You already know the standard tips for saving. You know exactly what comes in and out, you save automatically, try to keep impulse purchases to a minimum and know what you are saving for (that nice trip or a new car, for example). Yet it is not all going fast enough. You spend more than you would like and that amount in the savings account hardly seems to grow.
Have you ever thought of these tips for saving?
1. Follow your own plan when saving
Tens of thousands of articles and books have been written on how to save, save and budget, all of which promise to have the answer. It may be ironic to write in an article with savings tips, but it’s time to follow your own plan instead of others.
That’s what we mean: there’s nothing wrong with experimenting to see which way of saving suits you best. But don’t force it if they don’t turn out to be working for you. It’s like a certain diet. For example, a friend may have lost weight intermittent fasting or a keto diet, but that doesn’t mean it will work for you. Maybe your body doesn’t respond to that, or skipping breakfast makes you very cranky.
It works exactly the same with savings. Ultimately, you will have to find out what works best for you. If you keep forcing yourself to stick to a budget, for example, while it doesn’t fit your life at all, you will never keep it up. Saving will initially succeed, but at some point you throw in the towel and you think: ‘You see that I am bad at saving’.
Experiment with tips from friends and books, but see it more as inspiration to eventually develop a way of saving that you can actually sustain.
2. Stop spending money to please others
Without realizing it, family and friends can pressure you to spend. For example, because they necessarily want to go to a more expensive restaurant or want to sleep in a certain hotel on a city trip. That is why it is important to come up with financial goals (for example saving so many euros for a financial buffer) and to ‘monitor’ them.
When saving is really the priority, it’s totally okay to say ‘no’ every once in a while. Do you find this difficult? Then think in solutions. For example, isn’t it a nice idea to make your own pizza and to invest instead of ordering from that expensive Italian? If you indicate that you have financial goals that you want to achieve, family and friends will really understand.
As long as you don’t communicate that you’re spending more money every time than you’d like, your family and friends will continue to suggest spending money.
3. Make more money
When we talk about saving, we often think of saving on costs that we already incur. But another way to save more is of course by earning more. You can already make ends meet with the money that is now coming in. Every euro that you earn more can therefore go straight to the savings account.
When you earn more, you probably think of one first side hustle – a company next to your job. More and more people are taking up freelance jobs in addition to their salaried job, or starting a webshop, for example.
Not sure where to get the time from? You can also earn more in your current job. Use tools such as Loonwijzer and PayScale to see if you earn what you are worth. Do you think you are entitled to a salary increase? Then enter into the negotiation.
Do you feel that your current salary is fair based on your experience and skills? Get started now to earn more later. You do this, for example, by acquiring new skills and knowledge through an (online) course or training.
With this calculation tool you know how much savings you need
Tessa Ham is an editor at WorkJuice.nl and writes for Metro about career and money.
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