There are many daily savings tips, from saving 10 million in 3 months, 2 million in a month, 10 million in 6 months, 50 million in a year and so on. As important as it is to invest, saving money is among the highly recommended exercise to prepare for the future. However, knowing all quick saving tips without a purpose is meaningless.
All savings tips, be it daily, monthly, or yearly, recommend us to determine a clearly defined financial goal. For example, you can save money to pool the remainder of your monthly expenses, to buy certain items, as a source of emergency fund, or as a long-term investment vehicle.
Once the goal has been determined, try to implement these tips on daily, monthly, and yearly savings.
Daily Savings Tips
1. Determine Your Method
There are many methods of saving including manual saving method. The manual method here refers to setting aside the remaining money of your daily expenses. Even if it comes in small denominations, such as Rp500 or Rp1,000 coins. Put it in a piggy bank.
Drop a few coins at a time into piggy bank as it will add up over time and eventually turn into millions of rupiah if done regularly.
Once the habit has been established, you will consistently start to save a little bit in small amounts or putting the remaining of daily expenses. After that, start moving to the next level by increasing the amount saved daily.
If you start with Rp10,000 per day, now you can move to Rp15,000 or Rp20,000 per day.
2. Set the Maximum Limit for Online Shopping
The next daily saving tip to consider is online shopping habits. The convenience of shopping online from home positively affects consumers’ consumptive and impulsive buying behavior.
People can now buy secondary needs such as clothes as well as basic needs such as vegetables online. Distinguish which online purchases that you fundamentally need and which purchase to justify your consumptive behavior.
That way, you can limit yourself when buying online and keep you out of impulsive buying.
3. Use Promos and Discounts
There’s no denying that after a long day out working, one may need to unwind and recharge the spirit to start fresh the next day. Usually, some may resort to shopping, while others eat out at restaurants, hang out at coffee shop, or go to movies with their significant others, family, or friends.
This can be done once in a while to clear your head. To get around it, you can take advantage of various promos and discounts provided by merchants, marketplaces or e-commerce.
When shopping at stores, get into the habit of asking the shop assistant if they have any discounts or promo running. This also applies when shopping online, first find out what discounts and promos are running.
After implementing the tips above, you can put the remainder of your daily shopping budget into the piggy bank or savings account. Do this regularly and consistently to be able to establish a saving habit.
Monthly Saving Tips
Basic Needs Efficiency
After establishing daily saving habit, it is time to level up towards how to save monthly. The focus is in maximizing all basic needs so it doesn’t go to waste or unused and reduce consumptive shopping.
Evaluate your daily and monthly food inventory. Do not let any food go to waste simply because they were bought in large amounts.
Evaluate the entire monthly bill. For example, recurring monthly bills such as electricity and water bills, internet and TV cable bills, and other monthly bills or subscriptions. You might find bills that you can trim or monthly subscriptions that you no longer need and can be cut. That way, your spending will be more efficient and you can put some money into your savings.
Long-Term Savings Tips
1. Save the Remaining Funds beyond Basic Necessities
At the beginning of the month, a financial plan is usually set for the entire month. If calculations have been made for all necessities, bills, and emergency funds, it’d be better to save the remaining funds to avoid impulsive spending.
2. Find Additional Income Streams
After setting up your saving goals, it’s time to find additional income streams apart from your job. For example, you can take a part-time job or selling online.
3. Determine the Appropriate and Safe Financial Instrument
Despite impulse control and knowing how to save, the desire to use the savings often emerges. This certainly may interfere with your saving habit exercise.
So, you should move your savings into the right financial instruments. Make sure to choose a financial service provider that has been registered with the Financial Services Authority (OJK). One example is Tahapan Berjangka BCA to strengthen the commitment to save money. With Tahapan Berjangka BCA, you are accustomed to saving a certain amount of money for a pre-determined period of time.
Now that you know all the tips, it’s time to save money!