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Sometimes, the hardest part to saving money is getting started. These quick tips can help you create a simple and realistic money-saving strategy, so you can save for all your short and long-term financial goals.
- Straight in your basket
It is very easy to be distracted by impulse buys when you are wandering around at the grocery store. Stick to what you need to buy by creating a list in advance – this can help you avoid buying unnecessary items. You could also order online where possible as this would help you keep track of how much you are spending.
- Try the 30-day rule
It’s uncommon to not satisfy our boredom with online shopping. This often leads to many impulsive purchases in the middle of the night. Make a rule that if you want to buy something, set the money aside in your savings. If in 30 days, the desire is still as strong to buy it, you can buy it. Oftentimes, the desire would fade and you end up with money in your savings instead.
- Declutter
Doing regular clear-out sessions is good in filtering out what you no longer need. You may be surprised at the things you no longer need that are still in good condition. You can potentially make some money out of this opportunity as other people might want them. Give your second-hand items a new home by selling them on sites like eBay and Depop.
- Cutting off recurring bills
More often than not, we may forget how many recurring bills we accumulate over time. Go through your subscriptions, decide on the ones you can live without and cut them out – when you have multiple subscriptions this might come up to a hefty amount.
- Making saving automatic
Nowadays, most banks offer automated transfers between your personal and savings accounts. You can choose when and how much to transfer every month – this could be a set portion of your monthly income that would go into your savings automatically.
