Splurging, splashing out, shopping sprees. Let’s face it: there are few things more enjoyable than spending money. On the other hand, saving money is a bit of a drag, right? Well, not necessarily. With the right mindset and these 8 tricks up your sleeve, you can certainly make saving money as enjoyable as spending it.
1. Play the numbers game
Sometimes it’s fun to pick a somewhat random number to save towards – one that means something only to you. Maybe it’s the birth date of your child: R2 010 isn’t that hard to achieve, right? Or maybe it’s your cell number: R82, then R354, then R6 342. You win! Arbitrary numbers trick your brain into thinking that you’re playing a game, instead of doing something ‘grown-up’ like saving.
2. Start a savings support group
Make your savings goal a group sport by getting friends or family involved. Perhaps you are all saving towards a dream holiday? Make that the subject of a WhatsApp chat group and share daily ideas on saving money to keep one another motivated. It’s also a great place to get moral support and a sense of achievement when you manage to resist the urge to spend. You could share inspiration with one another like pictures from exotic destinations to keep everyone’s eye on the prize.
3. Challenge someone to a ‘save-off’
Know a friend who’s also struggling to save? Perhaps your spouse is always nagging you to be better at saving? Set yourselves a challenge to see who sets aside the largest sum or cuts the most costs. You can either set a deadline to see who can save the most, or a set goal – e.g. who gets to R2 000 first. The loser washes the other one’s car, makes a special dinner or has to babysit the kids while the winner enjoys a night out.
4. Save small sums of money
Also called micro-investing, many people are actually finding it easier to save very small amounts of money regularly. So if R500 feels like a lot to put away, put R100 in a savings account here, R150 there, cash in a jar, etc. Soon you’ll see it add up without feeling like you are crippling yourself financially. With a tax-free savings account, you can start with just R250 a month without having to pay tax on interest, dividends or capital gains.
5. Draw up a list of (cheap) treats
It’s important to not let yourself feel deprived. In other words, to always have something to look forward to. Compile a list of ways to spoil yourself if you achieve savings goals, from a mini mani to a quick round of pitch ‘n putt. As long as you keep your eye on the greater prize, allow yourself a little weekly splurge. Even a decadent hot chocolate can help give you a sense of balance.
6. Make an event of it
Saving doesn’t have to be drab. In fact, it can bring people closer together and give you an opportunity to enjoy getting to know your family and friends even better. Instead of dining out, take turns hosting a supper club where everyone has to bring a tasty dish for less than R100. You could also start a clothes-swapping group, share DVDs or iTunes, or form a toy club where your little ones can take turns to borrow toys.
7. Reframe your thinking
Usually, saving money means giving up enjoyable things, whether it’s your monthly dose of satellite TV or the habit of loading your online basket when a flash sale hits your inbox. The trick to not feeling deprived? Flip your thinking. Less time on the couch equals more time to exercise. Less going out means more time with your kids, or more time to read more books. By being smart today, you’ll be rewarding yourself tomorrow.
8. Set a time-of-the-year challenge
Resolutions are not just for January. You can set a winter challenge like saving on heating bills or a school term challenge such as trying to cut down on kids’ extra murals. Or why not make 2018 the Year of Less Takeaways or the Year of Staycations?
To help you set financial goals and make more informed decisions about you financial future, speak to our expert planners at Indwe BlueStar on 011 831 8000.
Indwe BlueStar is an authorised Financial Services Provider. FSP 2759
