6 Lazy Habits To Build Your Savings

By BankBazaar | August 7, 2016

6 Lazy Habits To Build Your Savings

Bill Gates, the founder of Microsoft once said, “I will always choose a lazy person to do a difficult job. Because he will find an easy way to do it.”

Taking a cue from the above quote of the great Bill Gates, we will tell you how to save money the lazy way. Let’s draw an analogy between Mr Gates’ quote and financial savings. When it comes to the world of money, the most difficult job is to build savings. A lot of us huff and puff to save money, often resorting to cost cutting methods and fighting the temptation to spend. Instead of taking extreme measures to save money, here are a few lazy habits that will help you save money the easy way:

Schedule payment

A lot of us fail to pay our bills on time and then end up paying extra charges as fine. Instead of worrying about managing your bills all the time, embrace the lazy habit of scheduling automatic payments. This way you will pay your dues on time and manage to save the money you usually spend on paying penalties.

Automatic savings deduction

Open a Savings Account with a high-interest rate or a Recurring Deposit, and automate the transfer of money to those accounts at the start of the month. This way, you start your month with building your savings without having to worry about saving money later in the month once you have overspent your income.

On time Tax payment

Something as simple as paying taxes on time can help you save money. If you pay tax on time, you avoid late payment penalties. And the fact that filing taxes online has become so simple and convenient, it is indeed the lazy way to build your savings.

Avoid wasting groceries

Believe it or not, we waste more than 15% of the groceries and vegetables that we buy using our hard-earned money. Buying how much you need and avoiding wastage, has to be the laziest way to save some money.

Pay Credit Card bills on time

We happily swipe our Credit Card at the time of buying, but we struggle a lot when it comes to paying back the money on time. Using your Credit Card smartly and paying your Credit Card bills on time will help you avoid paying a high-interest amount that can burn a hole in your pocket.

Opt for Credit Card rewards and cash back

When you are choosing a Credit Card, make sure that it has reward points and exciting cashback offers that you can utilise later and discounts that you can take advantage of.

Now that you know these lazy ways to save money, it is not too bad being lazy after all, is it? So, go start saving now!

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Category: Budget & Savings
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