Contrary to what many experts claim, saving money is not easy. It can be frustrating and complicated. It takes a lot of willpower to develop the habit and there are strategies you need to deliberately learn in order to fully master the art of saving. The worst part is, if you save money on a tight budget, it may leave you feeling deprived.
Deprivation is never a good thing. When you feel deprived, saving money becomes an ugly chore and you’re just likely to ditch the habit in no time. To help you save money without feeling deprived, we’ve come up with some simple tips and tricks you can try that might just work like a charm:
Set up automatic savings
You know those features on your bank accounts that let you transfer money automatically? Take advantage of that. By doing so, you make it so much easier to set aside money and make the habit a part of your lifestyle. By setting up automatic saving transfers, you are essentially setting up yourself for success. After all, you won’t miss the money you haven’t seen. You can start with a small amount you are comfortable with. Between 3 and 10% of your income is an ideal start.
Buy yourself a trusty coin bank
Another trick that will help you save more money without feeling like your depriving yourself is to start with those you usually forget about. Buy a coin bank and stash all your coins in there. In no time at all, you’ll have extra savings you can add to your savings account.
Add loan payments to savings
Another trick that works like a charm is to keep paying loans. That is, if you have a loan you’ve already fully repaid, continue to set aside the money but this time by adding it to your savings account. Since you’re already used to a lifestyle without the additional money, it won’t even hurt you to add the extra money to savings.
Many financial experts often say to pay yourself first. As soon as you receive your paycheck, the proper thing to do is set aside a percentage for savings. But don’t just stop there. Keep paying yourself. If you’ve done a major housework, you should pay yourself at the equivalent rate as you would if you hire someone. Set the money aside for savings.
Strive to stay healthy
Pursuing a healthy lifestyle is not just about achieving the perfect body. It’s more about your wellbeing and that includes your emotional, physical and financial state. But zeroing in on the financial aspect, when you are healthy, you’ll not only feel great about yourself but you’ll be able to avoid getting sick which can be pretty expensive.
If you’re like most people, you probably have a number of subscriptions you’re not really maximizing. It makes perfect sense to just cancel some of them, don’t you think? Once you’ve freed up the extra money, you can set it aside and add to your savings account. No matter the amount, remember that it all adds up over time.
Take it a step at a time
One of the reasons why most people fail to save is because they feel overwhelmed. If you’re just starting out with this new lifestyle, it’s important to remember to take it all one-step at a time. If you stumble and fall, don’t take it too seriously. Just try to get back up on track. The biggest trick really is to just keep doing what works for you.