I have the problem that when I have money, I spend money. When I don’t have that much, I know exactly what I can and cannot spend. Saving money can be a real challenge sometimes. But I have found a way that really works for me, and I want to share this with you with the intention to help some of you out there who struggle with saving as well.
What I used to do when I did not have that many expenditures was I’d transfer money from my normal bank account into my savings account. This worked for a while, until I got a student room which I had to pay rent for, and the costs that comes with living on your own. I was always tempted to transfer the money from my savings back to my normal account. This is obviously not what you should do. So, I had to come up with something else.
I actually went looking for saving ideas on the internet. There are so many good ways, and I just needed the perfect one for me. I first tried transferring just a little amount into my savings every month. The problem with this is that I can see what I have and I know what I can spend. I needed a method in which I could not see my money every day.
I never carry cash on me, and what I do have in my wallet are usually very little amounts: usually just a few fivers or and some coins. I remembered I saw a post on Pinterest which had the idea of putting away every 5 euro that you get in your possession. I started doing this and it worked for me. When I go out for drinks with friends, I usually get cash. Every 5 euro I didn’t spend and put away in just a little box. I have it in my room out of sight, so I am not tempted to take money from it.
This worked for a long time, but after a while I thought I could crank it up a little bit. Every time I get my salary I go to the ATM and take out a bigger amount. I immediately put it in the little box and I don’t look back at it anymore. It is out of sight and therefore out of mind. After doing this for a few months, I’ve already saved up a lot which I would have spent if it was still in the bank.
So, if you find saving money can be hard sometimes, try this method. It has worked so well for me, and I’m sure it’ll help some of you.