Wednesday, July 11, 2012

Seven Money Saving Motivation


 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)
Reactions:

37 comments:

  1. Great tips!!! Must save for a rainy day...no matter how little. Any amount would come in handy when old and there's not much income coming in.

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    1. you are right STP. save while you are to enjoy your retirement age.

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  2. Save! Save! Save!

    I really need to save money! :) Good tips!

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    1. We all are Marco. Di ka nag-iisa. kahit nga mayaman na nag-iipon pa eh.

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  3. iba na ang may nahuhugot na pera sa oras ng pangangailangan..

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    1. Wag lng masyado malalim pagkakasuksok ah. bka ende na madukot ba.

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  4. thanks sa tips! helpful sya para sa akin :))

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    1. Effective sa akin ung #1 and 4. try mo din Zai.

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  5. QQ lang, bakit kaninang umaga nun ni-click ko to, post is missing daw, hinanap ko kung san san pero wala talaga, charot!

    Sige na nga, mag-start na ko mag-save ulet, ang saya kasi gumala(at gumastos) e, hihi

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    1. Kasi pinost ko to last night but I had to revert to draft as I had problem putting this post in the "featured content slider", ayon.

      tama ka, masarap gumala.... lalo na kung maraming pera na gagastusin. ahaha

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  6. Saving is one big challenge that I have continuously battling as a mom :( haist ang hirap talaga!

    Thanks for the info, this will surely be helpful :)

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    1. You just need to know the difference between need and want. You might wanna cut back those falls under want. but Im sure, you know this already.

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  7. Magaling na bata...ipagpatuloy mo lang ang pag-iipon at nang may mautangan ako pagdating ng panahon.

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  8. I have a different interpretation of No.7 - for me, i thought, its like call a friend (hehehe):-D

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  9. That's it. 2, 3, and 4. Guilty.

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    1. lol... I didn't mean to make you feel that way.

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    2. hihi. course you don't. i was just happy realizing those things. anyway, thanks

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  10. nice tips bro. lalo na yung last. kasi kahit pa gustuhin natin ito pero di natin talaga alam kung pano magsisimula, mahirap maging succesful sa pag iipon. :)

    by the way, here's my post about the award. Thanks uli Lawrence :)

    http://theignoredgenius.blogspot.com/2012/07/versatile-blogger-award-salamat-po.html

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  11. Naku need ko na din talaga mag budget ng savings ko :)

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  12. Agree! And I have my spreadsheet na.. haha!

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  13. Some great tips, No 2 on the list will certainly come in useful as far as I'm concerned.

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  14. that tips very cool, yoo maybe i need manage my financial right now hahaha

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  15. Great tips here for saving money. That's really my main problem, been a spendthrift for far too long.

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  16. useful tips
    money saving is a good habit.

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  17. What a helpful list! I am trying everything I can right now. I am trying to stay home and enjoy nature (free). I like the idea of saving little and often. Thanks for sharing!
    ~Jess

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  18. Liked the post
    http://www.saadepunjab.com

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  19. And learn from the experts! Look for your financial mentor and learn from them... :D

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  20. i'm using fon app para monitor lahat ng in and out sa salary account ko. open up din ng savings account para automatic may pang emergency ;) nice post!

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  21. gandang tips... very helpful sa isang katulad ko hehehe....

    Iba talaga pag may habit ka to save money...

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  22. I'm guilty! I'm a spendthrift so these are awesome tips. ヅ

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  23. especially nung college ako, nagtatabi talaga ako ng pera hiwalay sa iniipon ko para sa panood ko ng sine o pambili ng anime stuff ko. effective yun kasi mahinto man sandali yung flow ng talagang ipon mo at least hindi naman nababawasan. hindi nakaka-guilty.

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  24. I also find that I get encouraged to save – and to adopt good financial habits in general – by reading about others’ tips and success.

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