Top Five Saving Hacks

One of the most popular New Year’s resolutions, aside from losing weight, saving up. That’s why we hear of things that aim to increase our savings like taking on the Ipon challenge, hiring a financial consultant, saving in online banks like CIMB, Seamoney, GoTyme etc., so on and so forth. But before you even get to the actual point of saving, the one thing you would really have to work on is yourself. That means you have to muster the strength, courage and discipline to get into the habit of saving up. And to guide you en route to this kind of life, here are the Top Five Saving Hacks I have come to know after years and years of working, investing and now saving.

1) Don’t just rely on your job,

you have to augment it with extra hustle. Sure, your job will probably demand you to work 8 hours minimum per day. But then, there are other things you can do- maybe on a weekend or perhaps after office hours to earn more. You can engage in live selling, or sell some of your de-cluttered items. Or you can do some baby-sitting work on a weekend. Whatever work

2) The more you earn, the less you should spend.

It’s a scenario we know all too well. When one gets promoted and is given a raise, the next thing that happens is you thinking of getting a new gadget, booking your next travel, or replacing your car. But the secret to really saving up when you’re earning more is to spend less. Try to live as if that increase did not happen. And whatever raise you had, just set it aside safely and quietly, only to be visited/revisited once in a while when the need calls for it. Remember, just because you have the financial means, doesn’t mean you should always go for it and find ways to spend it. Remember this phrase: Just because you can, doesn’t mean you should.

3) Have the discipline to allot for savings, not just expenses

A lot of us would rather live in the now- and say that you deserve this and that for working so hard…. Nothing wrong with that. But there also has to be part of your life that also need to save. No matter how little. I remember vividly when the pandemic struck- and caught everyone by surprise. Many thought it was an episode that wouldn’t last- and that they can easily tap into their savings. Until it dragged on and on- affecting industries, jobs and livelihood. But imagine if you were one of those who did not have any savings to help tide you over on a rainy day. It sure would have been a nightmare- for both you and your family.

4) Treat Yourself, but don’t spoil yourself

There’s nothing wrong with buying things for yourself. After all, you’re entitled to use the money you earn for things you want to buy. But you have to practice self-control. You have to set a limit- so you still have some left. Think before you get a new phone- or a new car- or if you really need that extra cup of Starbucks to end the day.

5) Invest

The problem with living paycheck to paycheck is that once your salary drains from bills and expenses, there is nothing left to source more cash – unless you borrow or make an advance. So, if you’re wise enough, you should think of saving up- and using that to invest in a business (no matter how small). What is important is that you just don’t rely on one source of income. Also, don’t hold on to your money too tight to your chest that you’re too afraid to invest in new endeavors. Remember, you need to spend money to make money. It may be a gamble, but you won’t know until you try.