Let me ask you a quick question. If you stopped working right this very moment, would you have enough money to live on? And for how long? It’s so hard to save, isn’t it? You keep meaning to—you keep planning to—but it never seems to stick … because you keep spending the money. It takes an incredible amount of discipline, yes. But there are also some things that you can do to make cultivating the saving habit easier.
1. You Need To Set A Goal
Before you start putting money away, you need to have a reason. Otherwise, whenever that urge to spend hits you, and it will; you won’t have anything preventing you from giving in. Having a clear goal in mind is one of the best ways to motivate you to save. So, what’s your goal? New phone? New car? Whatever it is, having a tangible reason for saving helps you to stay disciplined.
2. It Doesn’t Have To Be Anything Fancy, But Create A Budget
Before you start saving, another essential thing that you need is a budget. Now, you don’t have to go and draw up an excel sheet or anything like that, but you need to know exactly how much you have coming in and where that money is going to go. Then, you need to write it down. Obviously, if you are trying to save, you need to make provisions for it in your budget.
3. You Need To Have A Dedicated Savings Account
If you are serious about putting money away, you need to have a savings account. This should be an account that you don’t touch. At all. In fact, when you’re creating an account for your savings, turn down all the things that make the account easily accessible; so, no VISA card, no internet banking and no mobile money wallet linking. That way, you’re less inclined to go into your savings on a whim.
4. Set Up Automatic Transfers
Actually finding the will to send money into your savings account can be a chore. So, why not automate the process. It’s not that hard to set up. Just visit your bank, and have them take out a percentage of your salary every time it comes in. They would automatically send that money into your savings account.