Whether you are saving for your own home, a vacation or simply so you have some money put aside if you want or need anything, there are a few things you can do to build your habit even if you love nothing more than shopping.
Set up an automated payment
One of the reasons many people find it difficult to save is because they don’t have the discipline to transfer the money from one bank account to the other or put it in a pot.
When they see their money they want to spend it all.
Many people live to their means and while they might believe they can’t save, they probably spend a few dollars here and there on snacks or other unnecessary purchases.
A good way to avoid having to worry about discipline is to set up an automated payment so that the money is transferred directly from your bank account to your savings account as soon as your pay check hits your account.
Decide how much you want to save every month or whenever your check comes in and set it up.
It is a good idea to think about what you can afford.
Some people like to take 10% out of everything they earn others save 1%.
However, it is best to consider your own circumstances.
Think about what you have going out regularly and what you could do without.
A few dollars every month can really add up over time so don’t be disillusioned if you can’t afford to save massive amounts.
Saving something is better than saving nothing.
Put away your change
Many of us had piggie banks or savings tins when we were children but some people dismiss the idea of continuing it as they get older.
It can seem silly saving your loose change but over time it can really add up.
When you get loose change from a store put it to one side and when you get home put it in a pot or savings box.
When it is full you can count it up and put it in the bank.
It is more creative and as it is only your change you are unlikely to miss it so you should be able to maintain the habit.
Be stricter with your spending habits
If you are a bit of a spendthrift, then it is worth looking at the way you spend your money.
If you aren’t sure where it all goes then spend the day making a note of everything you spend. You could write it in your phone, keep receipts or jot it down in your diary.
Do it for about a week or at least a few days and then have a look at where you could spend less.
If you have a coffee in the morning on your way to work then get up earlier and have one before you leave or buy a thermal cup that you can fill every day.
If you buy lunch then make sandwiches or a salad at home and put it in a lunch box.
If you can’t stop completely then cut down and every time you would have spent money on a snack or drink, transfer the money you would have spent into your bank account.
These are just few tricks that help you save money on the long run. Even few hundred bucks/month can add up and help you get out of debt, buy a new car with cash or finally take that dream vacation your family wants.
What other tricks do you have up your sleeve to save money?