PIGGY BANK: UNIQUE WAYS TO AVIOD THE TEMPTATION OF SPENDING YOUR SAVED MONEY

Piggy Bank


To save money in a Piggy Bank to invest in future projects, unbeknown to spend out from it, can be so tempting. At times we save money to buy cars, houses or any other important things to us, but unknowingly we spent out on it without realising we do spend from it. So here are some ways to avoid the temptations of spending your saved money.

Know your purpose for saving.


Why are you saving such a huge amount of money? Are you saving money for emergency purposes, financial purposes or to buy things? There are different purpose why you save money, and by knowing and identifying your purpose for saving money, you would be able to control yourself of spending out of it.

Set Goals.


Saving without goals or not knowing what you want the money for would likely tempt you to spend more from it. But knowing what you do want the money for or by setting goals for your saving would allow you to think far behind your goals for saving money and with that, you are likely to save more.

Develop the habits of saving daily/monthly.


Developing the habits of saving your money on a daily or monthly basis would help to keep you enlightened that you are saving money. Most individuals make mistakes of saving money they can't avoid for the long run, they tend to save more money out of their incomes forgetting to keep some for expenses. And with that, they are likely to spend more from their savings over time.

To avoid spending money you saved you have to develop the habit to save at least 20% of your daily or monthly income.

Settle less.


Don't bother saving if you can't, no one of forcing you to. You own your savings and it's your right not to save whenever you feel anxious about the money at hand would be enough for the month or day.

By settling less whenever that(out of budget) pops up you will be able to utilize your savings and your expenses for the month or day not to collocate with your savings in other for not to spend out from it.

Avoid many budgets.


Too many budgets without realising the total amount of money at hand would make you spend out of your savings. Budget less for food, and other expenses in other for it to go with the money at hand to avoid the tempt of spending out of your savings.

Final thought.

To be able to save money as an individual deserves discipline, dedication, and consistency because to make money and save some is one of the importance of living in our today's world.

Post a Comment

3 Comments