5 ways to get serious with your savings

gboyinwa ajomale

November 17, 2017 11:43 AM

It can be challenging to save when you have so many financial responsibilities you need to meet but you should set your mind to get serious about saving.

If you have a problem with your savings and you feel you it is affecting your finance negatively, you need to find ways to get serious with your savings.

Here are five ways to take your savings more serious

1. Pay off your debts

The first thing to do is to pay off your debts. That is the initial way of saving more.

It would take a lot of dedication to pay your debts without accumulating more because it is possible to be broke after settling all debts and get tempted to go and borrow some more, which takes you back to owing debts.

2, Define your saving goals

You should set realistic saving goals you want to achieve within a time range.

It helps you to work towards something instead of putting money into your savings without any reasonable reason.

Not only does it help you save with a purpose, it also makes it hard for you to just take cash out of your savings without any reasonable reason.

3. Automate your savings

Instead of always finding it hard to take constant trips to the bank to deposit money into your savings account, you can just automate your savings.

ALSO READ: How to stop dipping into your savings

A certain amount out of your income is removed automatically every month and put into your savings account. Not only does it make it stress-free, it saves you the stress if you forget about your monthly savings. Let the bank handle all the stress while your savings improves.

4. Save your loose change

You could save more by saving your loose change.

Instead of spending your change on things that don't amount to anything, you can put your loose change into a jar and whenever it's full you deposit it at the bank.

5. Keep your savings in a different account

It is very easy to spend money that is quite accessible. But if you don't have easy access to cash, you can't spend. So it is best to put your savings in a totally different bank which is not the bank you use for day to day transactions.

ALSO READ: 4 places to put your savings

Not only must it be a different bank, it shouldn't also be close to where you stay. If you get tempted to withdraw out of your savings, you would think twice before you do so because it is not only in a different bank but the bank is also not nearby.

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