The act of saving might seem simple enough, but there are a few pitfalls you may face that can cause you to lose out on maximising your savings. Here are five mistakes you’ll want to avoid:

  1. Not saving at all

The biggest savings mistake you can make is not saving at all, or not saving enough.

Personal finance advice often harps on the importance of saving, and not without good reason – saving is critically important if you want to be able to afford financial wants or achieve financial stability:

  • Financial wants. Whether it’s a vacation, a wedding, a new home or your child’s education, saving allows you to afford material purchases that make life easier, better or simply more enjoyable.
  • Financial stability. It’s important to set aside some funds in case unexpected expenses pop up. Having easily accessible funds in a current or savings account …