Don't let emergencies drain you out - adapt these 5 healthy daily money savings habits today and secure your future.
It has only been the first week, and you've almost exhausted your salary except for the fixed expenses and a bunch of your wish list items. If this is you, and are already looking forward to the next paycheck, then don't be embarrassed - all you need is to inculcate daily money saving habit
If this is you, and are already looking forward to the next paycheck, then don't be embarrassed - because we've all been there.
For most of us, living from one paycheck to another has become a part of our lives, and somehow it just becomes difficult to break this vicious cycle and shift to a better plan for savings.
In the post-covid era, saving money has almost become a necessity. From health emergencies to unemployment - anything can happen. And, without adequate savings, there will be nothing to fall back on.
But considering the salaries nowadays, we are only left with peanuts at the month-end - and saving a chunk from it is next to impossible.
Even though saving a chunk of money monthly from your income is impossible, saving pennies daily is always a less daunting option.
You'll come across several blogs telling you "X number of ways to save money daily faster" or "Save money daily without spending," but we are not here for such impractical suggestions.
We only tell you what works in the long run and our methods are tried and tested.
Today, we will tell you 5 daily money-saving habits that can change your savings game and become a safety net for your future.
But remember, these aren't hacks; these are habits - and these will only work in the long run if you stay consistent.
5 Daily Money-Saving Habits to Adapt today
Building habits take time, be it for your body or your finances - there's no other way around it.
However, adapting to small daily changes makes your goals much more achievable in the long run.
We will talk about the five money-saving habits you need to adapt today.
1. Stop the app notifications that tempt you to buy
App notifications, especially the ones that challenge your willpower, are no less than a devil's den for you.
With constant pinging and repetitive retargeting ads - these app notifications entice you with exciting deals and offers and insist you hit the "Buy now" button.
Pausing such app notifications is a great way to keep your mind distracted from the constant shopping craving.
Don’t be enticed to make impulse purchases when you don't see such notifications.
2. You don't need a takeout every weekend
For workaholics like us, weekends are the only time we get to relax and enjoy ourselves. Thus, ordering food online or getting a takeout seems like a reflex.
But as a beginner on the savings journey, you can probably try to reduce the takeout habit from every weekend to once or twice a month.
Though the money you will save every month might not seem much now - give it a year and see how much you'll save over the year!
3. Track your everyday expenses in a journal
As we discuss inculcating habits, tracking your everyday expenses is something you can't miss.
When you write down your daily expenses, be it digitally or on pen and paper - you can visualise and spot the difference between necessary and unnecessary expenses.
Besides, such a habit also helps you reflect upon the goals you've set to achieve with your savings.
4. Take at least 24 hours before you purchase
Every then and now, we have all been impulse buyers. sAnd it's fine - we aren't asking you to bring a pause on all your purchases.
Instead, try to inculcate the habit of waiting at least 24 hours before purchasing it. Wondering why?
Within that 24 hours, your mind will get distracted and come out of the FOMO the product or the sale made you feel.
Ask yourself after 24 hours, "Do I still need it?" - if it's a Yes, go and get it but make sure it has a genuine purpose.
5. Cancel or share the OTT subscriptions
The number of OTT platforms these days is unnumbered - and most of us end up subscribing to three or more such platforms every month.
But considering your busy schedule, do you have the time to engage in all these OTT platforms every day? Probably, no.
Pick a platform on which you watch the majority of the shows - and unsubscribe the rest.
Even if you don't want to unsubscribe, try to share your subscriptions with friends, family, and colleagues.
Either way, you'll save money!
How to Be Consistent with Your Money Saving Habits?
Starting a journey is easy, but staying consistent over time is the ultimate challenge.
We have developed money-saving habits that will help you stay consistent with your saving goals.
Set achievable goals
As beginners, we often get intimidated and set unrealistic goals for ourselves. But in the long run, it often becomes impossible to meet the goals.
That's the reason setting smaller goals is essential.
For example, if you are saving up to travel, don't overwhelm yourself by planning your first vacation abroad.
Instead, plan somewhere in the country that easily fits your budget.
Break the goal into smaller goals
If you have one big goal for saving money, approaching it can sometimes get overwhelming.
But if you break it into multiple smaller goals, achieving them without exhausting yourself becomes easier.
We suggest following the SMART goal strategy where SMART stands for Specific, Measurable, Attainable, Realistic, and Timely short-term goals that seem achievable.
Keep a separate bank account (do not activate Internet Banking)
Keeping the same bank account, you use for regular transactions might mess up your saving journey.
You might be unable to differentiate between your savings and fixed expenses and might end up depleting your savings before you know it.
However, having a separate bank account with no Internet Banking facilities for keeping your savings doesn't give you the flexibility to use your savings whenever you want.
Reward yourself after reaching each goal
Staying consistent in your financial journey is excellent, but that doesn't mean you can't loosen your purse strings ever.
We suggest rewarding yourself when you reach a new saving milestone. If possible, make a wish list and check one item off your list whenever you achieve a goal.
Sure it feels great hitting your money-saving goals. But inflation will soon overpower your savings if you do not know how to grow your money.
Thanks to the digital era, money-saving has become a no-brainer for us. But given so many options - from stocks to digital golds and Bitcoins - where should we invest?
Given the volatility and long-term investment factor of stocks and Bitcoins, our good old gold is a much more convenient option for growing your savings.
But presently, the trigger has shifted from physical yellow metal to digital gold to a great extent.
With soaring gold prices, you don't need to worry about the authenticity and the credibility of the metal while purchasing digital gold - besides, you reap the same benefits.
Though many platforms allow you to invest in digital gold these days, we hardly have the energy to scour through the dozen results and invest at the end of the day.
This is where the Jar App can come to your aid! With its automated saving feature by rounding up your daily spending - you don't even need to open the app.
It works as your gold piggy bank, only digital, where you can buy digital gold starting from as low as Rs. 10.
Don't procrastinate - start your saving journey today!