How to Improve on your savings in 2023

[Carpon]

Saving as we all know is a very important and basic part of personal finances and in this new year, 2023 the most important and pivotal financial phenomenon that you must give attention to is saving

Here are some tips that you should consider implementing for the sake and purpose of improving on your finances in the brand new year

✓ Don't trivialize moments. Avoid the act and habit of Procastination the likes of people saying I won't save this month, say till the next month. Begin your savings immediately.

✓ Consider getting a separate savings account to help you have full control over your savings. Merging your savings account with your expenses account will mean harm to your finance and savings.

✓ Avoid bad habits. The likes of impulsive buying, gambling and other habits that are very detrimental to your finances because they stop you from having enough to even save. Avoiding such habits will be a nice change this year.

 

[Shaf]

The key to solving a problem is to know the problem and acknowledge it. Many of us don't realize that we have a problem with savings especially if our income increases gradually.

After acknowledging that you need to solve that problem, then find ways to work on it and ensure that you do it for a long time. It's the beginning of the year and it's common for people to have high expectations, but by the end of the year, most of those plans are derailed.

Having an accountability partner is very helpful if you want to achieve your goals. We feel embarrassed for failing, but if no one knows about it, there won't be an issue. It's also good to save money whenever you get it. Delaying the process makes the money easily accessible and if you can't control how you spend, this will derail your plans. Some people use a wooden piggy bank to save for the year and I've seen quite a few of them that achieve good results with this.

 

[Yusra3]

Save more

You know you're a saver, but maybe you could surprise yourself with how much you save.

It's all about setting small goals and working toward them in bite-sized pieces. That way, when you reach your goal, it feels like a big accomplishment instead of just another number on a to-do list.

Try this: Set aside $20 per week to put toward your savings goal. Then set another $20 weekly goal for retirement savings (or whatever savings category feels right). Then take a couple weeks off from saving altogether and see if you can't find ways to make up the difference!

If saving feels overwhelming or difficult, try breaking it down into smaller chunks: one habit at a time, or one week at a time. You'll feel more accomplished and less overwhelmed by this process as time goes on!