strategies on how to save money after payday

This is how to save money after payday

Saving money after payday is a fit that may find difficult to accomplish. An ideal job is one that foots the bills and lives you with more than enough to save and to live comfortably. Truth is, no matter how much you earn, if you don’t know how to save you will still find yourself poor. To be financially stable, one needs to imbibe the habit of saving. These six strategies will help you make the most out of saving.

Smart planning

It is important that you make plans with regards to saving. There should be a set goal for the savings you are putting up. This goal has to be realistic and obtainable. The time frame set for it shouldn’t be too long either. These questions should guide you; what are you saving for? Can it be achieved? How long will it take? How much should I save? Will my savings affect my day-to-day expenses?

Go cashless, not careless

We are at an age where technology rules. Banks are quick to issue debit, credit and master cards to their customers to encourage cashless market. While an ATM card may be stress free and simple, it could easily leave you broke with the incessant temptation to shop for more than you have need of.

To help you save more even with an ATM card, you should have at least two accounts; one a savings account and the other an operational account. This way you are least tempted to use your money from your savings account.

Don’t shop on impulse

Impulsive shopping is usually to blame for people spending their savings. It happens more around the time when your paycheck is still fresh out. One tends to spend on impulsive buying (especially things they have no need for). Plan all shopping ahead of time to avoid reckless spending.

A little extra won’t hurt

Saving money from your paycheck may be more difficult if you are solely dependent on that one paycheck. Look for opportunities to make extra money. Money flow from different sources, make saving a lot easier. There are online jobs that could serve the purpose of extra income.

Saving generally connotes discipline; the ability to say no to yourself and to others even when you want to say yes. Instead of saving what’s left after spending, spend what’s left after saving.

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