Managing money is not an easy task. With the convenience that is online shopping, staying indoors over the weekends also doesn’t do much for the savings. However, after much trial and error, we’ve concluded that saving money is as much a task or a chore as anything else. It needs to be on your to-do list for the month and should be checked the moment your paycheck comes in. If you find it hard to save money for anything but a bottle of wine by the end of the month, here’s help. Take a look at these six effective ways to save funds for that vacation you plan to take at the end of the year.
#1 Pay yourself the moment your salary comes in
Depending on the amount of money you want to spend on your vacation, mark a fixed amount that you keep aside as savings every month. Do not wait till the end of the month to put this amount aside. The moment your paycheck is in your account, transfer this money into a deposit that you can only use at the end of the year. Plan your other expenses with the leftover amount.
#2 Be a tad bit frugal
We’re not saying that you stop spending money according to your wishes. We’re simply suggesting that be wise with your expenditure. Do you really need that Netflix subscription or that gym membership you don’t even utilise? Analyse before you loosen your purse strings. Spend on important things and do away with the unnecessary expenses.
#3 Track your goals
Just like any other goals, track your savings every month. Make sure that you’re saving the right amount every month and make up for deficits, if any, to ensure you have the right number saved up when you need it. One of the most effective ways to save money is to maintain consistency no matter what.
#4 Use a spending app to track your expenditure
While swiping our cards, we often forget to account for petty expenses that accumulate into a bigger amount than one can imagine. Use a spending tracker app to keep within your expenditure limit for the month. Write down every little expense and check this app at the end of every day.
#5 Make the most of your surroundings and what nature has to offer
We understand that there are days when one just needs a stiff drink and it is absolutely okay to spend some money then. On other days however, take a walk, go for a run, sit out in the sun and try to make the most of what nature has to offer. It’s not always important to spend a huge amount of money to have a good time. Reading a book while soaking the sun can do so much more for your mental health than sitting indoors with a glass of beer.
#6 Put your savings in a deposit that is not easy to break into, before the right time
We can give you as many savings hacks as you like but the ultimate power lies in your hands. You save every month and suddenly come across that watch you’ve wanted to buy for years, that too at a discounted price? DO NOT reach out for the holiday fund. An important part of these many effective ways to save is to do away with the unnecessary urges to spend. And for the same reason, we suggest securing your funds in a deposit that is not easy to withdraw before the right time. This way, you keep a check on how much you’re spending and do not end up buying things that you don’t really need.
Know more effective ways to save money? Tell us about it in the comments section. Wishing you a great saving spree.