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Saving money is not just about finding a bargain and paying less for an item. This “saving” is only going to help you if you then set aside the money you “saved” and keep it till later. Saving money is to be able to put money away, preferably where you cannot access it easily, so that it’s there for use at a later time

A study by economists found that income did not relate into volume of savings on retirement, and that low income earners were frequently able to have greater savings on retirement than middle income earners. The study concluded that “persons with minimal savings on the eve of retirement have simply chosen to save less and spend more over their lifetimes.

Saving money is a decision; you choose to spend less than you earn and save the difference. Earning money is only half of the equation; we need to learn how to take care of the money we earn and realize that not all money earned is for immediate spending.

The first decision you need to make is to save some of your earnings. To work out how much you can save, you first need to take the time to work out what your monthly bills total, how much is needed for the regular repeat costs like mortgage, utilities, insurances, vehicle costs etc. Work out a monthly cost by dividing the annual amount by twelve.

When you have a total monthly expenditure, compare it against your regular monthly earnings. If you are like the majority of people who do this exercise, you will now have to look for ways to reduce your expenditure to bring it in below your earnings. Consider things like credit cards, entertainment, eating out, fast food, vehicle expenses and clothing

Unless you take the time to explore the best ways to save money now, you will have to face the consequences of over-spending at some time down the track. Bite the bullet now and put yourself in a better financial position for the rest of your life.