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Eight New Ideas on Saving Money

Saving money can be a tough and daunting task, even if it’s for something nice and shiny, even more-so for a rainy day. Often many purchases fall into the ‘impulsive’, ‘emotional’ or ‘unrestrained’, this is a fact of life – stores are designed in rope you in and get the most out of you. Salesmen are trained to sell you anything and everything. We have collaborated to put together a new list to help you avoid these purchases.

 

  1. Reward yourself - this sounds kind of silly but this can often help put you in the right mindset, you don’t want to feel like you’re working relentlessly for nothing. At the end of each month, if you hit your targets and goals for saving, then reward yourself. The key is to have this reward in your budget, if you don’t hit your target, this will get rolled into your savings, if you do hit your target, then you get a nice reward. Make sure you don’t make the reward too high in price as it will take away from what you are trying to accomplish, it can be something like a new book, a new DVD set, a dinner or night out – get creative!
  2. Don’t think about it, let the bank do it for you – Don’t make your monthly payments all on your own, this leaves room for error, forgetfulness and other not so great traits. Set up automated payments and transfers to/from your bank, this way you “set it and forget it”.
  3. Get a second opinion – If you find that temptation strikes and you want to buy something that you don’t NEED, call a friend, family member or acquaintance – ask for their feedback, do you really need this item? Is it really worth it? Ask them to be brutally honest.
  4. Help others – This may sounds strange throwing this in here, but studies have shown that by helping others by giving time or money to charities or those in need actually reduces the urge to spend money. Not only will you possibly benefit financially but you will also benefit emotionally by helping others.
  5. Be transparent – When you buy new objects like clothes, shoes, furniture or anything – you do this to see the items and not hide them. Do the same with your financials, keep track of everything and show what you spend the money on and see what your expenses and savings are each month.
  6. See the whole picture – Let’s face it, unfortunately money does not grow on trees. Most of us have a fixed budget and income. If we overspend on 1 thing, then another will suffer. If you are looking at buying something, make sure you know the trade-off. If you buy that extra pair of shoes, you may need to eat Kraft dinner for a week instead of those nice dinners to offset the money spent.
  7. Have mini-goals – The thing with goals is they can be often hard to achieve. To make sure we stay on track, you want to have mini-goals, which are often called milestones. If your goal is to buy a new house – break it up into mini-goals such as saving for the down payment, paying off debt, etc.
  8. Make your goals visible – Don’t just have the goals in your heads, have them written down in places that you will see several times a day. This will ensure that they keep getting refreshed in your mind and will hopefully help with achieving them.

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