With the increasing cost of living and inflation across industries, it has become really important for families as well as individuals to ramp up their savings, monitor their earnings, cut back on spending as well as impulsive buying, and set more priorities. We have outlined five ways you can save more and spend less.
1. Set a goal, Save more, Spend less
Yes, if its not important, dont buy it. And if your life doesnt depend on it, dont spend it. Cutting back on less important items and buying will give you an opportunity to save more and spend less. It is also imperative to have a target in mind when it comes to saving i.e how much you intend to have saved at the end of the year or at the end of the month. With that in mind, you would know how much to cut back on in terms of expenses and how much to ramp up in order to meet your daily and monthly targets. From there you can set monthly increments to meet as you work closer, and closer, to that final number. Saving on a whim is not very beneficial in the long-term. With no specific amount or goal in mind, there’s not a huge ability to track your progress or figure out how much needs to be saved on a weekly or monthly basis.
2. Decide the saving method you want
There are many ways to save money. You can use your bank by setting a standing order on your account, or by setting limits to how much you can withdraw. You can also join peer-to-peer savings or cooperatives to save. Similarly you can buy an airtight piggybank
3. Set mini-monthly goals
As stated before, set a monthly goal. This will be easier than forging ahead without a plan to get to that ultimate number. With mini-monthly goals and thresholds along the way, you will stay consistent and feel less pressure as you put away your money.
4. Stay disciplined
Dont push yourself to the point where you will be forced to go to the bank and withdraw all your money or break your piggybank. As you save, maintain a disciplined routine and cut back on extra spending that might box you to a corner and force you to take from your savings.
5. Stay strong and track your progress.
Fintech apps for savings have made it easier to track your savings, progress, discipline,as well as interests on savings. With these apps, it has become easier to save.