Saving can be torture for some people. When it comes to raising money and saying ‘no’ to small temptations, many may lose out. However, it is important to understand that this helps us form better financial habits and achieve certain goals.
If you are one of those ‘bad savers’, don’t give up. You probably haven’t found the right method or best practices. Here are three new savings tips that will surely help you see this practice with new eyes.
Look for an account “with surprise”
To strengthen your savings it is important to have an account intended for that purpose. Something that can help you further strengthen your savings habits is to look for an account that has a free number of deposits, but a limited number of withdrawals. That is, if you withdraw money several times a month, you will be charged for doing so. This will definitely make you think twice before withdrawing cash.
Another benefit of having a savings account is that you will be paid interest that will make your money grow. Before choosing any option, be sure to compare the available alternatives.
Create your own ‘savings challenge’
Accountability is a fairly effective tool when it comes to saving. Meet with a friend or several and place a bet: who else can save money, or who meets his goal, receives something in return. In this way, there will be a reward for maintaining good habits.
Put a face to saving
We all need extra motivation, and saving is often easier when we know why we do it. If you are looking to pay for your studies, buy something for your children, have an emergency fund, etc., put a name to that initiative and place a reminder where you can see it: in your calendar, your refrigerator, etc. Everything works when it comes to remembering why you do it!