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Could you be saving money the wrong way?

There are right ways and wrong ways of saving money

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Could you be saving money the wrong way

It’s not hard to find the benefits you can get from saving money. When you save enough you will have more options and more importantly, it gives you peace of mind. Saving money is truly vital to anyone no matter how huge or small your paycheck is. You may already be started saving. But are you sure you are doing it the right way?

You read that right. There are right ways and wrong ways of saving money. There’s more to it than depositing money into your saving account. Similar to Vietnamese’s đánh bài online games online, you need to do it smartly and come up with the strategy to win as every mistake will cost your hard-earned cash.

While saving seems pretty simple to many of us, there are dozens of pitfalls that most of us really commit. Below are some of the most common mistakes that most of us make when it comes to saving.

Not automating your savings

Most of us are still doing the traditional way of saving. Typically, our strategy is to set an amount that we save every month or for a certain number months. So when we receive our paycheck comes, we need to deposit or transfer the said amount to another account.

If you are relying on your willpower to save money, then there’s a good chance that you’ll abandon your saving strategy. For instance, there are unexpected expenses or maybe you were attracted to buy because the mall is on sale. You can avoid this by automating your savings. Many banks today have a feature where you can actually send your saving to another account automatically every month. When you start doing this, you’ll eventually get used to your lifestyle without those funds. When this happens, you’ll be able to save more without even trying.

Not paying off your debt before saving

If you have debt make sure to focus on eliminating this first before you start saving. You are only keeping your money from growing because of the interest you have to pay. If you let your debt grow, you’ll come to the point where you cannot save anymore because you have to pay before it grows further.

Buying things because the mall is on sale

Those people who wanted to save are always looking for bargains. There’s nothing wrong with that. However, when the malls or stores are on sale, many are letting their guard down and forget their saving strategy. Typically, during this time we found deals that are too good to ignore, even though we don’t actually need them.

The best way to avoid this situation is to list down what you wanted to buy before going to the store. Bury this on your mind and when you bought everything on your list go straight to the exit.

Not going to the doctor

It’s true. Going to the doctor for a check-up may cost you some money. However, you should not see it as expenses. Furthermore, skipping on seeing your doctor if you have recurring symptoms could cost you even more money. You could end up missing several days of work or even lose your job when you develop complications. If you are concerned about certain symptoms, don’t hesitate to make a doctor’s appointment before it’s too late. In fact, we recommend everyone to have at least an annual check-up.

Buying cheap things

Spending less money on the things you use seems like a good idea – until the cheap stuff you bought broke and needs replacement. So you will need to buy and spend more money. If the replacement you bought broke again this will negate your savings.

 If you continually spend money to replace an item because it breaks means that you’re not actually saving. It’s better to choose a quality product that will stand the test of time.

Rewarding yourself

Don’t forget this part. Rewarding yourself always counts, to condition your mind and keep you motivated in saving. When you hit your saving goal, treat yourself with the things you really love. Buy your favorite food or go on your dream vacation. When you reward yourself, you will also be more motivated to achieve a higher savings goal. This promotes healthy savings habits. Just make sure that you don’t end up spending all your savings. That part is not healthy at all.

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