For most of us, saving is a task that is easier said than done. We would all like to have some extra money, but no one likes the idea of checking our account balance multiple times a day and stressing over every cent that goes out. However, saving money doesn’t mean you can’t go out and treat yourself—all you have to do is pick up a few easy-to-learn habits.
If you are looking to keep more of your money in your pocket, check out these easy saving habits that you can start today.
Budget, track and curb your spending
Creating a budget is an essential part of saving. It allows you to see what’s coming in, what’s going out, and what you have leftover to spend and save.
A budget doesn’t have to be anything too extensive at first—start by subtracting your known expenses from your income. Then, make sure you budget for variable expenses by checking over your bank account activity.
Establishing a habit of monitoring these variable expenses is the best way to see where your money is really going. Check to see what kind of expensive daily habits you’ve got yourself into—outside of the cliched espresso coffee charges, are you also paying for parking or ridesharing too often? Are you eating out multiple times a week? While cutting these expenses out completely might not be realistic at first, try curbing your expensive habits slowly, so you can learn how to adapt without feeling deprived.
Ask yourself a few questions while you create your budget and decide on how to curb your spending. How much do I need to save? Can I save more than that? Can I cut down on entertainment costs?
Set up automatic payments
Setting up automatic payments is a great saving habit to get into. You only have to set up the payments once and then you don’t have to think about saving; it just happens automatically, meaning you don’t have to rely on willpower.
If you work for a company, they may have a retirement plan that you can make automatic payments into. Often your employer will match your payment, so this is an easy way to double your savings.
Ask yourself these questions: could I start a savings account? How much could I save monthly? Does my company have a retirement payment plan?
Reverse the way that you think about money
Money is often seen as a negative thing, something that is restricting and stops us from doing the things that we want to do. Change up your perspective by reminding yourself—money pays for your home, your holidays, and it can give you security and stability. Remember that money is your friend, not your enemy, and it can either open doors or close them. It is up to you.
Ask yourself this question, how did money benefit me today?
Create a spending barrier
Curb your impulse spending by creating a 30-day spending barrier, where you have to wait for 30 days before purchasing something you want.
This is a great way to cut out expensive habits, like buying new phones or shoes regularly. Often after 30 days you realize you are no longer interested in the item, helping you to save money that you would have regretted spending.
Ask yourself these questions: do I really need this item? Is there a cheaper alternative?
Saving can become difficult when you only think about the things that you are denying yourself. Make saving much easier by instead focusing on what you are working towards. If you’re a Simple customer, a good way to do this is to set Goals, like saving up for a holiday or a car. Write down your main priority, and calculate how long it will take you to save for. This will make your goal seem more real, so you will be more motivated to stick with it.
Ask yourself these questions: what am I saving up for? How long will it take me to reach my goal?
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