Jumpstart your saving habits

Being thrifty is easier than you thought. Inculcate these daily practices to save money in the long run
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While you

may already be familiar with money-saving tactics such as investing right, there are more creative ways to save money every day. After all, when it comes to money matters, every cent does add up, literally. Bank of America’s recent Better Money Habits Millennial Report found that 73 per cent of millennials (ages 23-37) said their generation overspends on unnecessary indulgences. In addition, 35 per cent of millennials reported not saving enough, while 17 per cent said they spend more than they should. There are many under-theradar ways to save more money each day.


Automate small amounts of money

You may already pay your bills and add to your savings through automatic transfers, but once you start automating smaller amounts, they will add up to bigger ones. “Automate weekly savings for small amounts you won’t miss, even as little as $10 or $20 per week. These small amounts will build quickly over time and you will learn to live without those extra funds,” says Andrea Woroch, a nationally-recognised consumer expert. She also recommended putting the money toward an online savings account that offers a higher interest rate than savings account at traditional banks.

Create a 48-hour rule and remove stored card numbers

The speed and simplicity of online shopping make it easy to fall into the habit of impulse buying clothes and other items. “To prevent impulse purchases, wait 48 hours after identifying something you’d like to purchase,” Chris Whitlow, CEO of workplace financial education company Edukate, says.

This will separate your need spends from your want spends. Similarly, having your credit card numbers stored online may be efficient, but it’s also dangerous as far as spending money is concerned. Plus, the more time you have to think about a purchase, the more likely you’ll make a better financial decision.

Use financial planning apps

There’s nothing like some accountability to keep you on track when you’re trying to reach a certain goal. Use financial planning apps. They provide an almost effortless way to save money each day, as they can connect directly with your accounts to track spending and alert you to problem areas without needing to log your spending each day yourself. Some apps also help you create a budget, as well as alert you when you’re spending too much in one category.

Log every expense

Seeing where your money is going every day can make you aware of unnecessary purchases that you may be making. Plus, cutting out those extra daily purchases can help you put aside more money for the future and avoid unnecessary purchases.

Go through recurring expenses

Byron Ellis, a certified financial planner with United Capital Financial Life Management and founder of Doing Money Right, suggests going through your credit card statements from the last six months. “Grab some paper or make a spreadsheet and list any recurring expenses that you might be able to cut. Also list any high expenses that you might be able to reduce,” he says.


Priyanka Chopra inculcated the habit of saving money as a child. “I used to save my pocket money,” she says


Uday Kotak believes that a lot more savers are moving money away from gold and real estate into banks, mutual funds, insurance and equities


Businessman Mark Cuban looks at his annual budgets for everything, “I look to see where I can save the most money from toothpaste to soup”