How much of your money are you saving towards your future each month? This is very important, as anything can happen tomorrow, and without financial security, your quality of life could be negatively affected. Here are some common questions most people ask about financial security.

One has to be very careful, as it is very easy to let money slip-ups seriously threaten your long term financial security. Here are some of the most important questions about saving for the future, as well as the most common mistakes.

1. Where is my money going?

Financial vagueness is a very common ailment. Most people spend about R500 a week on mystery expenses and not many people can tell you exactly where their money has gone each month. This is especially true of people who lead a comfortable lifestyle, but this type of spending leaves you without a plan to get the things that you really want in life. Start by putting all your daily expenses on an Excel Spreadsheet, then you will be able to see at the end of the month what exactly has happened to all your hard earned cash.

Set yourself specific goals. Start by writing down all your short and long term goals, and then think about making a plan for yourself to enable you to save towards these goals. A good unit trust account is a good bet, as your cash will earn higher interest rates each month. Savings accounts are also good options, but be careful that the banking costs don't exceed the interest rate.

Saving for your retirement is an absolute must. Go to www fin24.com/tools/calculators.aspx, as this calculator will help you to see how much cash you will need in your later years. Simply click on "work out your nest egg' and go from there.

2. When should I start Saving for my Retirement?

The sooner the better. Did you know that if you start a retirement anuity in your twenties, you will save twice as much saved as someone who only opens one in their thirties. Apart from saving for your retirement, you should also build up your own savings so that you have at least six months salary put away for emergencies.

3. In what order should I pay off my debt?

Start by paying off the debt that's the closest to its limit, as having a high debt can damage your credit worthiness. Once you can stabilise your credit rating, pay the small debts off first to get them out of the way. They say paying off debt is like going on diet, and if you pay off all the small ones, you will see progress and stick to the plan as you pay the bigger ones off.

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