Start saving: 5 things you should know

Some motivational tips to help you take control of your money: 1

Have a plan! What is your why? Saving is not exciting – in fact, money is boring, but the why is exciting and motivates you.

Get to know ALIE, which stands for Assets, Liabilities, Income and Expenditure. It will be your best friend when it comes to getting organised. Know your numbers. 3Allocate

50 per cent of household income to running costs, 30 per cent to your general variable spending, and 20 per cent to repay debts – and invest the 20 per cent when they’re gone.

4

Why you are doing this may be years or decades away but to keep you on the journey, you need to enjoy yourself along the way. Don’t mortgage your present for your future.

The pandemic has hit home how precious life is. Put people first and try to live comfortably without borrowing.