Saving money is like going on a diet. You feel like you are depriving yourself in the moment, in the hope of a reward that will be well worth the sacrifice in time to come. It requires patience and on-going commitment to your plan, every day. Too often the here-and-now, and the reward that looms in the future, just seem so far removed from one another. Will the sacrifice really be worth it? In the back of our minds, we know it will be, but that little devil on our shoulder whispers ‘just one more cookie...one more pair of shoes...and that flat screen TV is an absolute necessity.’
Your toddler needs a college fund more than the latest Nike sneakers and traveling abroad will give your child much greater education, exposure, and adventure than the biggest TV screen you could ever find.
Here are 4 incredibly effective ways to see your piggy bank grow, without even noticing the sacrifice.
mind over matter
Saving should be seen as a ’compulsory’ instead of just being optional. You don’t question that you have to pay rent every month. In the same way you go about paying your monthly rent, you should go about saving. To make it real easy, why not automate your savings. This way you don’t even have to think about it and are not tempted to spend the money elsewhere.
Regularly empty your wallet and car of coins and place them in a jar. Once your coin jar is full up, take it to the bank and deposit it into your savings account. You’ll be surprised how much those little bits add up in the end.
Hide credit cards
Don't make it so easy for yourself to spend. Take your credit cards out of your wallet and keep them at home in a safe place or alternatively ask a partner or family member to keep them for you.
Don’t do it solo
Round up a support group with like-minded friends and family. Start a WhatsApp chat group and keep each other motivated with tips and advice. Most importantly, help each other keep your eyes on the end goal.
Two other smart little ways to curb your spending are by having:
A ‘No-Restaurant’ Month - Keep costs down and put away what you save by doing all the cooking at home this month. No take-out or restaurant visits.
Cash only weekends - Set up a budget for the weekend and withdraw the cash amount. Use the cash only to pay for everything that weekend, until it runs out. You will likely be a little more mindful of your spending knowing you have a limit that needs to last.
Saving does not have to be a suffer-fest. And most importantly you do not want to get into debt because you are putting so much strain on your cash flow. It is, however, about seeing what little (and big) luxuries you can do without in order to reach that end goal. Never forget what you are saving towards and let it drive you to keep at it!
Have some saving tips of your own? Please share below.