It's a new year and a clean slate. We can come up with as many New Year's resolutions as we like, but it's probably better to keep them manageable.
If you have goals relating to finances, one of them should probably relate to savings.
There are simple and savvy daily tips and tricks that we thought we would remind you of that can work wonders when it comes to putting, and keeping, money in the bank.
1. Resist the urge to splurge
Count to 10! Or 100 if you must! Would you rather have the cash or the item in two weeks' time? Think bigger picture. What will ultimately leave you in a position of power and feeling greater financial freedom with the ability to make better choices? If you still can't live without the item, go for it, but at least you have been warned and have thought it through to make an informed, holistic decision.
2. Piggy banks are cool
Slot those coins in his tummy! It's amazing how small change adds up at the end of the month. Find yourself an attractive, brightly coloured piggy and take good care of him. Be sure to feed him daily. He will reward you in return.
3. Turn out the lights
When you leave the room, turn off! Burning bulbs are burning up your savings. Electricity adds up exponentially. Enjoy a romantic candle lit dinner once a week.
4. Turn off the tap
Brush your teeth without the tap running. It's better for the planet and your water bill will drop. You'll be smiling. Fix any faucets that are leaking as well. It's money down the drain.
5. Buy no name brand
These items do the job just as well, and save you a ton of money. If you are worried about what other people think of what brand of detergent you are using, you need to reassess your priorities. Then saving obviously isn't that important to you.
6. Get loyalty cards
Accumulate points and get discounts! Stores don't offer these cards for no reason. They are usually free to sign up for and when you shop and swipe your card you accumulate credits which can add up to a free purchase. If you are a regular shopper at a particular store, it makes sense.
7. Take your own shopping bags
Help the environment. Plastic deposits are a huge problem and if you are going to be paying for shopping bags every time you make a purchase, it makes sense to buy a fabric shopper once off, and have it in the boot of your car ready and waiting for your next shop.
8. Open a savings account
A savings account will help you to start earning interest on money that you put aside. Then you can watch your savings grow and get a sense of satisfaction from not touching them for as long as possible! Transfer any amount possible from your current account at the end of each month, or set up an auto debit from your current account which will force you to ensure there is money to go into savings.
9. Eat in
Do you really need all those dinners at fancy restaurants for entertainment. Back to that candle lit dinner... You can make an occasion of a dinner at home. Invite friends over. It will still cost you less than eating out, and they will return the favour.
10. Pay cash weekends
Seeing tangibly how much you are spending is a great way to take the reigns on money. Set aside a certain amount of cash for the weekend and aim to have some left in your wallet at the end.
You may already know these tips but sometimes it takes reminding to really think about these things and put them into practice. Make these habits part of your daily routine this year and watch your savings grow. You won't regret it.
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