IMPROVING your finances won’t happen unless you make sure you save your money in a way that it will continue to grow for you.

FNB retail cash investments CEO, Himal Parbhoo, gave SunMoney some tips to help you start to manage personal savings:

Step 1:

Identify how much money you have coming in.

This is very important, as it will define how much you can contribute to your household expenses, paying off your debt, savings and investments.

Step 2:

Keep an eye on your daily and monthly expenses and stop unnecessary spending.

Step 3:

Write down what your short, medium and long term goals are. These will help you to make sure you allocate your money according to what you have budgeted.

Step 4:

Look at your spending habits and change them if you need to.

Focus on things that are important, like saving for emergencies, unexpected expenses and specific goals like holidays, anniversaries and longer-term goals like education and retirement.

Step 5:

Review and keep checking that your spending doesn’t blow your budget.

Give yourself a timeline and ensure you are actively working towards your savings goals.

“The sooner you start saving, the greater the benefit, so instead of making saving a choice, make it a priority,” Parbhoo said.