How to reach your saving goal with ease

Whether you’re trying to save money for a rainy day or getting after a goal that requires a bit of financial build-up, a bulletproof money-saving habit is an essential skill to have when trying to make the most out of your life and finances.

However, while saving money is a skill that everyone wants to attain, it’s something that only a few can really develop. Without proper money-saving habits and a solid gameplan, saving money can become a lot more difficult that one would expect. Some may encounter problems that need them to fork up cash right away, while others just simply go crazy as soon as there’s a bit more cash in the bank— both common issues that lead to people having less money than when they started on their saving plan.

A few of the best methods to save money effectively include celebrating small milestones in the process, resisting the huge temptation of borrowing “just a bit” from your savings account, and depositing money right away, which are all ways to become financially stable.

How to fill up your bank account with ease

Although the aforementioned tactics may seem like they’re sufficient on their own to save a whole lot of money without any problems, there’s a whole assortment of ways to build up your savings account. We’ve prepared a few more important and effective tips to help you get into the habit of saving money with ease:

1. Think of your purchases in terms of your work hours

Smart spenders translate monetary amounts into work effort. Let’s say that you want a bag that’s worth 300 dollars. If you make 25 dollars an hour, that bag is worth 12 hours of work! Still want it? A surefire way to save money and minimize those crazy shopping sprees that cause you to buy things that you don’t need is to put your work hours into the equation when looking at something that you want to buy. While a new pair of shoes might seem tempting because of how great they look, are they really worth the 6 hours of work that you’ll have to put in to get them? By using the value of time to judge something that you’re looking at, it’s a lot easier to gauge the true worth of what you’re about to purchase. This, in turn, results in making it much easier to leave the store empty-handed.

2. Question all the decisions you’re making during your purchases

As typical as it may seem, asking yourself if the purchase you’re about to make is really worth it will make a huge difference in calming your impulsive spending habits. When buying an item, ask yourself if you’ll really use it the same way that you used to justify the purchase at first. There are items that you may love and use all the time, but there are also items that will get shoved into a closet, never to see the light of day ever again. Questioning your purchases can help with ensuring that you don’t do any unnecessary splurging. This, in turn, leads to having more money saved up. One way to enhance this tip is to take 24 hours before you make your purchase, which can help take “first-encounter infatuation” out of the equation, making it easier to make a justifiable and proper purchasing decision.

3. Think about that sale objectively, not subjectively

One of the greatest threats to a saving streak is a huge sale that comes up every once in a while. With discount rates going at 30, 50, 60, and 70 percent as if they were ballistic missiles that have your savings account as their target, it may seem inevitable to buy during a sale period when the prices are much lower. Quick question: do you save a lot of money when you buy something at 80 percent off? Well, unless you really need it, you actually waste more money. An important thought to consider is that, for example, when you buy a piece of clothing at 200 dollars instead of the 800 dollar listing price, you’re actually wasting 200 dollars instead of saving 600.

DebtHelpers.ca provide personal debt relief solutions – get in touch today to see how we can help!