Saving money has always been a challenge for a lot of people. While influencing saving money as a habit since a younger age really helps, it is never too late to start from an older age. With these fun tips quoted from Forbes, you will not think of saving money as a difficult thing!
Automatic saving: a hassle-less strategy to make saving money a habit
This strategy is most probably the easiest to commit, especially if you have an annual income. Set an amount of money to be put directly in your savings every month. If possible, try to have a separate account for the savings. That way, it will be difficult for you to take back the money listed for “savings”.
Then, the most important thing is to contact your bank and ask if they provide a service to automatically direct your income every month to the separate saving account. If they don’t, and you don’t trust yourself in committing to putting your income in your savings account, then opt for round-up apps. These apps can even help you save more. However, make sure you are signed up only to trusted apps.
Tick on the special dates for more saving days
Some people have some of their favourite days in the year. Whether it is a birthday, new year, or the day you first got admitted to work. Upon these days, Forbes suggests trying to increase your savings contribution at least by 1%. If you have more than one special days in a year, you can also try to save the same amount of money on those specific dates. Building a habit from this saving money tips is relatively easy, and definitely help you save more.
Make it a habit: redirecting money from cancelled funding plans to other saving accounts
As time goes by, there will be changes related to your savings. For example, you have finally used all your savings for a new house. Once you’ve got your own home, you won’t need to pay for monthly rents. What will you do with those rent money? At times, this could be a chance for you to put more money into your savings, and this could be a great chance to make it a positive habit.
One-time cash inflows, what would you do with it?
One thing that often gets unnoticed is one-time cash inflows. It could be an annual bonus you receive from work, a small inheritance, or anything else. Plan what you are going to do with funds from these special events. Instead of spending it all for leisure, think of putting it into your savings. If putting them all sounds too much of a burden, then set how many percentages will you save. This is also a huge leap in creating saving money a positive habit.
Read also: Beware, These 4 Money Tips for Millennials Are Myths
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