No one says no to a bulkier bank account, so say a big “hello!” to our
list of money saving motivations. In the current economic climate many
of us are feeling the pinch, so here are seven handy ways to boost your
bank account:
1. Create a spreadsheet
Instead of constantly trying to work things out in your head and
making rough estimates on how much money you have left for the month,
make things a whole lot easier by creating a spreadsheet. At first
glance, these can seem a little daunting but it’s really easy once you
get used to it and there are many free spreadsheet websites online which
work out all the sums for you. By having your outgoings on a list in
front of you, you can identify what you’re saving on and what you
perhaps need to cut back on.
2. Avoid shopping when you’re feeling emotional... or hungry
You’re
feeling a little down in the dumps but you need a new work shirt... bad
idea. Turn around, get back inside the house, lock the doors, and ask
someone to hide your keys right now—if you’re feeling emotional there’s a
high chance you will end up splurging on stuff you don’t really need to
give you a quick happiness boost. After spending five minutes looking
for a shirt, you return with a few tins of paint to re-vamp the house, a
new wardrobe of clothes, and a mop for the kitchen floor, but the new
work shirt is nowhere to be seen.
Whilst these spur-of-the-moment purchases may uplift your mood for an
hour or two, the initial high will soon wear off and you’ll be left
feeling worse as you realize you’re left with nothing more than a few
bargains and an empty bank account. For a thriftier approach to
shopping, go when you’re in a pretty good mood and—whatever you do—don’t
shop for groceries when you’re hungry.
3.Surround yourself with exciting hobbies and positive people
Rather
than spending money on takeaways and meals out to cheer you up after a
long hard day, identify other things you like doing that will boost your
mood instead of spending money. Arrange some fun things to do with
family and friends around your house or take up a new hobby such as
gardening or crafts. We often end up spending more when we’re bored,
emotional, and/or lonely so plan a film night with your family or buy a
few ingredients from the grocery store and try cooking something you’ve
never made before.
4. Save little and often
It’s
a common mistake to think that you can’t start saving because you don’t
have much money, but that’s like saying you won’t go on that one-hour
run because you don’t have the whole day off to exercise—it’s
counterproductive and unrealistic. Experts advise that the best way to
boost your bank balance is by taking the ‘little and often’ approach to
saving. Rather than putting a lump sum of your month’s wages into a
savings account and leaving very little to live off for the rest of the
month, just put a small amount away as often as possible and the money
will mount up without you even noticing it. The more you see your bank
balance rising, the more you will want to keep adding to it. Go on, try
it—it’s addictive.
5. Put some money aside for pleasure
It’s important to treat yourself occasionally to avoid getting
frustrated and spending all your savings at once, so make sure you
include a little “happy time” money in your budget to treat yourself
every now and again. Do you want a new television for the living room?
Save up for one. Fancy a small break somewhere nice? Save up for it.
Once you’ve saved up for something and reached your target amount,
you’ll feel much better than you would if you spent money that you
didn’t really have in the first place.
6. Read a finance blog or make your own
Personal
finance blogs are becoming an increasingly popular form of inspiration
for many people; they can encourage you to save and adopt good financial
habits in the process. It’s also really interesting to take a sneaky
peak into the lives of other people and see what they enjoy the odd
splurge on. If you’re feeling really brave, you could create your own
finance blog to share your own tips and advice with others. This will
not only help you to network with other people in the same financial
mindset as you, but it will encourage you to save more so that you can
feel extra proud of yourself when you share how well you’re doing with
others.
7. Get support
If you’re really feeling the pinch and you need advice, don’t feel
ashamed to seek support from others. You may feel like a little fish in a
big pond when it comes to finances, so seek advice from a financial
expert who will have a lot of experience dealing with problems like
yours. Your financial adviser will come up with a realistic plan to help
you sort out any money difficulties.
(Source: Yahoo Finance)
