How to Change your Routine and your Bank Balance

posted in: Money Blog

Saving money is something that we all want to be good at.

After all, the more you can save, the easier it is to reach targets like putting a deposit on your new house or buying the car of your dreams. Unfortunately, while “spending less” might seem like a simple enough idea, it’s rarely as easy as it appears in practice.

One of the biggest problems that many people have with their spending strategies, is that they’re stuck in the same old routine that hasn’t worked for them up until now. Changing your routine could also mean transforming your bank balance too.

1    Change the Way you Value Money

One big mistake that people make when it comes to budgeting, is assuming that they should always buy the cheapest version of everything or avoid spending altogether when they can. However, that’s not always the best strategy long-term. For instance, if taking out a personal loan from someone like HappyPenguin, to get a more fuel-efficient car today will mean that you save hundreds of dollars in the next few years, then it could make sense to borrow that cash.

Additionally, if spending a little extra on a new coat means that you don’t need to buy a replacement for a few years, then the purchase is more valuable. Think about how each purchase translates into value when you’re planning your budget.

2    Transform your Habits

Spending too much money is an unhealthy habit in its own right. However, there are some other habits that can perpetuate your behavior too. For instance, if you’re a smoker, then you’re not just putting your health at risk, you’re harming your bank account too. If you’re the kind of person who always drives everywhere – even to the corner store, then you’re having an impact on the earth, and the amount of fuel you need to buy.

Think about how you can get rid of some of your unhealthy habits and save some cash in the process. For some families, this could be as simple as learning how to cook healthier versions of your favorite takeaway meals at home.

3    Preserve your Change

A lot of us have a habit of spending our change whenever we go out on things that we don’t really need, just because it’s sitting there in our pockets – ready to use. However, if you can start saving your change instead of immediately spending it, then it could quickly add up into a huge bonus for your emergency savings account.

Put any spare cash you get from throughout the day into a pot when you get home and keep it there. When the pot is full, you can take it to your bank account. This might be an old fashioned method to some, but it’s a strategy that still works.

4    Search for Discounts

Rather than just accepting the price that you’re given for everything, make a challenge to find a discount whenever you buy something. When you’re in the grocery store, this might mean switching a food item for a different brand so you can nab a saving. Alternatively, when you’re online, you can go searching for discount codes or use apps to automatically enter codes for you.

Remember, when online, you’ll also have the option to easily compare the prices of the products that you want from different companies too. Just remember that if something appears to be cheaper elsewhere, the price may be made up by extra shipping fees. Don’t be afraid to try doubling up voucher codes and sales too – you’d be surprised at how much you can save.

5    Delete your Details

Finally, while the online world can make our lives a lot more convenient in many ways, it also makes spending money way too easy. The chances are that you already have accounts with all of your favorite websites that have your payment details saved to them. Some websites, like Amazon allow you to use your accounts to make purchases in seconds – often before you’ve had the chance to think about what you’re buying.

If you remove all your bank details from your favorite sites, this won’t necessarily stop you from buying anything. However, it will mean that you need to stop shopping for a second so you can go and find your bank details. That extra time spent searching for your card and typing in your information can be enough to deter you from making a purchase that you weren’t completely sure about in the first place.