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The cycle goes like this: you save some money, you’re short at the end of the month, you borrow from yourself and pay it back on payday, and then you’re short again. On and on it goes, with you dipping in and out of your savings account every month and never stopping. It’s all-consuming when you’re trying to save money but you never seem to really get anywhere!
Saving money is not easy, especially when you are already on a short budget. You need to be able to use a financial calculator like the ones that you find on Pigly.Com and make sure that you know your budget for savings. Then you need to work out your budget for everything else – if you cannot afford something, then it’s time to let that something go! You need balance, and this will stop you from dipping into the savings pot every month. Here are several ways you can stop dipping and start saving!
Adjust your budget if you’re unable to prevent yourself from dipping. It means your budget isn’t sufficient and you’re saving too much. Save less, and you won’t have to dip. Factor in everything that you spend every month, and you’ll be able to save more overall even when you’re saving less every month.
Where you can stop using your card. Using a card is convenient, but when you use one you cannot see the money you’re sending. You may well be keeping a tally in your head, but it’s far easier to see what you’re spending when the cash is physically leaving your hand! Switching to a cash-only approach to pay for things will mean that you avoid those spending issues and gives you a lot more freedom. Set up automatic payments for bills and take your spending money out in cash!
Keep the savings that you have in another bank where you can. Online savings accounts slow down your ability to dip into it as it’s more work to get to the money. You can then stop overspending as you won’t be bothered to get to that other savings account. It’s quite simple how a little laziness can prevent spending your savings before you have used them for their original intention!
Another good way to save would be to find an additional income. You may not make enough to cover your expenses at the end of each month, but you certainly will make enough to put into savings. Check the tax rules on it before you go for it though, you don’t want to be doubly taxed!
Keep an emergency fund going where you can to handle the unexpected stuff. Things like the washing machine going bust or the cooker dying on you can be covered with an emergency fund. If you use this for that, you’re going to be able to keep your savings intact for the fun things you’re scraping money together for. Emergency fund pots should be included in your bill money!
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