Wed. Aug 5th, 2020

How Smart People Practice the Habit of Saving These Days

How Smart People Practice the Habit of Saving

To save money effectively in the long run, you really need to understand your spending habits. Then, you will be able to change by building new habits. Here we will reveal 6 ways to build money-saving habits which are brought together from experience of the most brilliant people.

1. Use the financial app

If you’re having trouble getting started with savings or are simply not good at calculating, try mobile apps that can help you keep track of your spending plan and expenses. Popular apps like Saving 2 (using colors to show your spending) or My Weekly Budget (helping you set financial goals for the week) are helpful in making you aware of your spending. at the same time, avoid going overboard or exceeding the financial plan you set for the week / month / year.

2. Wait 24 hours before you decide to spend money on something

There is no denying that there are many items we want to buy and they are within your affordability. However, the question is whether they are important or necessary, or if you just want to own them at that moment.

The 24-hour rule is a helpful tip for such moments, don’t rush to shop for something you really like. Instead, go back home. If after 24 hours you still want it or need it, you can come back to buy the item. This simple rule helps many people realize their true motivation with the item they like, thereby making their shopping decisions smarter.

3. Write down a shopping list before you go shopping

It sounds simple, but this will help you to avoid wandering too long in supermarkets, convenience stores or shopping malls. It not only saves you time, but also focuses on the supplies you need at the time instead of buying things you don’t need, or already have at home but you forget about their existence.

Besides, please bring money with small denominations. Have you ever felt like spending money and could not resist an item that is practically unnecessary?

That’s why always carry small denominations when shopping with basic needs. Never bring everything you have to the road and then come back with a “flat” wallet.

4. Don’t waste your change coin

The small change is not often paid attention, even throwing it into small donation boxes at shopping stores.

However, make it a habit to collect these coins and instead of the donation boxes at the big stores, you can take them and throw them in your personal savings. After some time, many people will be surprised at the wealth they have saved.

The change is available to help you pay for parking tickets, bus tickets, train tickets, instead of you will have to change the larger denominations. Remember that when you have smaller amounts, you tend to shop more than carry large bills. In addition, you will not like having to run money back and forth, especially when in a hurry, right?

5. Take advantage of coupon apps

Thanks to the discount code on Uber apps, you can save a lot of money on the go. Similarly, many apps that combine e-wallets now offer users discount codes (Black Friday, Cyber Monday) which come with a lot of utilities. You will be surprised with the money you can save when you go to eat, drink, shop! Coupon or deals, promo codes, promotions, sale-off, etc. are also a great way to save you a certain amount or saving sollution. Do not be afraid to bring such coupons with you, because you will not know when you need them

6. Saving half 

Many people think that saving all salary and bonuses will help you quickly get a large sum of money. However, this has led to the current frugality (having sent all the money) and wasteful spending in the future (due to the large amount of money).

Therefore, divide those two needs in half. Save half and spend half. After that, you can both live comfortably and avoid wasting money.