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7 Tips To Help You Avoid Spending Your Savings In Tough Times ;No 7 Is Fun

13 October 2020 Blog

we all know saving is good for us. But as the balance creeps up, it can be hard to keep  away from your savings.      In recent times , Most families have been forced to dip their hands into savings meant for other important projects like the children’s education fund, the family dream home and even business funds(Capital)

Here are some tips from www.mebank.com.au to hep  get you to your savings goal without the self-sabotage.

1. Bring the passion back to saving.

Passion is the driving force that can see you turn saving into a habit rather than a chore. Set clear, achievable savings goals and reward yourself when you reach milestones.

You’re more likely to save if you can see the dangling carrot. Whether it’s a new laptop or a getaway with your mates, an aspirational target will keep you on track and excited.

2. Prioritize your savings.

Don’t just plan to save whatever is left over after regular bills. Chances are, it won’t happen. Give saving top priority by planning to tuck away a set amount each week, fortnight or month – any cash left over is yours to spend guilt-free.

If you have to trim expenses to make it work, get excited. You’re making an investment in the  future You.

3. Make it easy for yourself.

Saving is hard, so be kind to yourself. Create an automatic transfer of funds out of your everyday account and into a dedicated savings account. Avoid overdraft fees by setting it to coincide with pay days.

It will be as though the money was never yours – until it comes time to cash in. On that day, you can withdraw it in hundreds and just stare at it until bedtime.

4. Learn to love cooking at home.

Embrace home cooking and feed the extra cash straight to your savings. you will not only save money but you will be safeguarding your health which also will result in saving money ,As the saying goes, Health is wealth ,Eating out costs a lot  Plus you will have no control over what you are  eating .Cooking your own meals can be both empowering and better for you. While you are at it too, make friends with salad.

5. Stop wasting money on impulse buys.

We know. Sometimes you walk past a reusable bag you just have to have. But unplanned purchases can gouge a hole in your savings no enviro-conscious choice can fix.

Before you splash out, count to fifty. Sleep on it. Be sure it is a good idea. Make it a rule of thumb to take some time out before going ahead with an impulse buy. If you still want the bag , go back and take another look. It’s a fair bet it won’t seem so appealing second time around.

6. Be realistic about what you can afford.

One of the easiest ways to sabotage your savings is to try to do too much. Is it really “savings” if you have to withdraw funds again at the supermarket? Take a close look at how much you’re spending, then put away what you can actually afford to spare.

7. Trick yourself into thinking it’s fun.

Block the psychological urge to spend by setting barriers. Ask yourself the question: “what would future me do?” practice delayed gratification

The most important thing you can do is recognize that you’re achieving something really important, and it’s a challenge. No one expects you get it right hitch free on your first go. You’ll probably have times when you “borrow” from your high-interest account, or neglect to put money away for a week.

Forgive yourself. Your savings goals are still reachable. Develop a few saving-friendly habits and be confident you can see your mound of cash skyrocket in no time at all. first of all, have a good savings rhythm underway, then you can identify strategies to build your savings

Good Luck

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