There is nothing complicated about the basic recipe for financial success; it all boils down to spending less and saving more. Unfortunately, things are nowhere near as simple – saving money is hard. Major and unexpected expenses are to be blamed here, in addition to not being careful enough and not playing things smart. Somewhere along the lines of mindfulness and complete mindlessness lies the key to saving more money in 2018.
“Spending” and “saving” money
Like we said, spending less and saving more are the pillars of financial success. These two very separate terms abide by entirely different rules from each other and should, therefore, be budgeted accordingly. Essentially, assign your money a particular purpose and you’ll experience much less trouble when it comes to reaching financial success.
You should put aside the money that you want saved the day you get paid – make this a regular thing and get used to it. When it comes to your spending money, it’s essential that you put it on a separate debit card. Oh yeah, and avoid saving in cash, as it tends to feel more real and valuable than other currency forms, meaning that the temptation to spend it is increased.
Find your vantage point
Learning how to save money is a true journey – one that you’ll be ultimately taking by yourself; you’ll learn as you go, but most importantly, you’ll learn what kind of a person you are, in terms of financing. It all boils down to two choices, two “vantage” points, if you will, for looking at the savings aspect of your life. Some people are “big picture” type of persons, while others are more “detail-oriented”. Well, here’s the weird thing: apparently, most people are best off employing a strategy that is opposite of how they generally think. If you’re generally a person who focuses on details, try looking at the big picture in terms of your money, and if you are someone who likes a solid view of things in life, perhaps thinking in smaller details might do the trick.
Change your mentality
There are a lot of neat saving strategies out there that will help you do right by your finances, but none of them is as all-encompassing as changing the way you generally behave. Wasteful behavior, in addition to being harmful to our planet, is usually very detrimental to our pockets. We’re talking about stuff such as running the shower while you’re applying soap, discarding paper that can still be used, leaving the light on at home while you’re away, etc. Sure, separately, these factors carry little significance when it comes to your pocket, but when combined, they are essential in saving both your money and our planet.
Start thinking green – there is nothing more rewarding than a non-wasteful, sustainable existence – like, literally, you’ll get rewarded with the money you’ve saved.
Change your energy provider
Electricity does tend to account for roughly half of your bill. To make things worse, dealing with your energy bills is just as time-consuming as it is depressing. Well, here’s a solution: consult a company that will help you compare energy providers – in this way, you’re making sure that there’s always someone looking to help you switch to a competitive energy plan at regular periods (usually annually). This means less headache and more money saved.
Try zero-spend days
This is an interesting challenge that can help you really experience the feeling of spending 24 hours without spending a single dime. Important as it is in terms of truly seeing the importance of money, the zero-spend days will actually help you, well, save up, too! Take this challenge on at least once per week; why not?
Separating your savings account from your spending account will help you in terms of logistics, but it doesn’t mean too much without choosing whether looking at the big picture or at the details suits you better. Change your wasteful ways and don’t be afraid to change your energy provider. Try to come up with interesting low-spending challenges, such as the mentioned zero-spend days.