Earning money is done via hard work. The thing is, saving it can be just as hard. You must manage your finances well so that all your effort does not go to waste. But you cannot help it sometimes. There could be moments where you splurge on random stuff because you feel that you deserve a reward. Things like this could add up, and if it keeps up, you may end up not having any savings at all.
Teaching people how to save should be like a disciple-making movement. It is something good that needs to be shared with everyone. Knowing how to handle your finances will keep you out of challenging situations like being in debt and going bankrupt. There are techniques out there that have varying degrees of complexity. Here are some that could be fit for your whole family. It will make the adults more responsible with their spending, and it is also good to let the kids know about them early on in life.
Delayed Gratification
People are now living in a world where everything is fast-paced. The good thing about this is that things have become more convenient, especially when it comes to the internet. But this can also be concerning because online shopping is a phenomenon that has hit everyone. You no longer have to drive to the mall or any physical store to buy the items that you want or need. All you have to do is browse the product pages, get the thing that you want, and then enter your card details to complete the transaction. That will take you several clicks, and then you have to wait for it to be delivered at your door. That is what you call instant gratification.
Delaying your gratification will prove to be beneficial to you when it comes to your spending habit. It is easier said than done, as this will take a lot of will power to pull off. One thing you could do is remember all the past purchases that you have regretted. You do not want those to happen again, and that should be your motivation to take your time before pulling that trigger. It is also good because you will never know when a better offer is coming.
Organize Your Numbers
You cannot be effective in saving money if you do not see things as a bigger picture. Having a concrete plan will turn things around for you. How do you do that? It is just some simple accounting. Make a journal of how much money is coming in versus how much you are spending. That already will tell a lot about you and your finances. If you check back and see that you have already spent up to your earnings, you will have a sense of urgency to stop letting the cash flow out. Without data like this, you can become complacent and think that you will be fine because the next payday is coming.
The Piggy Bank
You can save in the simplest ways, and one of them is keeping your cash in secure storage. The easiest ones to set aside are your coins. It is up to you if you want them to be put inside a piggy bank or whatever container you have lying around the house. It is highly suggested to use something that has a large capacity. Filling that up will motivate you so that a big one will net you big savings. If you have started a good cadence with that, you can take it up a notch and start adding larger bills in there.
It is always a good thing to know that you have a comfortable amount of money in your bank account. But of course, you do not rest on your laurels because emergencies could easily cut down on your savings. That is why you need to make it a habit to set aside cash whenever you receive your income. Having a fair amount of money to your name will also give you peace of mind.
