Adding these six saving hacks to your investment tool kit could make all the difference to when you start a comfortable retirement.
The aim is to help you shift from someone who spend, spend, spends on stuff to a saver who hangs on to their money by making sensible financial decisions.
No one is advocating living the life of a monk, with no holidays or luxuries, just that spending is more controlled.
Here are the hacks that can help put you on the road to riches – although nothing is guaranteed:
Track your spending
If you must go through the guilt of examining what you spend each month on fripperies, you are more likely to keep you cash in the bank.
How you record your spending is up to you, you can keep notes, devise a spreadsheet or download one of many apps for your phone, tablet or PC.
As with most things money, it’s not how you do it but what you do that counts.
Make money from hobbies
Pin money is unexpected cash that you have not budgeted for. Don’t just spend the profits you make from a side line or hobby, but save them.
Avoid rip-off salesmen and offers
No one makes money by handing it to other people. Financial advisers will be paid by commission from your pot of gold and those too good to be true offers undoubtedly are, so keep an eye out for sharks posing as friends.
Keep a rainy day fund
Life often throws up unexpected surprises and not all are good. It pays to have cash in the bank you can draw on in the event of sickness, accidents or other events, such as repairing the car or the roof over your head. Enough cash should be set aside to see you through at least three months without any income.
Do give yourself some treats
Don’t make your life miserable by watching every penny. Treat yourself to some fun days out and holidays or whatever floats your boat.
Clear your debts
Borrowing is expensive. Aim to save enough to give you funds to draw on if you are making a big ticket purchase. It’s not easy and may take some time, but saves you extortionate income rates on loans and credit cards.