7 Hacks to Help You Get into the Habit of Saving More

Dec 02, 2018 | 2 weeks ago | Read Time: 3 minutes | By iKnowledge Team

7 Hacks to Help You Get into the Habit of Saving More - Aegon Life

In the spirit of financial independence that all adults strive to attain, financial planning is crucial. We give you 7 tricks that can help you develop habits to start saving today. 

Savings is like that part of our math homework in middle school that we kept procrastinating to complete until it was very late. However, learning some handy tricks that could help you into saving for your happy future will keep you from procrastinating and shall ensure you are on the right path. 

We tell you how you can control spending and save more with 9 such tricks that are easy to follow. Read on to find out how to make them work for you.

Plan your budget

The first and simple step to savings is financial planning. Being organised and disciplined with your budget is very important. You need to plan your budget keeping in mind your daily needs and other expenses of the month too.

Separate your accounts

You can separate your accounts in three categories: an account for fixed monthly expenses like EMIs, the second for variable expenses like groceries and household expenses and the third for savings and investments. Whatever happens, you should avoid withdrawing from the third account.

Balance your expenditure

Occasionally, we all tend to splurge on a little shopping or dinners with family at a fancy restaurant. But you need to remember that while you are spending on these luxuries, you also must pay the luxury tax in the form of savings in your account.

This works in two ways: first, the money you put away will keep growing in your investment account. Second, since you will be matching the expense with investments, your shopping spree will cost you twice as much. This might discourage you from splurging on unnecessary things. 

Buy a term life insurance

When you’re paying off a long-term loan, you need to plan for your loved ones’ financial future. Who will take care of them in your absence? This is where a term insurance policy comes into play. It also means you will be saving money by paying monthly premiums for the long-term, when your family needs this financial support the most. Aegon Life’s iTerm plan will cover you for 100 years, which means you get into the habit of saving for the long-term.

Look for a savings partner

If you’re one of those who can’t stop spending on unnecessary things, then this one is the ultimate trick. Look for a partner who can help you with saving. Both of you can set financial goals and have a friendly competition on who can save up the most.

Think over it

When you go for shopping, it is suggested to window shop and find out the items of interest and come back. You can add it to your wish list in case of e-shopping or ask the shopkeeper to keep it on hold for two days. Weigh the pros and cons of your purchase and figure out whether it’s a need or just something you want to own. Binge shopping or impulse shopping habits can be curbed with such tricks and you will only see your savings account stay intact.

Invest the bonus

You can also invest your salary increments and bonuses you earn at the end of the year. While some of it might get nullified due to the rising prices, you can save a major portion of it. Make sure you first treat yourself because of the hard work you put in to deserve this increment. 

Go on start saving today to plan for a better tomorrow.

II/Sep 2018/4480


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