Desperately want to save but can’t? Here’s how you can. Read on.
Learning the art of saving might not be the easiest thing, but it sure isn’t that difficult either. The sooner you become a master in this domain, the better it’ll prove to be for your future. If you love your lifestyle and prefer living paycheck to paycheck, you need to focus on saving. Why? We have more than one reason:
- With a decent amount saved, you have better chances of handling a financial emergency.
- You’ll have a better chance at enjoying a happy retired life
- Planning to buy a house? With enough saved for the down payment, your dream house is just a few steps away.
- Love to travel? Keep saving in the right places and pamper that travel bug inside you.
- Tired of taking the public transport? Save up and get yourself that fancy car you’ve been eyeing for so long.
- Want to study more? All you need to do is save up for that fancy high qualification degree.
Additional Reading: 5 Best Investment Options For Retirement
Got enough reasons? Now let’s look into the ways you can trick yourself into saving:
Click, Click: Save
Don’t trust your saving skills? Do you think you can easily get tempted into buying something that can ruin your monthly budget? Well, in that case, it’s better to not rely on yourself. You can do that by automating savings. If you’re just a beginner, you can start by opening a Recurring Deposit and opting for auto debit.
Every month, on a selected date, a certain amount of money will get automatically deducted from your account and get saved in your Recurring Deposit account. It might seem a little forceful at first, but you will be surprised to see how much you can actually save using this.
Additional Reading: A Ten-Pointer Crash Course On Savings
Let Your Money Play Hide And Seek
Have you heard about ‘out of sight, out of mind’? Now’s the time to actually implement it. If you keep your wallet loaded and keep all your Credit Cards at your disposal all the time, there are high chances that you will end up spending a lot more than required.
To avoid that situation from arising, you need to keep the extra money safely, in a separate Savings Account. An even better idea is to invest all this extra money in a good investment plan.
To avoid spending all that extra money on irrelevant things, it’s better to label it. Continuously reminding yourself about the purpose behind saving all that money can help keep you away from it. No matter what the purpose of saving is. It could be anything from taking a dream vacation somewhere to funding your higher education, or that new cycle you want to buy.
These labels will help you avoid reckless spending and help you achieve those saving goals easily.
Do The Math
No matter how much you hate doing all those calculations and handling those complicated numbers when it comes to securing your financial future, you need to do the math. In case you hate doing these calculations manually, you can always use an app to help you.
You can manage your budget better and identify areas where you can save.
Psst…you can use the BankBazaar mobile app to simplify personal finance.
Lock And Leave
That’s right. Keep a good amount of money handy to handle any kind of emergency that could arise out of nowhere. Ensure you have all the extra money invested in places that prohibit you from making early withdrawals. Fixed Deposits could be just the right choice in this case.
Don’t Take The Extras Lightly
Apart from your monthly salary, there are chances you’ll earn slightly more sometimes. This could be a reward, a promotion or merely some reward money from a competition. The point is to use it effectively. That doesn’t mean you can’t use this money to pamper yourself. Of course, you can. All you have to do is—make sure that you’re not using the entire amount.
Now that you know the ways to trick yourself into saving, it’s time to invest in the right Fixed Deposit. What are you waiting for? Check rates and apply today!