3 Catchy Money-Saving Techniques trending in 2016
3 Inevitable Money Saving techniques that are so Catchy and Trending, 2016
The year is 2015, and it is almost gone, and you are still holding on to your dream, holding onto your year’s resolutions. If this is the year where your resolution was to save enough to attain that one thing you desire, continue reading. If not, continue reading either way, you shall need this for 2016 and beyond. First of all, you must have a source of income; it could be a job, a business, or anything that guarantees you some pocket cash every now and then. If you are someone who deals with credit cards skip to technique number three.
First of all, you must have a source of income; it could be a job, a business, or anything that guarantees you some pocket cash every now and then. If you are someone who deals with credit cards skip to technique number three.
Selective denomination saving technique: Choose a simple denomination of your currency. It should be somewhere in between your highest and lowest denominations. Pick a value that’s simple, and one which won’t create a big difference once removed from your pocket change. The rule is this; every time it appears in your change, you have to put it away for saving. Probably in your piggy bank or somewhere you can’t access until your saving duration has passed. It could be after a year or even six months.
This is number one on our list, and is the most catchy one, and is so addictive. I should warn you; don’t fall into the trap of intentionally asking for change containing your preferred saving denomination. To make it more interesting, do it with friends, encourage them to do the same. It shall give you all a momentum to stay focussed on this goal. I personally use the Japanese 500 yen coin, which is equivalent to $4, and I’m planning to do this for one year … so far two months down! Yaaaaayyy!!!
Monthly Saving clubs: This idea is not a new one, but no one can deny that it is trending recently, as more and more youths are taking it up. This approach is modified from the traditionally popular ‘saving rounds’. Whereas the saving rounds involved giving the total collections to a single individual, these monthly saving clubs eliminate that approach. They open up a club account, where members take on treasury responsibilities in turns, and usually aim at a bigger goal. Since the club is among individuals who know each other (usually friends, or workmates, or even family members), there is consensus on the uniform individual monthly contributions.
The club may even put in place a memorandum of Understanding for their engagements. Based on the goals of the club, investments could be made to further improve members’ incomes and well being. The advantage it has is that of keeping friends together, and of course the power of numbers as far as mobilizing finances is concerned. Also, investment risk is spread among the members. It is in its way a mini bank, only that in this case you own shares in the bank. But like anything that involves more than one person, it has its own challenges, all of which can be managed. Nonetheless, this approach is quite trending and catchy, and is a good way of pooling resources together. Ask your friends if they are part of one, and whether you can join. If not, let them know about it.
Minimise your expenditure as much as possible: Avoid unnecessary spending; buy only the things needed for your survival. Differentiate between wants and needs. Even for the needs, have a reasonable budget at the beginning of the month. Knowing how much you need to spend in a month is very important. Go to that store not more than 4 times a month. For the non perishables, buy in bulk and keep at home. Find good deals from time to time. If you know you need detergent, bathing soap, and other utilities, there is no shame in buying as if you are going to open up a mini shop. Buy items for a full month; and if you find a good price that you haven’t seen in a while, you can even buy things for up to half a year.
Do the math, and see what is possible without stretching the limit of your liquid cash. Know the basic rules of living; save on everything. Don’t leave your tap running, or heavy consumer electronics plugged in. Turn off the systems once not in use. All these might seem like small acts, but total up to big savings at the end of the month. And when it comes to energy, you are saving the environment too. Kudos to that!
I hope you are already doing one of the three, or a combination of them. Depending on your level of income, you may have to decide which best fits your situation. If you try out any of these techniques and find it useful, give us your feedback and let us learn more from your experience. Otherwise, share it with your friends and family.