Spring is here! And with this there is a new set of habits to implement. In this world of instant gratification, it doesn’t matter how many times we may have tried (and failed) to foster good financial habits, at the end of the day, we will still try to save money. As we step into the second quarter of the year, learn new ways to bolster your savings!
1) Pay yourself first:
Set up automatic transfers from your checking account to your savings account whenever you receive money. Whether it’s £40 bi-weekly or £400 monthly, reduce financial anxiety with a healthy long-term savings plan.
2) Turn off notifications that tempt you to spend money:
Smartphones can be a powerful tool in helping you save money—you can download money management apps on them—, but they can also encourage anti-saving habits. App notifications and emails publicizing shopping deals can convince you to partake in impulse buying. Consider disabling those notifications and unsubscribing from promotional newsletters/emails. While you are at it, you can cancel mobile subscriptions that you never really use.
3) Set savings goals:
A great way to save money is to set a goal. Decide exactly what you wish to save for. Afterward, estimate the amount of money you will need and the amount of time it might take you to save it— it can be a short-term goal that is achievable within a few months or a year, or a long-term goal that may need a longer time to achieve. Whatever it is, having this goal in mind will influence your spending habit.
Fun fact: setting and then achieving smaller, short-term goals could give you a psychological boost to keep saving!
4) Open an interest-bearing account:
There are many accessible savings and investments online platforms out there right now. If you have long-term saving goals, a savings account with high-yield interests is one of the best places to keep (and increase) your money.
5) Cook your meals:
This money-saving tip is as old as time but never obsolete. If ordering in costs £8, but cooking a meal costs significantly less, then you should cook. Over time, the money that would have been used to buy food can be used to create an emergency fund or make a significant contribution to the advancement of your business.