But sometimes we just need that extra push, something to spice up our routine. So here are some creative ways you can save. I understand that most people spend straight from their banks/ It's good practice to keep your savings account separate from your spending account.
$5 at a time
One intriguing way I've come across is saving $5 at a time. It goes like this - Save every $5 that you come across. Simple enough right?
$5 notes are perfect to be saved. They are not too common to come across, but not too rare either. Try to save $2 or $10 notes(we don't have dollar bills in Singapore) and you'll likely end up having insufficient notes to purchase items.
Try saving $50 and it'll be too rare to come across and too painful to stash away.
$5 notes are perfect to be saved. They are not too common to come across, but not too rare either. Try to save $2 or $10 notes(we don't have dollar bills in Singapore) and you'll likely end up having insufficient notes to purchase items.
Try saving $50 and it'll be too rare to come across and too painful to stash away.
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| This is a $5 from a country that I'm not from |
Just the Coins
If you don't want the hassle of carrying around coins, start your day with some notes. throughout your day, store the coins in your pocket or a coin pouch and out it all into a piggy bank at the end of the day.
Don't have a piggy bank and want to save more money? Simply grab a cup or a pail and put all your coins in there.
Don't have a piggy bank and want to save more money? Simply grab a cup or a pail and put all your coins in there.
Keep the Change
Think the first 2 methods are too easy? Try this on for size! This method as well as the next one works well with digital payment/banking too!
Start of each day with a set amount of money in your wallet. ($30-$50 is good)
Spend what ever you need to spend and save the rest. Reset your balance the next day.
If you find yourself saving more than you can handle, tweak your starting amount by a little. If you find yourself becoming too comfortable, increase your starting amount by a little, but keep your spending exactly the same.
Start of each day with a set amount of money in your wallet. ($30-$50 is good)
Spend what ever you need to spend and save the rest. Reset your balance the next day.
If you find yourself saving more than you can handle, tweak your starting amount by a little. If you find yourself becoming too comfortable, increase your starting amount by a little, but keep your spending exactly the same.
'Tax' your transactions
This is might be the granddaddy of saving. If you've found everything up to this point way too easy, try this out.
Set a fixed percentage of money to save each time you make a transaction or purchase.
In other words, 'tax' your transactions.
Let's say that you decide on saving 20% of every transaction you make. So each time you buy a meal or a drink, you'll have to deposit several dollars.
Doesn't seem like much? That's because we haven't taken into account all the other forms of spending you do - paying for your bills, buying the new apple watch, buying a new pair of shoes, or a new handbag.
Each time you make a purchase, you'll feel an additional sting of having to put some more money away.
That discourages you from making too many purchases too often. It's good to keep this percentage high so that it discourages you from buying high ticket items which you simply don't need.
Set a fixed percentage of money to save each time you make a transaction or purchase.
In other words, 'tax' your transactions.
Let's say that you decide on saving 20% of every transaction you make. So each time you buy a meal or a drink, you'll have to deposit several dollars.
Doesn't seem like much? That's because we haven't taken into account all the other forms of spending you do - paying for your bills, buying the new apple watch, buying a new pair of shoes, or a new handbag.
Each time you make a purchase, you'll feel an additional sting of having to put some more money away.
That discourages you from making too many purchases too often. It's good to keep this percentage high so that it discourages you from buying high ticket items which you simply don't need.
I'm a big fan of just keeping your spending to a minimum, and not changing it too much. That way, even if your income changes, the only thing that will be affected is your savings.(this was kinda boring so I didn't really make it a point on its own.)
Thanks for your time! If you liked what you read, feel free to check out my other posts and give me a follow! Leave a comment or contact me if you would like to share or mention anything!
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