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Tips for Becoming a Super Saver

Money and happiness?

In her book “Rich Enough? A Laid-back Guide for Every Kiwi,” Mary Holm, “New Zealand’s Most Trusted Money Expert,” gives several suggestions for becoming a super saver. By following this advice, you should be able to save more than you think you can in a shorter time span.

Super Saver Rules

The first rule is to set yourself a goal. If you play point and click games, or old-school video games, you know that racking up points is good, but having a destination is better. You can do the same thing in your savings. Have a goal, so that you can motivate yourself to get to the next level. Just be sure it’s a SMART goal.

Know what you’re saving for. What is it that you want to achieve through savings? Find a pictorial representation and put it where you can see it. Use that as your motivation.

Start small. Even if you’re just putting away $10 a month at the beginning, you’re doing something for your future. As soon as you have enough to open an interest-bearing account, get your money in there. Choose an account that will penalize you for withdrawing funds.

Use a mental trick. Holm suggests imagining your job paid you 5 percent less. Where would you cut back? Make those cuts and put that 5 percent into your savings.

Pay off a loan? Find a cheaper company for services like Internet, cable, or electricity? Paid less taxes? Got a tax refund? Take half the savings that you realize and put it into your long-term account. Do the same thing if you get a raise; put half of it in savings before you adjust your lifestyle to the increase in funds.

Any one-off payments can be put into your savings account as well. If you get an inheritance, you can use some of the money, but put most of it towards your goal. Follow these suggestions, and you’re on your way to becoming a super saver.

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