One of the biggest financial challenges people face is spending their savings. If you win on online casinos or any of their sister sites, you are lucky as this easy money can make you buy anything you want and even help you adding more dollars in your savings account. But what if luck is not coming your way? There are easy ways to keep your savings intact and reading through can help you find ways to make your savings kept.
Tips in staying away from spending your savings
Have emergency funds available
Accidents may happen anytime without advance notice and if this happens to you, you have no choice but to get money from your savings. Having an available emergency fund can put the possible touching of savings on bay. The emergency fund just like saving should only be used when needed. It must not be touched until there is an “emergency” like sickness, natural calamity and the like.
Take advantage of automatic debit
Automatic debit must be considered especially by people who have monthly bills to pay like electricity, credit cards, rent, water consumption etc. By using it, you are assured that all your bills are paid before spending for other things. Also, you have to auto debit money that will go straight to the account where you are saving up.
Use a separate savings account
Give yourself a hard time withdrawing your savings. Do not make it too accessible, as if it is, touching it is highly possible. Save it in an account that requires you to visit a bank to withdraw and gives you an easy time when depositing.
Also by having a separate account, you will not spend the supposed savings because of confusion. For instance, you can use this account to specifically save for important needs, such as emergency roof repair, hospital bills, or even simply a vacation in the future. This can help in ensuring that the funds are reserved for their intended purpose and are not spent impulsively.
Look for additional income
If possible have an additional income other than your day job salary. Some of the additional income you might want to consider is investing in stocks, trading with Independent Reserve Bitcoin, or buying real estate – whichever suits your preference. If investment does not appeal then getting a sideline like writing articles or data encoding could work too.
By having an additional income, you have money to spare buying more than your necessities without the need of spending the money you save and besides this additional income can help you save up more.
Cut any unnecessary expenses
Do not spend beyond your means. If possible cut on unnecessary expenses like expensive bags, cars, travel, etc. If you can afford it, by all means, do it, but if not, spare yourself from it. If you buy too expensive clothing, especially if you cannot afford them, you might end up spending your savings to buy food on your table.
Address issues before they become costly affairs
This specifically applies to homeowners. Any pending repair or replacement works in your house must be attended to at the earliest. This can save you boatloads of money. Picture this: it’s summer, and the air conditioner is working in full-blast mode. Yet, you are not feeling as comfortable as you should ideally be. On top of that, your utility bills are increasing by each day. You may not be able to comprehend why this is happening. Had you only shifted your gaze toward the broken window in your bedroom and the cracked roof over your head, you may have gotten a definitive answer. If you still do not get your windows fixed (more here about this) and your roof restored, your AC would, in a few weeks, break down, failing to take the load; this would further add to unnecessary costs on your part.
Do not be too hard on yourself Spare some money for fun and leisure. If you deprive yourself of such, you might end up spending money from your savings when you feel lonely, stressed, and depressed. Pampering yourself and giving yourself some tokens once in a while is a good idea. You’re working hard to feed yourself with good food and buy things you want, being too hard on yourself is definitely not the right way to save.
