2016 is in full swing and with the rest of the year in front of you, it’s time to make a renewed commitment to your family’s finances. Good financial habits equal financial success.

The first step to getting back on track is to assess your financial situation and draw up a budget. The best way to know how much you have and how much you need is to write it down. A budget also helps you see where you can make saving a priority and where you can cut down on unnecessary costs. It’s hard to stick to at first, but practice makes perfect. Once you know what you can spend, you can prioritise.

A lot of us probably spent a little too much over the festive season last year, digging into overdrafts and credit cards, but now is a good time to get back on track.

Here are some practical tips on how to save money in the short term:

  1. Instead of going out for dinner, plan the week ahead and cook at home. You’ll also start seeing a lot less wastage when you plan your meals. Get everything you need and get rewarded with up to 12% cashbacks when you shop at Pick n Pay.
  2. Opt for making your own coffee at work rather than buying a coffee every day. Pack your own lunch – it’s cheaper and you can eat healthier.
  3. Find free activities like hiking or going on a picnic. Do a Parkrun as a family or with some friends and get an active day.

Make saving a priority. You shouldn’t only save towards your long-term goals like for your child’s education or retirement, but also for the shorter term like an emergency. Experts recommend that you have three times your monthly expenses stashed away. It sounds like a big number, but the trick is just to start somewhere and build up your emergency reserves as you go along. Use Multiply Money to save – easily deposit additional funds into your Multiply Money payment wallet from any South African bank and see it grow at a great interest rate.

Read how Multiply can help you can get on top of your finances.