In the twentieth century it has become increasingly difficult to save money as inflation is forever maintaining its steady climb and salaries just seem to always remain the same apart from a small annual increase. This has a major effect on potential business owners as many would love to start up their own venture but the capital simply isn’t there. So if you have plans to begin something or you want to save for that dream holiday or you have student loans you need to pay, whatever your reason for wanting to save, there are means to motivating yourself better and actually accomplishing what you might consider to be impossible.
Earning Extra Income
By earning extra income, given you have the time for job number two, you will be putting some cash away into a savings account which we will cover below. By seeing your extra cash go to a savings investment and watching it grow, you will find you are more motivated to put money away. Look at options to generate more money each month or if you consider yourself to be lucky, test your luck and play now for the chance of making all your financial dreams come true.
Creating A Savings Pocket Account
Some banks allow you to open a joint account which is linked to your everyday account. The trick here is sign up for a kind of ‘bank your change’ service which deducts small amounts after each transaction and puts it into this savings account. Yu then receive interest on top of this when you don’t withdraw cash from this pocket account. The pocket account is really just a hidden account which won’t allow you to access funds unless you have transferred them back into your everyday banking account.
Set Saving Goals
Each month, set yourself a goal and aim to achieve it. By setting goals on paper and seeing where you are going with your savings you may feel more inspired to put aside money and for the months you simply cannot afford to save, well you could stretch this sum of money over the other months adding a little extra to put away.
Collect Small Change
Any change you find lying around the house or the car, out it into a jar and bank the jar once every month or every 3 months. Teach yourself how to find this cash and make sure you don’t count the jar as you may be tempted to spend the contents of it.
Avoid Carrying Cash
If we have hard cash on our beings we tend to spend with no notion as to where the money went so quickly. In order to save money, you have to teach yourself how to stop spending money and to do so means eliminating obstacles that encourage money expenditure.
In order to motivate yourself to save money, you need to get your head into the right space and discipline yourself on a daily basis. No one said it would be easy, but they did say it would be possible.