It’s nearing the end of February. How are you doing in your savings plan for 2016?
Unexpected expenses may have happened from placing too many bets during Chinese New Year, or you may have spent quite a bit on Valentine’s Day.
Don’t worry if you’re struggling to stick with your savings plan, here are 7 money hacks that can help you stay on course to enjoy massive savings this year.
1) Create An Account Specifically For Your Savings
While you may draw funny stares from your friends when you take out your ibanking security devices, you can be sure that the money set aside for savings end up at a place where you can see it grow.
As you see the numbers grow over the weeks, it will encourage you to continue adding to it.
2) Schedule Automatic Transfers Of Money To Other Accounts
After you open an account that’s exclusively for savings, it will take time and effort to transfer your income to the savings account every month.
What if you are too busy, or happen to be outside on the day where the transfer is due?
If you’re worried that you won’t have the discipline or time to do it, internet banking portals can let you make automated recurring transfers to your savings account.
This is a method that finance experts refer to as “paying yourself first”.
By not letting yourself see the total sum in your account receiving the income, it helps you feel less inclined to spend.
3) Use Credit Cards To Your Advantage
It can be satisfying to swipe your credit card at a fancy restaurant, or for making a payment on the hotel booking site for a staycation with someone special.
Do ensure that you’re swiping the one that gives you the most benefits.
Using cards that give cashback will help you gain the savings you need to hit your target, especially in occasions where you can make payment on behalf of a group.
As you collect cash from every one else, you smile happily inside as you also get some cash back from the bank.
4) Window Shop Without Buying For Your Retail Therapy
To enjoy savings, you will have to overcome your impulse to click the “Buy Now” or “Checkout” button.
How do you stop yourself from making purchases you may regret quickly?
The wish list in online shopping portals can let you put the items you feel like buying in a virtual basket… for your viewing pleasure.
After looking at the things you’ve accumulated in the shopping basket, you can punch in the total sum into your preferred calculator and think…
What a nice number it can add to your savings if you close the window right now!
5) Unsubscribe From Marketing Newsletters
Since the frequency of receiving email newsletters took over actual conversations from friends and relatives, the thrill of hearing a notification tone has died down quite a bit too.
Most promotional emails do little to boost your productivity, and instead cause you to be distracted so you get off work later.
In order for you to focus on what you need to get done, while enjoying some savings along the way, you may find it useful to review your newsletter subscriptions and keep only the ones that give you real value.
6) Make A Game Out Of Saving
To help you reach your savings goal, why not make it a fun process?
Many people took on a 52-week money challenge, adding $1 to the amount to save every day.
Starting from $1, you will move on to save $2 the next week.
You may not be impressed with 12 weeks of savings, but if you see the end result of $1378, it can serve as a reminder to yourself how a mere $78 can snowball into a significant amount.
7) Visualizing Yourself As A Successful and Rich Person
As a proven method for top athletes to reach their peak performance, it can help average people who are determined enough to succeed.
If you can see your bank account with the desired amount of savings, and the immense satisfaction you will gain as a result of sticking through… you are much more likely to achieve it.
Sharing this goal with someone will make this more effective, especially if the person agrees to be your accountability partner after hearing you describe what you want to see in your bank account at the end of 3 months.
Working with a monthly income of $2000, you can use the following money hacks to channel up to $1700 to your savings.
That’s a cool $5100 in savings… perfect for buying some stocks, or putting into fixed deposit if that’s your thing.