DEVELOPING THE SAVING HABITS

A good number of individuals find saving money a very hard task to carry out; this is not due to the fact that they do not have interest in saving but largely because they do not have a good saving habit. Without a solid plan and good habits, it is easy to fall short of your financial goals.

The thought of saving can seem like a hard task but like most things, developing good saving habits takes practice, commitment and perseverance to become a part of the individual. Saving is hard but it requires consistency and discipline and in some cases a change of lifestyle.

A large number of persons set goals for big things such as building houses, having a dream wedding and if there is a little struggle along the line, majority of them give up. The trick is not to aim to high quickly. Developing a good saving habit will prove to be far more effective as well as rewarding.

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In this article, I will be highlighting on the various ways by which one can develop a good saving habit, here’s how to go about establishing habits of saving more money so that it becomes a part of your lifestyle.

CREATE A GOOD SAVING PLAN:

To develop a good and strong saving habit you must have a clear plan on how to handle your finances and how to go about developing a good saving habit.

Write the exact amount of money you’re aiming to save and the purpose for which you are saving it. Create a specific goal. Do not overwhelm yourself by listing too many goals all at once. It is easier and better to create a new habit by start small and being focused on ensuring that the new habit becomes your second nature.

KNOW THE PURPOSE FOR WHICH YOU ARE SAVING:

Getting on the saving path is likely to be much easier if you know the purpose for which you are saving the money, put into writing whatever your reason for saving is.

Haven gotten a list of your priorities you can divide the them into short and long term plans and then you set a priority for what you want to save up for first. It is easier and advisable to start with the small items on your list.

HAVE A RECORD OF YOUR CASH FLOW:

Before saving you must know the amount of money that comes into your pocket and the amount that is spent. You can get an exercise book or an app on your phone where all your major and minor expenses for a particular period of time is recorded, or better still using your credit card or bank statements to help you have a track record of how much enters and leaves your account. Ensure that you do not spend much more than your income as it is a highway for falling into debt. This could be a major road block to your capability to save. To be able to save you must establish the habit of spending less than what you earn.

Spend only the money you have, learn not to purchase an item if your credit card cannot accommodate it. It is not everything that you see in the store that you must purchase, learn to give up on less important things.

MAKE A REALISTIC SAVING GOAL:

do not just jump at setting big goals, set up goals that are achievable under a short time frame, say six (6) months or a year. Decide on an amount that is feasible and achievable within that period of time. You can only set high goals and standards when you have successfully developed the habit of saving.

###OPEN A SEPARATE BANK ACCOUNT:

It is also advisable that in developing a good saving habit, you can also open a new bank account without an ATM, a debit card, or any online banking facility. This will help regulate your spending and also helps to keep a track record of how much you have succeeded in saving. Leaving your savings in your everyday bank account could make it easier to spend, also you’re likely not to earn any interest on the money in your everyday account because some accounts pay bonus interests if you are able to meet up with certain conditions like not making any withdrawals within a particular time frame and making a minimum deposit monthly.

CREATE A BUDGET AND MONITOR YOUR SPENDING CAREFULLY:

Create a budget of how much is to be spent monthly, keep an eye on the rate at which you spend the money that enters into your account, this will help you to know if you are overspending on things that are not too important.

Whenever you create a budget you must discipline yourself to observe it with dedication and commitment. Many times you will feel the need to spend outside your budget (which is actually normal in all individuals) but discipline helps you overcome that urge.

Identify the areas where you can save money, if you do not have surplus after paying all your expenses, you will need to decide where you can make cuts so as to start saving money. Commit to how much you will save each month so that you will know exactly when you will reach your goal, once you know how much you will be saving monthly, then you can create a budget that matches your income so as to prevent overspending.

AUTOMATE YOUR SAVING:

instead of saving from what is left over at the end of the month, it is advisable to set aside your saving first. If you are doing online banking, you can set your account to automatically pay into you saving account. This is a great way to save money as it helps you to overcome the temptation of spending it.

BE SATISFIED WITH THE AMOUNT YOU ALREADY HAVE:

The reason why most people cannot save is because they are not satisfied with the amount that comes into their pockets monthly, to be able to save, you must first be contented with the amount that comes into your account. Resist the desire to upgrade, do not fall so quickly into the sales pitch.

Learning to be contented with the things you already have will save you a whole lot of money, don’t get caught up in having the latest and greatest gadgets, this act has eaten deep into the pockets of money thereby affecting their savings.

CHECK UP ON YOUR PROGRESS: Ensure to make a regular check on the amount you have saved so far. This will act as a motivation to save more and also helps to bring to mind how much is left to achieve your goal. Seeing how much you have managed to save will inspire you to save more and perhaps make you to even increase the amount you save monthly
If you can observe these steps stated above, I assure you that you will have a sound saving lifestyle. Remember, anything of great importance and benefit can be quite difficult at first, when it comes to developing a good saving habit, discipline and commitment is the key and I assure you, you’ll be rewarded handsomely for it.

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