Whether it’s giving up getting your nails done for the month or not buying your weekly treat of cheesecake, we’ve all tried to save up those little pennies at some point. Not going to lie, it’s tough and an absolute hell! But like every other necessary evil, it must be dealt with, in hopes of a better tomorrow.
But we’re totally in sync with you if you find it nearly impossible to control those impulses only to regret it the next day. If you’ve been there and done that, here are a few tips to help make saving a little less painless.
First and Foremost – Get rid of your debt
The first step to saving money is clearing up pending debts. Calculate for yourself and see how much money you’ll save if your debt is cleared and you no longer have to pay interest. The money from paying the interest can now be put into savings. One helpful way to pay off your debt is by creating a line of credit.
Similar to setting fitness and career goals, try setting saving goals as well. Find out your true aim behind saving up, visualize this dream, and then work towards it. Along the way set small targets for yourself. For example, if you want to buy your own car in 2 years, calculate the cost and figure out how much you’ll need to save each month to achieve this target.
Auto Debt Yourself
Make it a habit to transfer a certain amount from your salary account to your savings account, it could be $50 or $150, doesn’t matter. This technique is a very healthy long term savings strategy. You could use a savings calculator to assist you.
Quit your Addiction
If you’re trying to save but end up spending a lot on smoking or drinking, there’s no point. According to research, if you smoke a pack and a half of cigarettes every day, it amounts to over $30,000 a year. Imagine saving that much money, it could literally relieve you from all your debt.
We’re all dying to go on vacation and get rid of all stress, but is it really worth spending thousands of dollars on flight tickets? Instead, try booking yourself in a scenic location in your hometown and spend the weekend chilling. You could also try driving down, instead of taking a flight, this way you’ll be able to save a considerable amount of money.
Save on utilities
It may seem insignificant in the beginning, but making little changes like turning off the lights when you don’t require them will cut down the electricity bills. Similarly, you could try lowering the temperature on your water heater, since doing so will reduce your costs by at least 3-5%.
Carry your own lunch
Yes we know, it may take more effort to make lunch at home and carry it to work as compared to just eating out.
However, just think of it this way; let’s say you spend $7 when you buy lunch at work and only $2 when you get lunch from home. By getting your own lunch, you’ve actually saved $1250 a month, which is definitely not a small amount!
In case you’re unsure whether or not you should actually spend your money on something every day, just calculate the cumulative amount you’d spend on it if you continued for a year and then see how much money can actually be saved.
Saving is your decision. Do you want to get your car in 2 years, or stretch it to 5 years down the lane? The choice is yours. The more consciously you save, the easier and quicker you’ll be able to achieve your dreams.