Everyone wants to be able to save more money, but only a few are successful. In fact, in the United States, about ten million households have no bank accounts and about 69% of Americans have less than $1,000 in savings. Even wealthy individuals find it difficult to save money, actually. An article on MarketWatch.com reveals that among those earning $150,000 or more per year, 6% have no savings at all and 23% have less than $1,000 in savings. So, what does it take to be able to effectively save more? Here are seven lifehacks to try.
Pay Yourself First
One effective way to save money is to treat your savings like any other bill. So, every payday, include your savings in your bills checklist and allot a sum to pay yourself. It is also a good idea to automate your savings and set your payroll bank account to transfer money on a bi-weekly or monthly basis to your personal savings account. And once you have deposited the money, treat it as gone. This way, you keep yourself from using the money to make unnecessary purchases.
Set Your Cheat Days
Just as cheat days make it more bearable for people to stick to their diet, so do cheat days for splurges when it comes to saving effectively. You can set this to be on your payday, to reward yourself, or every Monday, to welcome every work week on a positive vibe. You can even be more specific with your splurges. For instance, if you set your cheat days for every Monday, you can specify that the first Monday will be for your shopping, the second for your online gaming, the third for dining out after work, and so on. It is recommended for those who love to play online casino games to try playing with bitcoin, as this will help limit the amount you can play with to that which is in your bitcoin wallet. There are a lot of bitcoin sites now that offer online casino games which only involve bitcoins. You can check gamble.io to see your options.
Drop Coins in a Jar
Yes, this age-old practice is still very much effective. And despite the fact that a lot of countries now prefer cashless transactions, cash cannot be totally eliminated from our day-to-day lives. And with cash transactions come loose change, which can reach a nice amount if you are able to fill a jar. So, make it a habit to drop your coins in a jar every time you come home and once this is filled, deposit the coins in your bank account.
Wait for 24 Hours
Most of the time, we see something at the grocery store or the mall, we think it’s nice and we just have to buy it. This impulse buying is one of the main culprits that keep people from saving more. Imagine if we have been able to successfully prevented ourselves from buying everything we bought that we don’t really need. You can add hundreds even thousands of savings in a year!
Saving more money does not mean that you would no longer reward yourself or enjoy the fruits of your labour. However, these tips make it easier and more effective for you to save more by providing a structure that you can work with.
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