How Impulsive Spenders can Start Saving
For a lot of people, the concept of saving is still quite unappealing.
Considering the fact that it is much easier to just spend as you earn, we hosted an Instagram Live video with Partyjollof to address how impulsive spenders can overcome the habit and build a good savings culture.
Partyjollof is a content and brand strategist and is a leading voice with youths. This post is a summary of his experience with saving which he shared on the Instagram live with us. The following points are the five key tips he highlighted.
1. Prepare your mind
To become a consistent saver and reduce impulsive spending, it all starts from your mind. You need to first decide that you want to make that change and then ready yourself to set up an account and start your saving journey.
2. Budget and put aside savings/investments immediately
It is always a good idea to have a budgeting template so that once you earn money, you split the funds accordingly and take out your savings/investments before anything else. This even helps you to spend what is left on other things guilt-free. Further, here is a detailed guide on how to budget and make your money work for you.
3. Remember, there’s rice at home
This just means that you don’t always have to buy everything you feel like or eat out everyday. Sometimes, wait a while and see if you still want it after then or if you can find an alternative for it at home. If you don’t want it after a while, then you probably never needed it. And if it’s something that you absolutely need to get, save towards it instead of just buying on a whim. In fact, you can have eating out as a sort of reward for how well you’re smashing your financial goals instead of a daily indulgence. Meanwhile, here’s a list of things you can quit buying to save more money.
4. Get an accountability partner for motivation
Your accountability partner could be a family member, partner or friend, but make sure it’s someone you trust. Set achievable targets together and stick to them. Celebrate your wins together and help each other up when the need arises.
5. Employ a reward system for yourself
Whenever you save or invest any amount, make it a habit to reward yourself with something you like e.g. eating out, going out with friends or buying an item you’ve wanted for a while.
Pettysave enables you to attain true financial freedom through savings and investments which can be scheduled conveniently. The app helps you to plan your finances, save towards life goals and invest in minimal risk investment options. Start earning passive income and growing your net worth with Pettysave.
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Oyin from Pettysave