Save. While one person sets aside a fixed amount each month, the other has already spent the money before it is in the account. Money has to roll, right? But it is also important to have a financial reserve. For a new couch, world trip or, unfortunately, that broken washing machine… With these 8 tips you can save more.
Get rid of habits
Do you know how much money you spend on daily habits? For example, the cup of coffee on the train, the snack in the canteen or a pack of cigarettes? The amounts seem small, but if you add everything together you will lose ten euros. Per day! That is an average of 300 euros per month. It helps to gain insight into these amounts and to determine on which days you can save.
Turn off contactless payment
Beep! And again you are €1, €10 or even €100 poorer. Contactless payment is so easy that you sometimes forget that you are spending money. If you have to enter a PIN, you are much more aware of the payment process. You may find out during checkout that it is an impulse purchase. Then you can abort the transaction or remember the lesson for your next store visit.
Save at the beginning of the month
It helps to transfer a fixed percentage of your salary to your savings account every month. Do that at the beginning of the month! Then the money is no longer visible in your current account. This makes it seem like you have less money. Moreover, you think a little longer about a purchase if it means that you have to withdraw money from your savings account.
Pay your bills on time
As simple as it sounds, paying your bills on time will ultimately save you money. Because no matter how small your invoice is – every reminder comes with costs. These costs are often 5% to 10% of the original amount. Sometimes those costs add up significantly with the second and third reminder. You would rather put that money in your savings account!
Save with financial windfalls
“A mistake by the bank, in your favor!” Sometimes you suddenly get money back. For example, in the case of a refund from the tax authorities or energy supplier. Or maybe you get a gift from a family member. Whatever the reason, use financial windfalls, where possible, to save! As tempting as it is to make impulse purchases.
See what’s going in and out
Do you feel like your bill is evaporating every time? Then it’s time to see where your money is going! Some people use a household book for this. It is much more convenient to use an online program, such as the ‘Grip’ app from ABM AMRO. This app is safe and free to use. You have the details of your bank account(s) read in and Grip calculates which categories you spend your money on. You can also see monthly, semi-annual and annual trends in income and expenses.
Determine your financial priorities
Once you know what you’re earning and spending per month, it’s time for step two. Divide your monthly income over your monthly expenses. Take into account the fixed costs (such as rent/mortgage, car, insurance, subscriptions) and the variable costs (such as groceries, gifts, clothing, outings). See how much you need and what you have left to save. Do you have too little money left? Then see if you can move around with the categories. You can then create a budget per category in the Grip app. You can see at a glance whether you are still within your budget.
Pay ‘old-fashioned’ with cash
Although less and less common, cash payments are very useful for learning how to save. Especially for smaller expenses, for example in the supermarket or on a terrace. By paying cash, you literally see the money shrink. You become more aware of what you spend.
An old-fashioned tip: make jars with cash at home. For example, put €150 in the ‘groceries’ jar, €50 in the ‘clothing’ jar and €25 in the ‘presents’ jar. Hide your debit card in the back of your wallet and shop in cash as much as possible. It’s up to you to keep the jar filled until the end of the month!