Saving money never goes out of style. No matter what your income is, it always pays off to put some cash away. The trick to saving, however, is putting away money on a consistent basis.
Saving More Money
Saving money is as easy as you make it. When your everyday habits are in line with a money-saving mindset, you’ll find that your savings will continue to grow quickly. Looking to find better ways to save? Read on.
Wait 24 Hours Before Any Major Purchase
Buyer’s remorse is a real thing. Too often, we can be tempted to make purchases we don’t need simply because the money is there. Keep money going to your savings by waiting a bit before making any significant purchases.
Instead of using all of your cash the second you get it, take time to think over a purchase before spending. Doing your research and waiting to buy will allow you to cut back on curb impulses, allowing you to only make purchases that you truly need to make.
Turn Saving Into A Game
While we’re not saying play Monopoly with real cash, making the act of saving into something fun is always a great way to encourage you to spend less. Challange a friend or family member to a save-off. See which one of you can save more money than the other by going days without spending any money on non-essentials.
When you replace your mindset of saving as “cutting back” with putting money away to build a future, you’ll find yourself more willing to cut any unnecessary spending. With the added incentive of competition, you’ll find that it’s a lot easier to walk away from that $5 coffee or spending $50 on eating out.
Transfer As Soon As You Get Them
Many of us are guilty of telling ourselves we’ll transfer our savings “later”, only to never do it and spend the money on something else. Instead of playing this risky game with your savings, transfer your money immediately when you get paid.
Set up your direct deposit or bank account to already take 20% out of your checking account or do the transfer manually ever pay period. You’ll soon see that having the money already taken out will allow you to get used to living with your new money-saving budget.
Wealth takes time and well-developed money management strategies to build. Don’t sabotage yourself by failing to grow your savings. Use these three tips to help replace any bad habits with money-saving ones.