How to make money saving into habit

[Jasz]

There are many ways to save money and one of them is by making it a habit. Here are some tips on how to make it a habit:

1. Start small: the easier your savings plan, the better. The first step is to set up a small amount of money each month for savings or for your emergency fund. If you have kids, this could be something like $10 per week taken from their allowance or from your monthly grocery bill.

2. Use automatic payments: if your employer offers an automatic withdrawal from your paycheck, sign up for it! This will help keep track of what you're spending and where the money is going so that you can adjust your spending habits accordingly.

3. Make deposits into a savings account: even if this account isn't part of your regular budgeting process, it's still good practice to make deposits into any type of savings account regularly (like an IRA). This way, when you do start paying more attention to how much money is going out than the other way around, all those little pieces add up quickly and can help build up savings over time without even realizing they're building up!

 

[Holicent]

The easiest way to make money saving into a habit is to simply do it. When you're sitting on your couch watching TV, or sitting in traffic, or just waiting for your bus to arrive, you want to keep yourself busy. You don't want to be bored, so you start thinking about ways that you can make some extra cash.

The easiest way to do this is by saving little bits of money here and there — maybe $1 here and there each day — until it adds up over time. In order for this strategy to work, however, you need to be able to remember all these little bits of money that add up over time.

You might be thinking: "That's easy! I just write down everything I spend every day." But then again, maybe not. Maybe you get so busy with work or school that it's hard for you to remember everything that goes into your checking account each month (or week). Or maybe you only keep track of the big things like groceries and gas because those are the things that happen automatically; but if they're not automatic then they might as well not exist in your mind at all.

So how do we keep track of these little bits? We use tools like Mint etc.

 

[Shaf]

Developing any habit takes time, practice and patience, and the same applies to saving money.

When you want to save money consistently, you should start small and slow. Usually, saving a specific percentage of your monthly income before you sort out other expenses helps in making it a habit. This is easier if you use a payment gateway that deducts the money immediately.

Another aspect that is necessary to develop this habit is discipline. Most of us lack the strong will to continuously keep money aside especially if we feel there's something we need. Having someone to motivate and encourage you will keep you on track anytime you want to give up.

Another thing that can help is monitoring and controlling your expenses. This gets you thinking about saving money all the time, thus over time it becomes an engrained habit. As an added bonus, you get to save even more money by cutting down on any unnecessary expenses.