Saving up can be a real challenge, especially if you’re the impulsive, must-buy-this-now kind of person. You might have tried lots of methods, but still you can’t see you supposed savings go up as constantly end up spending your money. In order to effectively save more money and not end up literally with empty pockets, try the simple steps below:
Hide Your Money
As the famous saying goes “money you can’t see is money you can’t spend”. One effective way to prevent you from spending your money is not having cash on hand. Let a family member or a trusted friend hold your money for you. This way, you have someone to actually intervene in your spending habits.
If you don’t have anyone else around, you can try hiding your cash in a good old piggy bank–or something that you can’t easily open. You may try to crack it open, but with the difficulty if doing so, you may just have enough time to realize what you’re doing and decide not to get your cash after all.
Having a bank account is good, but if you easily withdraw money from your account, then you might want to rethink where you keep your money. The key here is to not get your cash to prevent you from spending it.
Live on a Weekly Budget
Another effective way to not blow up all your cash is to simply give yourself enough to spend for the day, or at least a week. Compute how much you usually spend for the week’s food, transportation or commute expenses and other necessities–and only keep that amount in your wallet. The rest of your cash should be put away. Not only will this prevent you from spending money that you shouldn’t, this also forces you to budget your money propely. Knowing that you only have that money for the entire week, you can’t spend too much on one necessity and you can’t buy anything that you don’t need.
Needs Over Wants
I’m sure you’ve gone over this phrase time and time again, but it’s true: you have to prioritize your needs over wants. Only when you have your needs provided for can you actually start saving up for the things you want. By doing this, you spend your money wisely and you prevent yourself from buying things impulsively.