It’s incredibly rewarding to work hard, save money and finally have a decent amount in your savings account. Whether you’re saving for something specific like a new car or a holiday, or if you want a bit put away in case of an emergency, having a healthy-looking savings account is part of being a financially capable adult.
Now you might find yourself facing one of the hardest parts of having savings – keeping them safe from yourself. It’s all-too tempting to dip in every once in a while. It might be a coat or a pair of shoes that are on sale and if you wait until next payday they’ll be gone. Or it could be December and you need to unexpectedly buy an extra gift for someone that you haven’t budgeted for. Whatever it is, you’ll always be able to justify dipping into your savings until, before you know it, you have to start all over again. Below, you’ll find some top tips on how to keep your savings safe… from you!
Set up a savings account that you can’t touch. If you have to go through a number of different steps to access your savings, then you’re far more likely to be thinking twice about whether or not you actually need the money by the time you get there. Another method a lot of people use is not to have a card for the account they save in. If it comes with one, cut it up so you aren’t tempted to use it.
Make More Money
If you’re really struggling to stop yourself dipping into those savings, or you’re reaching the bottom of your bank account days before your next payday, why not look into making more money? With the internet, there are countless ways you can supplement your income without even leaving your home. Do some research on things like MetaTrader 4 and you will soon find that you can start making your money work for you. Once you’re up and running, have your profits go straight into your savings. That way you can take a bit of a break from putting money aside from your regular income, whilst still adding to your savings account.
Keep Yourself Motivated
Keeping focused and staying motivated are sometimes difficult to maintain, especially if you’ve been saving for a long time. It’s worth reminding yourself of the benefit the savings will have. If you’re putting money aside for something specific, then remind yourself of that special goal with pictures and set reminders on your phone to go off unexpectedly. Not only will this make you smile, but you will remember why you’re cutting back now and that it’ll be worth it in the future.
Check Your Budget
If you’ve tried hard and still find you’re taking money out of your savings, it might be worth revisiting your budget and seeing if there are areas you can cut back on. For example, try negotiating with your utility providers or seeing where else there might be changes to your monthly budget that’s stopping you saving.