Earlier we published a report on how a third of Finns live completely without savings. Is saving a forgotten folklore? “Small streams create a great river,” states the old proverb. Sometimes, however, it feels like if you have been walking in the desert for forty years and nowhere are those little streams.
The human mind is easily tricked. For example, if you write on a post it note in the bathroom mirror, “You are beautiful today,” your day will get a positive boost and you will be more satisfied with research. So here are ten tips to trick yourself into raising funds for a savings account.
It is also too easy to save on some expenses and apply the savings unnoticed to other expenses. Try to apply all ten instructions at once.
Out of sight, out of mind. First, set up a savings account with a different bank than the one where you manage your daily finances. You do not have to see the daily balance of your savings account when you sign up for online banking.
Willpower is overrated. Automate as much as possible. For example, set up a monthly automatic credit transfer from your current account to your savings account.
For example, if you save money on your dream car, name your account according to the model of that car. Sometimes you will have a situation where you sign up for a savings account and consider withdrawing from the account. An accurate image of a car can act as a deterrent in moments of weakness.
If you do not have a single savings account, you can also name your account with, for example, broader concepts that you are not ready to give up completely. The name of one of the savings accounts that is signed is: “Last Hope for Freedom”. I am not ready to give up my last hope for freedom. The original meaning of the account is already blurred, but it is still accruing interest.
There are several saving and financial management applications available. One of these is OP’s Pivo, which allows you to see what different areas of life you are actually spending money on.
If restaurants and recreation are overrepresented, then maybe in your daily life you can pinch the cost of the restaurant and get your work done a few times a week.
Sometimes there are not enough images of a dream come true, or ignorance of the account balance. In this case, compulsion is the best motivator. If you do not have access to money, then you simply save that amount.
Of course, you can give money to a trusted person and deny giving it back to you, but it is difficult to get the benefit of interest in such a situation. An ASP account is a workable solution for this.
In practice, if you want to withdraw money from your account, you will have to break the entire ASP and lose the interest rate. After running your account for several years, it seems like an impossible idea to break the account.
Purchase savings on savings
There are various types of credit cards that are rewarded at certain places with a so-called cashback . Transfer this earned money directly to your savings. This can also be automated through a bank.
Redundancies in savings
Each time you cancel or cancel an order for a product or service, have these costs automatically transferred to your savings account.
Save other than salary
All kinds of bonuses, tax refunds and refunds should also be put directly into the savings.
Create a game
Creating a game around saving may seem like a childish idea, and it is, but in saving, creating all the routines is very important. You can, for example, put every $ 5 banknote in the savings that ends up in your wallet at the end of the day.
Save your pay rise
In Finland, a collective wage agreement in each sector includes a time-dependent salary increase depending on your work experience. Save this money because you’ve done it before.