We are back again with a new financial tip! This week’s tip is about saving in a creative and more fun way. These tips have to get your more motivated to save money.
The 52-Week Money Challenge
For this challenge, you will save for 52 weeks. Normally you either start with 1 and finish with 52 or the other way around. However, to make this more fun you can also put all the numbers in a jar and each week you pull a number out with the amount that you have to save.
The 25% method
You begin the week with putting 25% of your monthly spending in an envelope. This money is for the next seven days, everything that you want to spend comes from this envelope. This will help you think more about what you really need. Look back at our Wisdom Tip #4 do I really need this, in this article we will explain more about how to make better spending decisions. For example, it is wise to wait 48 hours before buying something because it makes you realize if the money is really worth it.
Getting a deal
The idea behind this is to put the difference of the normal price of a product and the price on sale to your savings account.
Imagine you want to buy new shoes and originally, they cost RM100 and on sale they are priced 60RM. Try to transfer at least RM20 to your savings account, this will give you a good feeling about the deal and also it is positive for your savings.
We hope that today’s tip gave you some great insight in how to save more money. Stay tuned for upcoming tips!