Most of the times, we can’t control our spending habits. We may tend to neglect or forget about our financial goals that we already set monthly. This may lead to inconsistency on developing saving habits as well. Hence, if we are not able to overhaul all our spending habits, we can still learn how to put aside some money by applying a few strategies, along with determination, commitment and sheer grit, relatively makes all the difference. Let’s take a look at these simple ways on how we can consistently save money effectively.
1. Pay yourself first
We need to save a certain amount of money that we want to save before paying our bills and spending for other necessities. Allocating the amount of money to put aside should be taken as the top priority of our budget. It can be RM5, RM10, RM20, RM50 or more, depending on our saving budget. Hence, before we decide to spend our money at the end of the month, do allocate the amount that we need to save first!
2. Create our own notification reminder
This strategy is quite similar when we want to wake ourselves up early in the morning or during the nap time. What we can do is to create a notification reminder by setting up a reminder before the month ends, using reminder apps or our mobile phone. For example, we can start setting a reminder of our savings day between 25th and 30th of the month to remind ourselves in allocating our finance for saving purposes. This strategy helps us to constantly remember to make savings. Thus, we will never miss or skip our action to save money anymore!
3. List out your saving goals
Everyone has their own saving goals. Some may want to save money in order to get married, buy their first car or house and many more. In other words, it depends on the individual’s goals. However, it is more efficient if we can create a money-saving list. This is to ensure that we will focus on the most priority aspect while managing our savings. By applying this strategy, definitely, we will not end up feeling haywire about our personal saving goals after doing the saving list.
4. Always ponder about your long term-financial goals
We need to think about our long term-financial goals so that we will not splurge our money on excessive goods and items. The trick is that we need to always ask ourselves, “Do I have enough savings?” Even though, it is quite difficult to start saving at first, but at the end of the day, we will know that we won’t suffer any longer the minute we know that we have enough savings for ourselves, family and emergency cases. So, after all, the act of saving money is definitely for our present and future benefits.
5. Automate your savings
Another way to save our money consistently is surely to start automating our savings. We can consult and approach the bank officers on how we can automate our saving. In fact, we can even set up different accounts for different purposes. For instance, saving accounts for vacation, retirement, emergency savings and others. Nevertheless, do calculate our monthly budget first before starting to automate our saving as we might need a certain amount of finance for our daily or monthly needs.
6. Develop Your Savings Plan
As years go by, our saving lists might be different every year due to various factors or reasons such as marriage, children’s education, mortgage and others. Therefore, it is not a problem if we keep developing our savings plan for the sake of beneficial purposes of financial future.
7. Keep track and watch your savings grow
It is crucial to keep track and watch our savings grow. In this way, we will feel happy and relief as we’ll know at least, we have done a good action in saving our money consistently. Keeping track our savings can also guide us to evaluate our savings checklist and help us to plan as well as fulfill other financial goals.