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Two Simple Savings Tricks - September 2019
If you have a spending problem or you just haven't developed the habit of saving, don't worry - you're not alone.
But you can beat that spending problem and learn to love saving with these two simple tricks you can use to increase your net worth. They are both simple, painless and best of all, profitable.
Trick No. 1: Hide it before you can spend it.
Out of sight is out of mind. When it comes to money, out of sight means in the bank. "In sight" eventually means out of your wallet. So, get your money out of reach before you can spend it. This can easily be accomplished by having money deducted from your pay and deposited straight to your savings account. Or you can salary sacrifice, if you're eligible, into your superfund - building your retirement nest egg quickly and surely.
Trick No. 2: Limit your spending power.
Automated teller machines (ATMs) make getting cash very easy - which is very bad for your bottom line. Just take a look at your bank statements. See all those $40, $60, and $100 ATM withdrawals listed? Can you account for that cash? Probably not. So, make this the rule: Decide on a minimum amount of cash you need for a week. Withdraw that amount on Monday, and do not make another cash withdrawal until the following Monday.
These are two very simple things you can start doing right now to become debt free, increase your wealth and put you on the path to financial independence.
But you can beat that spending problem and learn to love saving with these two simple tricks you can use to increase your net worth. They are both simple, painless and best of all, profitable.
Trick No. 1: Hide it before you can spend it.
Out of sight is out of mind. When it comes to money, out of sight means in the bank. "In sight" eventually means out of your wallet. So, get your money out of reach before you can spend it. This can easily be accomplished by having money deducted from your pay and deposited straight to your savings account. Or you can salary sacrifice, if you're eligible, into your superfund - building your retirement nest egg quickly and surely.
Trick No. 2: Limit your spending power.
Automated teller machines (ATMs) make getting cash very easy - which is very bad for your bottom line. Just take a look at your bank statements. See all those $40, $60, and $100 ATM withdrawals listed? Can you account for that cash? Probably not. So, make this the rule: Decide on a minimum amount of cash you need for a week. Withdraw that amount on Monday, and do not make another cash withdrawal until the following Monday.
These are two very simple things you can start doing right now to become debt free, increase your wealth and put you on the path to financial independence.