We all know the basics of being smarter with our money - stick to a budget, stop spending all your money on cake, blah blah. But there are a couple of less cliche tips to help you that you may not have thought of…
Give your savings account a name
No, not Bob! See, your savings account isn’t really a savings account - it’s the thing that’s going to get you whatever it is that you’re saving for. So name it as such, instead of leaving it as “Online Saver” or whatever it is at the moment. Call it “my new house”, “Mexico 2019” or “Gucci Marmont in blue velvet”.
This is a great way to keep your savings goal at the forefront of your mind and keep you motivated and excited about saving.
Tell yourself that you’re amazing with money
Changing the way you talk about money will change the way you think about it, and the way you deal with it. Instead of telling yourself that you’re an idiot with money and that you don’t have enough of it, spritz yourself in lovely thoughts about how great you are at managing your finances.
Why? Well, telling yourself over and over again that you’re good with money will make you more aware of how you deal with it. You might stop yourself before pressing purchase and think, “is this something a money-savvy goddess such as myself would do?” rather than simply going ahead and buying that pink leopard print coat with fringing (hey, no judgment from me!) without a second thought.
Science time: your brain processes lots and lots of information each day, so it has to filter things out and keep what it believes to be important. So if you’re constantly repeating that you’re good with money and you make excellent decisions about your finances, it will know that these are important to you and will notice how to make these things true, even if they’re laughably far from the truth at the moment.
Add to your savings even if you have debt
A lot of financial advice will tell you that there is no point in saving while you have debt, because the interest rates on savings accounts are lower than on debts. I disagree.
You could lose your job, find yourself unable to work or have an unexpected expense come up at anytime, so I actually think that it’s important to add to your savings regularly and have an emergency fund, even if the interest rate isn’t great. While paying off debts quickly will reduce your monthly expenses if you did have a financial emergency, you will still have outgoings that you’ll need to cover, so it’s still best to have savings to cover this.
Have you got any unusual money-savvy tips or advice? Leave me a comment and let me know!
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