And, while you shouldn’t limit your fun, there are times when you have to plan for the future and save that cash wisely. If you’re looking to reach financial independence, then the life of the big spender has to become the life of the good saver.
But, what wise spending moves can you make to save cash and tighten your belt? Well, try out a few of these helpful hints and you’ll find that saving isn’t so hard.
Bank accounts are your friend
The big mistake a lot of people make when they try to save is that they use a single account to hold all of their cash. All this does is make your money a lot easier to spontaneously spend, especially in the age of one-click online shopping that we live in.
To really put aside cash, set up another account that will debit your main one, thereby placing money out of harm’s way from your daily expenditure. After you’ve set this up, shove your card for this side account in a drawer and try not to use it unless an emergency comes calling.
This way, you’ll have a rainy day fund in place, leaving you with a safety net of pretty green.
Plan for your death
It’s sad to contemplate, but your death is coming, in an inevitability as certain as time itself. And, if you have close family, the last thing you want to do is lumber them with a sea of debt as they pay off funeral, clergy and doctor’s costs.
The biggest issue most people face in their finances is their failure to make plans. Not just the grand schemes, like savings accounts and funeral plans – just simple start-of-the-month shopping plans that will allow them to set cash aside with ease.
Make shopping lists, don’t impulse buy and write down where all of your dough is going. This way you’ll be more conscious of your spending and the process of what’s known as “money decoupling”, where you feel detached from your cash flow, will be lessened, leading to more responsible use of your money.