During the pandemic, many people around the world analyzed their income and expenses and took a new look at personal finances.
Daily spending that was common before the quarantine was no longer available.
And those whose income did not change during this period were able to set aside money for long-awaited purchases or even form a safety cushion that had not existed before.
In such uncertain times, it became clear just how important it is.
In this article, let’s look at how to maintain that rhythm of savings that worked itself out in the pandemic.
Here are some tips:
Set Aside a Fixed Percentage of Your Income
This is the first thing to start with.
Set up a separate account or debit card where you can transfer a percentage of your salary, part-time job, advance payment, or business income.
Depending on your income level and mandatory expenses, determine the exact amounts.
It is important to make it a habit.
So try to save regularly every time, not to skip or postpone payments.
Set Up Automatic Deductions to the Deposit Without the Possibility of Withdrawal
To avoid the temptation to reschedule or cancel a monthly contribution to your piggy bank, you can set up automatic deductions.
Check directly with your bank to find out how to do this.
You can choose the date and the amount the service will have to deduct.
But even automating the process does not always help.
Therefore, you can specifically open a deposit in the bank for these purposes, which will not be able to withdraw funds until it is closed.
Then, every time funds are credited to your account, the bank will immediately transfer the money to this deposit.
Make the Most of Your Debit and Credit Cards
It’s no secret that many debit cards have a cashback on the balance or on certain categories of purchases – a certain percentage will be returned to your account.
At some banks, the funds are returned in cash, at some – in bonuses.
And if you have more than a certain amount left on your debit card per month, the bank can charge a couple of percent for that, too.
You can also keep track of the bank’s partner bonuses, which are usually updated in the mobile app.
Credit cards also come with a cashback if you spend a certain amount per month on them.
You can refill it immediately from your debit card so you don’t have to pay interest, and the cashback can be sent to your savings account.
Use Impulse Purchases to Your Advantage
Transfer the same amount of money from an unnecessary or impulse purchase to your account.
Here is a double benefit:
First, if you know that you can sometimes not fit into a strictly planned budget, your savings account will also be replenished when you buy unnecessary items on impulse.
And secondly, before you buy another unnecessary thing, think about whether it’s worth it?
After all, you’ll have to pay twice.
For the purchase in the store and for his desire to buy this thing, transferring the same amount to the account.
Compete
With yourself or a friend.
This is a tip for the gambler.
You can make the process of saving a real challenge.
Designate a specific amount and the date by which that amount must be accumulated.
And come up with a reward.
You can set yourself up for larger expenditures – a new device or shopping.
You can compete with a friend, then you can specify in advance a prize or some task that you do not want to do.
For example, if you are a student – make yourself surprised.
Save your time and energy and contact the assignment writing service.
Whoever accumulates a certain amount and wins gets a prize, and whoever loses gets no prize and has to do the task.
Use the 30-Day Rule for Big Purchases
The 30-day rule says that before you make a big and sometimes unplanned purchase, set it aside and think about it for 30 days.
This tip might work for those who buy a new model of phone, laptop, electronic watch, or other devices with every new release.
Take the amount you plan to spend on that item and set it aside in a savings account.
If after 30 days it still seems like a vital purchase to you, buy it.
If not, leave the money in the account.
Use the 365 Rule for Every Day
The “365 rule” is good for those who like to start a new life on Monday or New Year’s Day.
To follow this rule, you need to set aside money every day.
But not as in the previous paragraphs, but with each day more and more money.
For example, on January 1 you will deposit $10 in your account, then on January 2, you will have to transfer $20.
And so on, until the next New Year.
Share This Post
