How to save money easily

gboyinwa ajomale

October 17, 2017 10:44 AM

Saving money is quite easy in this age, thanks to online banking.

Going to the bank every time to physically deposit money is actually a thing of the past.

Here are steps to make money-saving easy

1. Set goals.

Know what you want to save for and use this to set a goal you want to achieve in a time range.

Knowing what you are saving for makes the process faster. Also try to do a rough estimate on how much you need to attain your saving goals, coming up with a monthly savings plan and giving yourself a deadline.

2. Request for an automatic deposit

This is where online banking comes in. Set up an automatic deposit to your savings account from the account your salary is paid into. So automatically at the end of every month part of your income is transferred into your savings account.

3. Bill yourself.

Consider saving money by billing yourself or paying a service.

Make it an obligation that at the end of every month, you'll put a certain amount of money into your savings account.

ALSO READ: Making financial decisions with your spouse

4. Reward yourself.

To make saving very easy for you, you can decide to reward yourself every time you achieve your saving goals.

After every achievement reward yourself, get something for yourself or just treat yourself to something nice. Not something too expensive and won't affect your savings.

5. Limit transaction on your debit card

People tend to spend more when they are with their debit cards, though it is good to have your atm card on you all the time, you really don't know when an emergency might come up.

But place a limit on how you make use of your debit card. Discipline yourself when it comes to using an atm card for transactions.

A good way to limit transactions with your atm card is having another debit card you take out with you which doesn't have so much money on it, which makes you spend less.

gboyinwa ajomale