenges.
Saving is crucial for future financial security, providing confidence, and reducing financial stress.
Deep dives
The Importance of Saving for Long-Term Goals
Saving is seen as an essential skill for establishing financial foundations, allowing individuals to work towards goals like investing, building emergency funds, paying off debt, buying a house, or going on holidays. By developing effective saving habits, individuals acquire valuable financial skills that translate into successful investing and money management.
Challenges in Saving and the Need for Accountability
Many individuals struggle to save due to various reasons such as lack of trust in financial institutions, feeling overwhelmed, lack of time, or skills. Establishing trust and using automation tools can help overcome these challenges. Accountability through buddies or partners can also enhance motivation and progress in saving goals.
Understanding the Financial Impact of Saving
Saving plays a crucial role in working towards future financial security and goals. Accumulating resources through saving helps individuals plan for significant purchases or unexpected expenses, providing confidence and choices for the future. Creating an emergency fund is highlighted as a critical step in financial planning.
Addressing Financial Stress and Health Impacts
Financial stress can significantly impact mental, physical health, and relationships. Establishing saving goals and routines can alleviate financial stress and provide a buffer for unexpected events. By incorporating savings as part of overall financial wellness, individuals can improve their financial and personal well-being.
Staying Motivated Through Celebration and Accountability
To stay motivated while saving, celebrating milestones, analyzing progress, and reflecting on setbacks are essential strategies. Automating savings, creating achievable goals, and partnering with friends or family for support and shared experiences can further enhance motivation and progress in achieving financial objectives.
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DISCLAIMER: This podcast contains general financial information only. That means the information does not take into account your objectives, financial situation, or needs. Because of that, you should consider if the information is appropriate to you and your needs, before acting on it. If you’re confused about what that means or what your needs are, you should always consult a licensed and trusted financial planner. Unfortunately, we cannot guarantee the accuracy of the information in this podcast, including any financial, taxation, and/or legal information. Remember, past performance is not a reliable indicator of future performance. The Rask Group is NOT a qualified tax accountant, financial (tax) adviser, or financial adviser.