Selasa, 11 Oktober 2016

8 Ways to a Susccessful Savings Plan and Start Saving Money

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The most critical part of a long-term savings plan is to understand what you're truly saving for. Once you know what you want, it's time to set aside money for it. But shifting funds into a long-term account can be tough, especially if it means investing money you regularly spend at the coffee shop, drugstore or restaurants. If setting aside money normally spent on entertainment leaves you feeling deprived, try changing your attitude.


Here are 8 ways to trick yourself into saving more:


1. Save the Extras

Do you have a tax rebate? Have you recently had a raise at work or received monetary gifts? Pretend you never received it - however large or small. You didn't have or need that money before, so don't depend on it now. Use an income tax refund, if you're fortunate enough to get one, as the start of your savings pot. Start seeing any extras as welcome additions to the savings fund.

2. Keep the Habit

It took you years, but you finally paid off your car. Instead of being tempted to spend the extra cash you now have each month, pretend you're still making that payment, but make it to yourself instead. You can set up an automatic transfer to savings for the payment amount; if you're really looking ahead, you can set the money aside until it's time to replace your car. Imagine going to the dealership years from now and paying cash for your next car - now there's some motivation to keep those payments going into savings.

3. Budget

The problem with saving is that you can 'miss' your money – but you can't miss what you haven't had, right? Complete a budget of what you absolutely need to live off of – bills, food expenses, etc. Then, as soon as your paycheck arrives, sweep the rest off into a savings account. If this money is never in your account, you won't feel you're losing out. Of course, this step requires accurate budgeting to work out what you need on a month-to-month basis. So, go through your previous bank statements so you'll have an accurate picture

4. Get Bank Aware

Did you know that many banks are currently paying 0% on savings? If you don't know if your bank is one of them - you need to find out. Call them up right now and make the inquiry. If they are not paying you any interest on savings then you need to move banks. Many people are blindly loyal to their bank. Your bank is not loyal to you - if you are overdrawn or miss a payment, they are unlikely to consider your lengthy courtship. Because banks are so keen for our business, they make switching to them very easy, and will often complete all of the paperwork and processes on your behalf. Do not have any savings sitting around and earning no interest whatsoever.

5. Look for Deals

Now, nobody is suggesting that you stop spending money altogether, but perhaps it is time to look at becoming more frugal. Do you need to pay full price for everything? Probably not. You can use coupons at the grocery store, and use restaurant vouchers to enjoy a treat for half the price. There are excellent bargains to be found on eBay.com, and don't dismiss getting items for free from freecycle at freecycle.org . It really is true that one man's trash is another man's treasure, so shun your preconceptions and consider thinking outside of the box when you need new items for your home and family. By being more frugal in your spending, you are freeing up dollars that can be directed into that savings account.

6. Turn Off the lights

Get the whole family involved on a mission to decrease your electricity bill. Turn off the lights when you are not in the room, unplug the television and stop leaving things on standby, and you will notice the bill decrease. To really make a sizable saving - turn down your thermostat just two degrees and you could save thousands on your annual heating bill. For each degree you turn down the thermostat in the winter, you can save as much as 5% on your heating costs.

7. Keep the Change

Remember that big jar of change you had in your college dorm room? Bring it back into fashion, and empty your wallet of change a few times a week. Get the family involved; if you have kids, have them draw a picture of what you'll do with the money once the jar is full. Exchange the coins for bills at your local bank for a small fee, or use one of the coin exchange machines in the supermarket - check around to make sure your savings don't get cut too much by exchange fees. Keeping your change over the course of a year can easily add up to a few hundred dollars in savings - another painless way to save. And you'll really grow to love those pennies that used to clutter up your wallet.

8. Forget the Raise

Got a raise? Congratulations! Before you start spending this windfall, increase your automatic transfer to your savings account to reflect that pay increase. If it's an annual cost-of living increase, you've likely already adjusted to higher prices, and if it's a promotion-related raise, you won't miss the money. Instead of spending your extra pay, put it towards something that's important to you, like retirement savings or a family vacation.


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