It doesn’t matter how much you earn if you don’t know how to save. In the end, a lifestyle without saving will only lead to a never-ending circle of spending. Are you in a saving mood? If you’re not, let us help you get there. In this article, we’re going to talk about the top 10 ways you can boost your savings. Keep reading to find out the little tricks you need to apply to increase your saved assets.
1. Set The Rules Straight
This is the best way to start. When you plan to save you need to play by a certain set of rules. The good thing is that these rules are not set in stone. You need to set the rules and abide by them. How these rules appear is all up to you. While there are no strict rules for saving you should start with three simple ones, that should be used as guidelines.
First, you need to have a saving goal set at a certain number. Secondly, install at least one rule that you will not break during your saving process. And lastly, talk to yourself and promise that you’ll put effort into being the best saver possible.
2. Work on ‘No Spend’ Weekends
During the working week, it is much easier not to spend. You go to work, spend time there, and head back home. When you start the saving process it might appear that you’re doing better than you are. The weekends are where the real danger for our savings lies. It is not easy not to spend any money when you’re out with friends or having plans.
So, when you start saving you need to create a tradition of ‘no spend’ weekends. Start by skipping one weekend at the start of your adventure, and you’ll see results only after a few months. This is why this advice is so high on our top10 list.
3. Cut on Your Debt
Getting rid of debt is a great way to start saving. For one, you can save the money on the side. But as long you have debt it will be a burden on your financial security. This is why as a means of saving on a larger scale you need to get rid of your debt first. Once you do this, you will have all the necessary skills to elevate your savings assets to another level.
4. Create a Savings Account
It’s that simple right? Well, when you think about it, it is. To save money you need a savings account. But, here’s the trick. You need to make direct deposits to it. So, when you get your salary ensure that piece of it is immediately directed towards your account intended for your savings. This is the only way to ensure that you make frequent deposits.
5. Frequent Police Auctions
Did you hear about police auctions? They are quite common. Police often sell stolen or lost goods at auctions. What this means is that you can buy quite a few items at a discounted price. When you start a savings process you will have to cut back on many things. By being a frequent visitor at police and many different auctions, you will have a chance to get quite a few bargains through your entire savings process.
6. Cut Back on Vices
Yes, we’re hitting you in the guts now. But, the hard words are the easiest to say. If you’re serious about saving you need to cut back on your vices. All of us have one or two. That’s the harsh truth.
It is hard to believe that you’re not either drinking, smoking, or gambling. The chances are you have one of those vices if not something worse. There’s no better way to save money than to remove some of your vices. Do it, and you’ll see an instant increase in your budget.
7. Incorporate Family Savings
When it comes to savings it is much easier to do it as a group. Doing it on your own can prove to be a hard task. But, if you’re serious about it, the route to take is to involve your family too. You can help each other, learn from mistakes, and share your joint success. This way, not only will your savings accounts be fuller, but you will also reduce the chances of slipping or breaking some of the rules you’ve set.
8. Challenge Yourself
You are not the only one who’s trying to save some money. Many have tried before and will try after you. Savings is what we do, for the old days or our children. Living a life without some money put on the side could be dangerous. So, challenge yourself to do better. One of the best ways you could save money is by trying a 1C challenge.
For starters save only one cent. This is day one. When day two arrives you need to save two cents. Moving on in the same direction you could find yourself saving close to $700 on the year. This is a challenge worth accepting. Think what Barney Stinson would do.
9. Cook at Home
Easier said than done, but it needs to be done. Preparing your meals is not an easy task especially if you aren’t used to doing it. When you dedicate yourself to savings a good place to start would be your kitchen. Every meal, every lunch for work needs to be prepared at home. Forget fast food and eating out.
It’s simple logic. Food made at home doesn’t only taste better, it is also less expensive. Your lunch at work could cost up to $10 while making one at home is in the region of $3. Do the math yourself. Savings are right there for you to take them.
10. Choose a Good Savings Account
In the end, to save money you’ll need a lot of help from your bank. So, to make the best out of your savings deal, you need to pick a good back that offers the most benefits to its clients who want to save money. Do not be lazy in this department. Shop around until you find the best deal. It will do you good.
Summary
Saving money is never easy. But, after the ten ideas we laid for you above in this article, you are now one step closer to the desired goal. Read this article a few times if needed and start your saving today with honest advice on our part.
