It is always stressful trying to ensure that we save and not splurge on unnecessary items but some helpful tips to help you stress less and save more.
The 50/50 Approach:
If you are young and have no commitment of rent or bills to pay for then this approach for savings is perfect for you. The 50/50 approach of savings is super simple, place 50% of your wage in a spending pool and the other 50% in an untouchable saving pool. It’s stress free way of savings and quickly over time your savings will build to incredible amounts.
One major thing a lot of people do is budgeting but are we including the minor details. When we budget we usually in put in the major assets such as rent, car repayments, insurance, groceries, phone bills etc. When budgeting try to include spending as well so that you end up with an excess amount. This excess can be seen as your savings and help you grow your future rainy day money.
The 30 Day Rule:
The 30-day rule is a simple method to control impulse spending. Here’s how it works: Whenever you feel the urge to splurge — whether it’s for new shoes, a new videogame, or a new car — force yourself to stop. If you’re already holding the item, put it back.
It will be difficult not to splurge on the luxuries of life, but with these saving hacks you’ll be able to feel good to know that you have that back up money for those rainy days.