We all work hard every month to fulfill our financial needs, buy what makes us happy, and save for uncertain future events. But amidst all this, many of us fall short of our saving goals, with a long list of excuses ready every time to justify the failure, the biggest being the zeal to fulfill the YOLO motto (You only live once).?
If you too are amongst those who begin a month with the strong will to save money and ultimately fail on that part even before reaching month end, here are some bizarre yet fruitful money habits that can make you save some extra bucks and generate long-term wealth without much stress.
Whether you make a big ticket expense or just go to buy day to day essentials, there is usually some cash always left in your wallet after every such instance, right? So why not direct that cash towards your savings instead of spending it recklessly just for the sake of it??
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A simple trick to do that is picking a particular denomination and putting them separately, whether in an envelope or even a piggy bank. This habit would gradually lead to an increase in your savings without much efforts, and you can even raise the denomination to put aside when you feel you have inculcated that discipline to do so.
Saving will deprive you of enjoying life and having fun. This is what many youngsters might feel when taught about the importance of saving money. But no, that's not true! Saving and having fun can go hand in hand. All you need to do is have a separate jar placed at your desk, wherein you put the money designated for having fun, including all the expenses related to it.?
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What this trick does is when you actually have to pull money out of that jar for spending, you are likely to become super-conscious of how you spend it. This way, a lot of your unnecessary or avoidable spending can be prevented, which in itself will help in saving. As the famous saying goes-money saved is money earned!
Be it a financially stressful month or a relatively lighter one where you even pamper yourself with some shopping, one thing that tops our priority list is to have the adequate money to make the EMI payment every month, right? So why not convert this practice of paying EMIs timely, into a continuous habit even after the loan has ended. If you were able to pay that EMI amount every month till the loan tenure was going on, you can keep digging out that money from your income even post tenure lapse. For instance, if your EMIs ended last month, continuing to set aside that amount into your savings can be a great trick to spike up your savings , which ultimately can help you achieve various life goals too!
No matter how weird it may sound, actually seeing the goal everyday for which you aim to save, can be a true saviour and motivator.All you need to do is either write that goal and the associated cost on a piece of paper and clip to your desk or pin it clearly and big enough on your board. Everyday, seeing that goal and cost will make it much easier for you to ditch the unnecessary spends and instead keep saving that money towards the ultimate goal!?
Which one of these money-saving hacks did you find most doable? Let us know in the comments below, and keep reading?Indiatimes Worth?for more new age finance content.
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