Selecting a Saving Method
So you want to start saving? That’s fantastic, what method have you chosen? There are several different ways to save, each good for their own personality type. The truth of the matter is that there’s no one correct way to save, every one has their own way that will work best for them.
Automatic deductions
For those of us who struggle a little more with spending, automatic deductions can be the answer. This physical removal of the money from your bank account can make it significantly easier to stop yourself from eating up your pay check before you know what happened.
Term deposits
Others may not struggle with big scale spending, but often find themselves adding up little purchases until they have nothing left to spend. For this group, term deposits can help, regularly locking away a portion of your salary to keep it safe from your tiny spending ways.
The credit card cut
Some peoples’ particular struggle is with credit, overspending money before it’s even been paid out. For these people, a total credit cut may be all that’s necessary to start saving.
Try cutting down to only one credit card, and use that card ONLY for emergencies. Spend in cash to make yourself feel every bit go, and watch your savings grow.
Be realistic, not just optimistic
It’s great to be positive about your savings goals, but it’s not going to help if you’re being unrealistic. If you find yourself promising to save your entire wage, you’re definitely being a little bit too optimistic. The danger of this optimism is in its unrealistic nature, resulting in shameful spending binges rather than effective saving.
To combat this, introduce some realism. What are you really going to need to get through the month, and what can you afford to save? Move on from there to continue growing your savings.
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Bit by bit
Some people really struggle to save, always finding themselves promising to do so and tucking nothing away in actuality. The solution to this can be a bit by bit method of spending, promising to save $50 per week instead of $500. These little bits add up quickly, and you’ll love seeing that you actually can save.
