How Much Money Was Spent On Promotional Material In The Last Financial Year

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Saving money is something many people want to do, but struggle to achieve. And it's not just minimum wage workers who have a hard time building up their bank account. A 2016 survey from GoBankingRates found that people at all income levels had very little saved in savings accounts. The reasons, of course, vary. Some people are, unfortunately, living paycheck-to-paycheck and simply aren't in a situation where they can put a little money aside every month. Others may be using that money to pay off debts. And many just have bad spending habits that they need to tame. But no matter the circumstances, financial planner Shannon McLay, founder and CEO of the Financial Gym, says it is possible to save money each year. It's just about doing it the right way.

From goal setting to smart spending, McLay shares her tips on how to save more money this year with Woman's Day.

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Create specific, small, measurable goals.

Yes, you probably have some big money-related goals, like paying off your student loans or planning for retirement. But, as McLay says, "success builds on success," so consider setting (and succeeding) with a smaller goal to give you the motivation to achieve your larger goals.

"Set a goal for an amount that's a little bit of a stretch but you feel is attainable, like saving $500 or $1,000 in two months," McLay suggests. "Then build from there, because it's the practice of doing it that's gonna make you better at it."

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Consider a money-saving challenge.

McLay is a huge advocate of the money-saving challenges creeping up on Pinterest and Instagram, because the small daily savings add up in the long run. She warns, however, that challenges like these can be "so manual that you'll stop by week two." To keep going, she suggests setting up automated transfers so the savings will continue without you doing any work.

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Track your spending.

You won't know where to make cuts if you don't know where your money is going. Although there are a number of helpful money-saving apps out there, McLay says the best way to track your money is old-fashioned pen and paper.

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Keep it cash-only.

For accountability, consider paying only in cash. "If you want to try to budget yourself, cash is the ultimate," McLay says. "Take out $200 in cash [at the start of each week] and that's how you track your expenses — when it's gone, it's gone. "

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Find a financial fitness buddy.

You're more likely to stick to a workout schedule if you're exercising with someone, right? The same logic applies to finances. "Pick a friend or a significant other who you're going to share your goals with and check in with each other once a week or once a month to see if you're keeping to your goals," McLay suggests.

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Be mindful about your money.

Whenever you're about to buy something, think about whether you really need it and if it's worth detracting for your overall goal.

"It's so easy to spend money between swiping cards and apps," McLay says. "But when you start thinking about every way you spend money as being something that's detracting from your 'sacred cow', then you start being more mindful about how you spend your money."

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Don't be afraid to hire some help.

You could do everything right and still struggle to build up your savings account. In that case, it may be worth putting a little money towards your money.

"If you're not achieving your goals, you might need to think about investing in somebody to help push you along," McLay says. "You could make more and spend less with somebody helping you."