Crisp currency in your wallet feels good right.We tend to spent all cash we have in our pockets. This is true for all age groups. So how to develop a passion for saving cash.
Following some simple tricks can help you save amount of cash you would have never imagined.
- Keep a separate account for savings – We generally operate more than one bank account. Reserve one account for all savings that you do. It will help in a big way to save cash.
- Save the savings – When you are shopping for clothes and have $100 budget, but get the stuff for $80 due to discount, then make it a habit to deposit the extra into a different bank account. This is the one you opened for saving purpose only.
- Inculcate the piggy bank habit – My father always gave his change to me for my piggy bank. You can also imbibe this habit in order to save the change.
- Make saving a competition – Make saving a fun habit. Keep a competition of who can save more and reward the person who saves more. This will make saving a fun thing to do and not a pain in the neck.
- Invest the saved amount periodically – The savings that you have in your account should not be left there. It will depreciate. Take out 50 percent of that money and invest. Rest 50 percent will take care of emergency.
- Be clear about preferences – Always spend on necessities first and buy luxury items only when you have enough investments.
Want to save some quick cash? These simple actions taken at the right time will go a long way to save cash. You will never be out of cash.