Here are some simple ways to put more money in the bank during the new year.
If putting more money in the bank is a top goal, you may need help to overcome the odds of slipping back into bad habits.
Here are a few ways to make your new savings goal a success.
- Set measurable and attainable goals: Setting goals is important, but establishing the right goals is crucial. For example, a goal of “Save more money in 2020” has the right intentions but lacks a way to measure success. Instead, get specific on the amount, the date and the purpose. A better goal would be “Save R20 000 for the down payment on a car by April 1.” This way, you’ll know exactly what you need to do and by when. The more specific the goal, the better the chance of completion.
- Break your goal into easy steps: Breaking down goals into manageable bites makes big numbers less intimidating. Don’t try to save R5 000 for the year. Instead, save R100 a week. Yes, the goals are the same, but which sounds easier?
- Track Non-Essential Spending: Regardless of how big your target figure is, you need to see where all your Rands are going before you can figure out how much you’ll be able to put away. To do this, look at what you spent the previous month, putting essentials and non-essentials into different buckets.
- Sleep on it: Before you make any large purchase “sleep on it” — in other words, think about it overnight. More often when you force a delay like that, you often realize that you didn’t really need it after all.
- Be consistent – Adjust to the saving lifestyle, stay consistent and don’t fall back to wayward spending. You will be happy at the end.