For many of us, saving our cash can be quite difficult to keep up with. Firstly, if you’re not earning a major income, then keep an eye on every penny can be difficult and feel quite restrictive. And if you are earning quite well, well then it feels right to splurge and treat yourself, making overspending the standard when really you could be saving a significant amount each month.
- Saving doesn’t need to hard, and in fact if you have saving as your primary financial goal, you can make it creative and even fun. You may even want to get your friends involved, it will help them out too and you can provide each other with some encouragement. There are so many ways that people are saving today, and believe it or not, some people are still keeping their savings under their pillow! But that leaves them open to temptation as the cash is accessible! In this day and age, it’ time to be creative about our savings and as we notice our pile of cash increasing.
- Each month when you receive your salary, you can do with it what you please. Many of us don’t think about saving until we look into our account at the end of the month, see what’s left, and if there is, then we save it. Instead, why not try the opposite. Ask your boss to split your paycheck, paying most into your usual account and paying the rest directly into your savings account. That way, you aren’t accessing the cash, and before you even realize you have it, it’s safely tucked away in your savings.
- We’ve all heard that using cash instead of a credit card can help cut our spending. If you’re going the cash route, be sure to keep your bank fees down to a minimum, by calculating how much cash you’ll need for a specific period of time and drawing it from the ATM once. This way you’ll cut back on the fees for repeat withdrawals.
- If we’re on the topic of cash, when you have some coins and small bills lying around, decide not to spend them and put them away in your piggy bank. You’ll be surprised each month at how much cash you’ll be saving when you have a jar full of coins and small bills, and believe it or not, it really all adds up.
- If you’re diligent about saving money, then it’s time to be conservative with your your utilities. Turn off the lights around the house if you aren’t in the room. Switch off the water when you’re putting shampoo in your hair. Use the heating when you really need it! You’ll notice a major difference in your bills!
Saving money doesn’t need to be isolating, in fact there are plenty of ways to be sociable without spending! Go for a walk with a friend, take a step back and break out the board games! There are endless ways to have fun without spending.
Kidal Delonix is a contributor to Mr. Hoffman's blog. The views and opinions are entirely his/her own and may not reflect Mr Hoffman's views.
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