How to have good money saving habits
It’s all in the planning
Try to pre plan purchases, especially when it comes to food shopping. By deciding what you need before you’re even at the shops helps avoid spontaneous and unnecessary purchases – which can help you save big.
This also applies for online shopping. Figure out how much disposable income you have in the first place so you know going in how much you can actually afford. For non-essential purchases, it’s a good rule of thumb to not buy immediately and wait it out. If you are still thinking about it a few days later, it’s no longer an impulsive purchase and you can potentially justify spending the money. If you quickly realise that you don’t really want or need the item, you have just helped yourself save money that would have otherwise have been spent.
Set up automatic transfers
Budgeting doesn’t need to be a pain! A small and simple change that can really help you save is by setting up separate accounts and automatic transfers.
Having separate accounts for bills, rent, savings, spending etc. and automatically having your pay delegated to each is such a great way to help you save!
Not only does it give you a better idea of how much essential living costs, but it also forces money into your savings. This is such an easy change that can really help you save.
Don’t be afraid to substitute
Saving doesn’t have to mean giving up the things that you love. You just may need to sit down and figure out your priorities. If you really love eating out, that’s okay. But maybe you will just have to buy generic brands when food shopping to help reduce your other spending on food.
By figuring out where you want to spend, you can then figure our the areas you can save.
Prioritise you saving
One of the best ways to save is to prioritising saving. When you get your pay, figure out how much you want to save, and therefore how much you need to set aside each week.
Then allocate what is left. Bills, rent, spending etc. Prioritise your savings and fit the rest of your finances around that, rather than having savings as an afterthought.
Be discipline with extras
Have a bit of spare change left over from your spending allocations one week? Or maybe your work gave you a bonus? Or maybe you have been doing a bit of freelancing so have a little extra cash?
The natural thing to do would be to treat yourself and spend that money. As hard as this may be, this is when you need to be disciplined with yourself. Remind yourself of your saving goals and put that money into your savings. This gives your total a boost and brings you closer to your saving goals.
Spend the time to review
As great as preplanning is, things always change. So it’s important to be constantly reviewing your budget. You may be spending more or less in certain areas, you may realise you can be more strict with certain things. Either way, this is such a simple way to make sure you are always maximising your potential savings.
Do your research
There is nothing wrong with treating yourself, and prioritising savings shouldn’t mean that you can’t have any fun. But there are thrifty ways to go about these treats!
Something as simple as doing your research can really help you save. You want to go to the cinema, so why not see if your local has an evening where tickets are cheaper? Restaurants often have deals or cheaper nights. Looking up if coupons are available is also a great one. Not to mention checking is places have freebies. Places like gyms often have free trials so make the most of them.
Saving doesn’t have to be a bummer. It also doesn’t mean having to compromise on your lifestyle and happiness. With just a few small changes, you can give your savings new life!
Need help with your accounting?
