Saving money is not easy. Many people set a savings target, but they do not even make it to 10% of their targets at the end of the stipulated period. However, getting creative can help you achieve these targets as opposed to using traditional methods. Read on to find out some of the creative ways to save money.
Find Your Hidden Savings
People have weird savings accounts that they can leverage to accumulate huge sums of money in a long time. All you need to find these saving spots and chances are they might not be in the bank.
Some people toss all the change they have in their pockets in a jar at the end of the day. Others stuff all the coins in the middle part of the car. All these are unique places where you keep money stashed, and leveraging them to keep more money away can be a great way to save.
Use A Bank That Doesn’t Have Easy Access
Technology has improved the services offered by banks. This is a good thing, but if you want to save more money, it can be a bad thing. The ease of access to your money is one of the biggest enemies of having a savings account. This way, find a bank you can’t access so easily and use this as your savings account.
Shred your ATM card, so that you have to go and visit the bank branch to make a withdrawal. Choose an account with huge charges so that you do not withdraw money often. Find one that takes 48 hours to process a withdrawal.
The harder it is to access money, the more you will save since you might not rely on the account to settle a quick bill or make an unexpected purchase.
Pay Into Your Savings Account
When you finish off paying your student loan or car debt, continue paying this amount but to your savings account. When paying a loan, you tend to adjust your life to fit the reduced earnings and after some months, you get used to it. Take advantage of this forced adjustment to continue contributing the amount to your savings account.
You won’t notice any change in your budget, but the good thing is that you will be accumulating the money as opposed to paying a creditor.
Do Not Blow Your Windfall
We all get windfalls at some point, but do not get carried away and blow it off. Instead, set aside a portion and save it. A good rule is the one thirds one where you save a third, pay off debt with the other third and then blow the final third. This gives you the required balance needed since you will boost your savings, reduce debt, and still find something to make you happy.
Make Saving Fun
Saving appears painful since you have to sacrifice, but you can turn it into a game and even involve other people. A good savings plan is the 52-week game where you save a specific amount every week and increment it for a whole year. Find a fun element to incorporate into your savings plan, and you will enjoy it and be encouraged to do it more.
Saving money is easier when you do it subtly. Some of the creative ways to save money listed here can twist it and allow you to accumulate a lot of money over a long time, minus the agony of doing it.