When Financial Planning in Dubai, this Insurance Broker in Dubai says everyone CAN save – they just need my help to try.

GREG POGONOWSKI

The 9 Secrets of Successful Savers

Saving more is something millions of us want to do, but for many life just seems to get in the way. So how do those that manage it differ? I outline the habits of good saversa��
Everyone knows ita��s a good idea to save money, but clearly many of us struggle to actually do it. Most finance experts recommend having the equivalent of between three and six monthsa�� worth of your salary stashed in an easy access account in case of emergencies, but youa��re not alone if your pot falls well short of that.

But how could you save more? Here are some of the habits of successful saversa��

1. They save regularly

You may not be able to save a huge amount every month but a small amount saved often will soon add up. Pay yourself first! Take 10% of your net pay and invest for the longer term. Would you resign from your job if you got a 10% pay cut? No? Then do it for yourselfa��a��.everyone can mange on 90% of what they earn.
Some people find it useful to save money into a regular investment account, which requires them to pay something in each month.

2. They save at the start of the month, not the end

Ita��s tempting to wait until the end of the month and save any leftover cash. But really successful savers set some money aside as soon as theya��re paid. That way they can factor their savings into their monthly budget and save a consistent amount each month.

3. They keep control of their spending

If you think you cana��t afford to save anything, ita��s worth taking another look at your budget to see if you can reduce spending elsewhere. Really successful savers see their monthly savings as a priority over more discretionary spending.

4. They actively manage their money

Therea��s no denying that the low base rate means banks arena��t paying savers much interest just now. Earning less than one per cent on your savings is pretty demoralising, especially when inflation is so high. Successful savers are proactive and INVEST their money making it work for them, rather than just leave it sitting on deposit. Many accounts are boosted by a bonus. Who is working harder a�� you or your money?

5. They have a rainy day fund

You might be saving for a number of reasons; for a holiday, to overpay the mortgage, to decorate the house. But whatever your goal, ita��s important to have an emergency pot of money that you wona��t dip into unless you really need it. Really successful savers dona��t factor this emergency fund into their savings goals, because they know that they cana��t blow that money on a newer car or a holiday.

6. They clear their debts first

It makes no sense to be paying high interest on a loan or credit card, while earning low interest on savings in the bank. Although it makes sense to save up an emergency fund, most people are better off clearing their debts before adding to their savings. Successful savers dona��t waste money on high interest loans if they have the cash to clear them.

7. They keep track of their loose change

How much money do you lose down sofas? How much do you dump in a jar and never cash in? Money works harder in an investment account than it does sitting in an dish in your kitchen. It really is worth emptying your penny jar occasionally. I cashed mine in last year and discovered AED2,103! And remember, if you saved an extra AED10 a week out of your small change, rather than buying a magazine or a couple of bars of chocolate, that would add up to more than AED500 a year extra in the bank.

8. They set savings goals

If youa��re saving for a specific goal, then ita��s a good idea to work backwards. Instead of deciding how much you can afford to save each month, consider how much you need in total and how quickly you need it. Then you can work out how much you need to save each month to reach that goal, and tailor your other spending accordingly. Really successful savers understand that setting goals can be really motivating and get the help of an Independent Financial Adviser to do this.

9. They start young

Therea��s plenty of evidence that saving as a child helps you manage your money better as an adult. OK, so therea��s not a lot you can do about that now, you were either encouraged to save or you werena��t. But you can get your own children in the habit of putting some of their cash aside, even if ita��s just their Christmas money. If you can teach them the benefits of regular saving, youa��re helping them to become successful savers in their own right.