I am going to cut off my expenses and start saving! How many of you have said that and then forgotten? Many, right? Yes that is the case with all of us, savings is easier said than done. Some extra money always feels good but keeping a check on the expenses is something we don’t like to do since it worries us. Most of the time at the end of the day we realize, we have no money to save! This is a common problem. That is why it is important to develop the habit of saving money.
However, saving doesn’t mean that you can’t treat yourself—all you need to do is pick up habits which are very easy to develop.
Let’s check out some easy ways of savings that extra bucks we all have been thinking of:
• Set a goal- We should always look for positives in every situation of life. So do not think of savings as a barrier to treat yourself. It will get easy to save when you set a goal and focus on it, like buying yourself a car or a holiday you have been dreaming about. Make a note of your priorities and calculate how long you need to save for the things you want. When you have a vision it will make your goal seem more real and that gives a lot of motivation to stick to your goal.
• Keep your savings aside- If you think you will wait for the end of the month to keep your savings amount aside then it will get very difficult, you need to set a fixed savings amount and keep it in your savings account at the beginning of every month, if you have got a bonus or a salary hike then you must increase your savings amount.
• Banks are big help- Banks have come up with advanced features like automatic payments to make your life easy, use the advanced technology and get a set amount of money automatically transferred to your savings account on the day you receive your salary.
• Pay your bills on time- Again, do not forget a single payment and incur a fine, use the features launched by banks and set automatic payments for all your bills, premiums etc.
• Learn to stick to needs- Do you have to grab a coffee everyday while going to office? Do you need to order your lunch from outside everyday? You don’t! You can make yourself a nice cup of coffee at your office and also make yourself lunch which you can pack and take to work. Not only you will be eating healthy, you will be amazed to see the money you save by getting rid of these not needed habits.
• Look for options- There are multiple options, look around for the best and less expensive internet and mobile packages. You can also look for the best credit card that gives you various offers like cashback on refilling fuel, shopping grocery etc. That way you can also save up on the necessary things.
• Investment is good- You must always think about future, like post retirement situation or a long term plan like buying a house. So you must ensure you are investing right to support your future. There are many plans in the market, study about them and go with what suits you the best.
At the end of the day, before you buy anything just pause for a minute and ask yourself if you want it or if you really need it? If the answer is ‘want’ then ignore spending on it and rather keep that money and add it to your savings amount.
After a couple of months when you will look at your savings account, you will feel good about yourself and see yourself nearing to your goal.
We hope that these tips will help you develop savings habit, so don’t wait start right away.