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| Photo source from: twenty20.com |
Have you ever felt like you've been saving regularly but the nominal in your savings book doesn't increase? Believe it or not, saving regularly is not enough to create a healthy financial condition. You also need to avoid these things when saving.
Saving from Leftover Money
The first rule in saving is not to save from leftover money. This strategy can make you feel like you have more money. Financial planner David Blaylock says saving from leftovers can build confidence in your financial condition so that you will spend excess income. He suggests setting aside a certain amount of money at the beginning of a special month for savings so that the saving target can be achieved.
Only Have One Account
Mixing spending money and savings in one account is a big mistake, dear . This habit makes you undisciplined when saving because it is difficult to distinguish between money that is allowed and not to be spent. David suggests opening a new account specifically for your savings. We recommend that you do not need to make an ATM card so you are not tempted to use the money stored in the account.
No Discipline in Nominal Matters
Saving regularly is not enough, you know . To change the activity of saving into a habit that is not torturing, you must also save the same nominal amount of money. This will foster discipline which is very important in saving. Not only that, this method will also make it easier for you to determine your monthly budget plan.
Short Savings Target
Having short savings goals, such as saving to buy new shoes or saving for a concert, is not a good habit. This makes it easy for you to lose motivation and result in unstable financial conditions. It's better to set targets that have a long term, such as saving to buy a house or building a business when you retire so that you are more motivated to continue saving.
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