7 Handy Saving Tips to Make It Easier to Save
Some are better at saving than others. Maybe you think this has to do with your character mainly? No, the opposite is true. Behavioral experts show that saving is mainly related to behaviour. And you can do something about that yourself. The good thing is, it's easier than you think. With a concrete goal, you also succeed in putting money aside. Here are 7 tips to make sure you meet your savings goals.
1. Save for a specific goal
Think of a specific goal to save for. Because that way you are much more motivated to keep saving. And especially if it's something to look forward to, such as a vacation or a new kitchen. The closer you get to your goal amount, the more fun it gets! These are common savings goals:
A vacation
Buying your first home
Major expenses, such as a car or a renovation
Study costs of your child(ren)
Extra repayments on your mortgage
Supplementary pension
Many people also save to have a buffer for unexpected larger expenses. That is not as concrete as the savings goals above, but just as important. How much you need as a buffer depends on your own situation. You can calculate it with Nibud 's Buffer Calculator.
2. Decide how much you save
Well, how much should you then save? It becomes much easier when you know what you are saving for. Because your savings goal determines approximately how much money you need. Furthermore, your income and expenses determine how much you can save each month and how quickly you reach your savings goal. So make sure you gain insight into what you spend per month.
Do you already have an overview of your expenses? If not, look back at least three months in internet banking. And calculate how much you spend on average on fixed costs and other expenses. This way you can see how much you can save.
You can go even further by figuring out which expenses you can cut. Read also how someone else approached this in our article Muriël Kneepkens saves on almost everything. You can also save a lot on small amounts. Just add up what you spend on coffee, a sandwich or other small expenses outside the home.
3. Choose a starting moment for saving
New Year's resolutions have the best chance of success when you start at a special moment. For example, at the start of a new year, on your birthday or at the start of a new academic year. It could also be a new week. Scientists call this the fresh start effect. Put your start time in your calendar. Or completely right: immediately set an amount that you will automatically save from your start date!
4. Save first, then spend
Most of us get paychecks at the end of the month. Transfer the savings amount immediately after you have received your salary or another form of income. With this you follow the advice of the world famous billionaire Warren Buffet: “Don't save what is left after spending; instead spend what is left after saving.” Loosely translated, it means that you first put your savings aside. And from the amount that is left, you spend it. Of course, that only works if you have correctly calculated how much you can save. Because you should have enough left over for expenses that are really needed. And to live a little pleasantly.
5. Make saving easy
Start saving automatically. Preferably do this every month just after you have received your salary. Automatic saving is one of the tips of the NIBUD to save unnoticed. Transfer a fixed amount to your savings account every month via direct debit. It's a job once, which you enjoy for a long time.
6. Make saving fun
If you make saving for yourself fun, then you better stick with it. This can be done in different ways, so choose one that suits you. For example, you can transfer the money you save on shopping thanks to discounts to your savings account. Or take a habit you want to get rid of. Agree a fine with yourself if you fall back into your (bad) habit. That fine goes to your savings account of course! It can also help to create a savings plan with friends at the same time. This can be for a common goal, but it doesn't have to be. You can even make it a competition: who will save much money as possible.
7. Extra income? Increase your savings amount
Are you getting extra income that you didn't count on? Do not spend that money, but put it away in your savings account. For example, a salary increase, your holiday pay , 13th month or if you receive money back from your energy company. Even if there are no expenses, you can transfer those amounts to your savings account.
