As we attain adulthood, we often tend to miss our childhood and wonder why we were in such a hurry to grow up. The responsibilities and bills could be overwhelming, while saving couldn’t seem more impossible without some splash of magic. There are however a few simple ways to encourage saving that gradually become solid personal habits.
- Prioritize- It is important to have a clear-cut list of pending expenses arranging them in the scale of preference i.e. from the most important to the least important. This way you are reminded of what is truly important as opposed to trivialities.
- Have a separate Savings account- Trying to save money using a single account for both expenditure and savings could be difficult. It is advisable to open a separate savings account with no provision for a debit card. This way, when the urge for impulsive spending arises, the unappealing thought of walking into a bank and waiting in line to withdraw money over the counter would deter such urge.
- Dine In- Dining out, the occasional night outs with friends and even ordering from fast food outlets is a deterrent to saving. When trying to save, homemade meals and hanging out indoors with friends are less expensive and encourage more saving.
- Cut down transportation cost- with the increase of many driving platforms, transportation has been made easy but also costly as well. If the distance between your location and destination isn’t too far, you could take a walk or even a bus instead of taking a cab and spending much more.
- Place savings before spending- Most times, we save after spending when the reverse should be the proper approach. Savings should be taken out first and then we decide on how to maximally utilise the leftover sum.