Do you see finance as something terribly boring and anxiety-inducing? Do you feel that money just disappears and you say every month that “well, now I’m going to save a lot of money”? Then it’s time to rethink! Being a financial guru and a savings pro doesn’t have to be boring and difficult. Here are four tips that work, are easy to follow and actually, fun (we really mean it).
1. Give yourself a monthly allowance
It sounds like you’re turning 10 years old again but it’s actually not completely stupid. Decide on a certain amount of money, for example SEK 500 (depending on how much you want to save of course) and every Sunday you transfer that amount to your account or withdraw. If you have cash, you become more aware of your money and also spend less. During the coming week, you only have that 500 kroner to live on (if there is money left over, you transfer it to your savings account). That way, you get a handle on your expenses and start prioritizing your purchases.
2. Wait 72 hours
It is the impulse purchases that usually cause the money to run away. To avoid impulse buys and unnecessary purchases, you should wait 72 hours before taking the plunge. Does this still sound like a good idea? Yes, you should strike. This is how you should think about all your purchases (well, not when you shop for food).
3. Save money on what you don’t buy
It sounds obvious and it really is, but that’s what this tip is all about, saving on what you don’t buy. It means that every time you think you should buy a coffee, candy or take-away breakfast, instead of buying it, you should transfer that amount to the savings account. You will feel bad when you discover how much you “should” have spent on coffee and other unnecessary things, then you will be happy when you discover that the summer vacation is financed by your “purchases”.
4. Compete with your friends
To get a little extra incentive to save a lot of money, you can get together with a few friends and have a “savings competition”. Combine the top three tips and challenge yourself. Encourage each other and tell them how much you save, the competition is to be the one who can save the most. Drive as long as you want and end it all with a cozy dinner or maybe you have a joint trip as a savings goal. If you save with your friends, you’ll never have to feel like you’re boring because you say you can’t afford it or want to go somewhere cheap.