As humans we all always feel this need to buy everything that our heart desires which makes it hard to save money for us.
You might always plan to cut down your expenses every month but end up spending the same or even more.
Just planing to do this is not gonna help! You have to save money and be good with it because when it comes to actually save, you have to be really mindful of every penny.
We’ll tell you a secret about saving money—and it is that it is highly affected by how our brain works.
If you’re a shopaholic and are looking for ways to save money and spend it more wisely, you’re at the perfect place (because we are in the same boat).
I’m going to share 4 valuable tips and tricks that changed my life and will most certainly benefit you as well.
Tired of impulsive shopping? Here’s what you need to do:
- Use cash instead of debit cards
- Automatic deduction saving policy
- Monthly management
- Convert prices into time
~ Use cash instead of debit cards
You might be thinking how is this going to help me in saving money?
Well, using cash instead of debit cards or checks can help you tremendously when it comes to spending less.
How? Because it’s harder to hand out eight 20 dollar bills than just swiping a card through a machine once.
It happens because, as a human, you feel this materialistic attachment to that piece of paper as you realize its worth and how hard you worked for it.
So, start carrying cash with you every-time you buy something or even when you get food or groceries.
~ Automatic deduction saving policy
This is something everyone with a monthly income should do. It’s an amazing tip because it helps you save money every month without you even realizing it.
Every bank has this policy where they offer to deduct a specific amount from your monthly paycheck and automatically add it to a separate savings account.
You can’t deposit from this account for a good account of time. By the time the policy expires, you get your savings money – which can be really useful.
~ Monthly Management
Making a monthly list of your expenses is an extremely useful tip. This is going to make you realize how little things add up.
Spending 5 dollars on a burger every day might not seem a lot, but when it adds up at the end of the month, it can make a huge difference in your budget.
Every time you spend money on anything, note it down and see the difference in your spending habits for yourself.
~ Convert Prices into Time
Psychologically trick your brain into converting price tags into the amount of time you have to work for that money.
For instance, let’s say you really want this 50 dollar t-shirt, try thinking about how much work hours will it take for you to buy that it.
Now, really ask yourself— are you willing to work 5 hours continuously just for a t-shirt? The answer to that might be unexpected. This trick will make you learn about value investing.
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