Reach Your Saving Goals Faster With These 8 Strategies

Do you want to know how to save money or how to strategically save money?

These two are completely different. People who suddenly remember that they need to save money — whether for an appliance, a vehicle, or their retirement are like dieters from crashes. For a while, they commit but then slip back into their old habits. Sure, they save a couple of dollars (or lose a couple of pounds) but never implement a ' bigger picture ' game plan designed to last.

Strategic savers, on the other hand, always begin with a game plan before they think about ways to cut costs. They start with goals and then build a practical plan for driving towards them. In other words, they're based on something greater than gathering coupons and missing Starbucks $4 Cinnamon Dolce Lattes. "Many of us do not stop to think about what's most important to us", says Tana Gildea, a certified financial planner and author of "The Graduate's Guide to Money." She says you are able to decide what’s important when you have a value-based spending plan.

• Begin by setting your goals. Do you want to set up an emergency fund, buy a house or put a holiday on the bucket list? Evaluate what exactly will make you happy with each goal. “If it’s a home, is it size and place that you care about?” says Gildea. You may want to ask yourself whether you want to be ‘house-poor’ and then in other ways, fail. Also, are you just trying to stop renting and put your head over a roof? Would you like to retire early, or would you like to live the 'now' and work longer? Are you interested in acquiring 'stuff' or are you more interested in experiences and the people with whom you meet along the way?
• Automate the savings you make. “We have found through our work that the secret is out of sight and out of mind. Savings can be very easy to use if you have easy access to it. You create a great way to pay yourself first by automating your savings with a mobile application and making it align with the payday. This ensures that you save a little bit on a regular basis, which will result in a big long-term reward.” - Craig Kathleen, HT Mobile Apps
• Invest in sales. “Invest more than the value of growth. In other words, in the hope and anticipation that it will rise in value alone, many invest in a stock. Alternatively, try investment in assets that have the same value growth potential and generates income as well. When you generate income with the investment, a return will be made early and you can reinvest the money to boost your savings more rapidly.” - 7xcapital.com, Matt Scott
• Convert to a Roth IRA. “The IRA contribution may not be tax-deductible by making contributions to an existing 401(k) plan. Explore whether you can convert the non-deductible or after-tax IRA contribution to a Roth IRA immediately. Tax-deferred (traditional retirement plans) and after-tax (Roth IRA plans) compounding investment returns over decades will have a significantly positive impact on your long-term wealth.” - Bragar Sandi, Aspirant
• Live below your means. Live below your means and dispose of at least 40% for your earnings. When you earn more money, it’s tempting to get a bigger house, buy a nicer car, and take more expensive holidays. But by doing so, you're setting up for less in the long run. Sacrifice for long-term satisfaction instant gratification.  - Paul Hadfield, Community of Hadfield
• Start to save no matter what. “Many young savers are making the mistake of thinking they can't afford to save. If you're just saving something, even if its $10 a month, those savings will grow, compound, and later build a strong base for your planned savings.” - J. Moore Sheryl, Wink, Inc.
• Be tax efficient. It's very important to have great guidance around you as you make more money, especially when it comes to taxes. We've helped many customers save hundreds of thousands of taxes by knowing the laws and how to structure businesses. It's very important to have that skill set in your team and will enable you to save more in the future. - Chohan Khurram, Together CFO.
• Choose a package that has an allowance for health benefits. These days, several employers offer highly deductible, eligible health plans that are compliant with health savings accounts. You can save money on health insurance premiums, and the HSA would encourage you to contribute tax-free money, reducing your tax burden today while creating a financial nest egg that you can use in retirement for health care expenses such as Medicare premiums. - Danielle Kunkle Roberts, Boomer Benefits.