Do you want to save and even if you try, you do not get it? Most likely, you are not managing your correctly. Everyone should be able to save a part of their income . Otherwise, you could be in financial trouble in the future. But … can you save while you spend?
In this article we will teach you 5 golden rules to help you save while you spend money. And no, we have not gone crazy. We will learn to use our consumer behavior to save .
The 5 golden rules to save while you spend
Rule 1. Rounding of purchases.
It is the most “complicated” rule of all to save while you spend, but not because it is difficult, but because it requires a little dedication every day . What it is about is to round up each purchase we make until the next dollars and save the difference .
For example, if one day we spend 3.45 dollars for breakfast, 1.20 dollars for a bottle of water and 20.10 dollars for a T-shirt, we will make three rounds: 0.55 for breakfast, 0.80 for breakfast water and 0.90 for the shirt. In total, we will send the piggy bank 2.25 dollars.
Rule 2. Retention by income.
On this occasion, for every income that we receive in our transfer to the savings account . It can be a fixed amount, for example, 60 dollars per income; or a percentage, for example, 10%.
Rule 3. Commission for eating out.
This will be the only commission you will pay without getting angry. Every time you eat at a bar or restaurant, you will add a € 5 commission to the amount of the meal.
With this new habit you will get two things: first, and, therefore, spend less money ; and second, that food will report something positive, in this case, saving. It is one of the most ‘fun’ options to save while you spend.
Rule 4. The weekly transfer.
With this new rule we are going to create a new expense every week: the cost of saving. What it is about this time is to automate a weekly periodic transfer to your savings account.
You can do it in the way that is most comfortable for you. For example, a weekly transfer of 25 dollars (you would save 1,300 dollars in a year).
Another option is to make a stepped transfer following : week 1, you save 1 dollars; the week, 2 dollars; the 3, 3 dollars … and so on until the week 52, in which you must save 52 dollars (1,378 dollars of savings in total).
Rule 5. The expense that went to not return.
When you unsubscribe from this service, imagine that you are still paying and transfer the money to your savings account. For example, if you stop going to the gym and paid 40 dollars a month to go, every month you must transfer 40 dollars to your savings account.