Prepare to move away from poor spending habits. The best way to increase your bank balance is to not dwell on past mistakes or to repeat them. Instead, look towards your savings-inclined future. Above all, action is more important than anything else. Take one single small step, and never quit focusing on the smaller things until your bank balance has increased healthily. And hopefully by then, you'll have developed some good ingrained habits so that the balance keeps on increasing regardless of your greater spending power.
Adopt a savings mindset instead of a spending one. It will take time to curb a spending habit if you have one but it's nothing more than a habit, so you can break it. Every time that you go to buy something, have a phrase or a question to make you think about whether or not you really need to make that purchase.
Realize that minor spends tend to be "off the radar" of many people. This is why they can be so damaging because little by little, they add up to quite a bit and eat away at your chances of increasing your bank balance.
Start your day with breakfast and coffee at home. If you have been in the habit of grabbing a latte and cinnamon bun on the way to work, it's time to stop. Eating on the run is unhealthy and if you're eating fatty and sugary foods, you're not giving your body good fuel for the day. Save money by eating a healthy breakfast at home and enjoying your coffee there too. If this means getting up a bit earlier, then do so––the extra sleep will have to come from an earlier bedtime, which won't hurt you!
Brown paper bag (or thermal lunchbox) your lunch. You can save a lot of money by making your own lunch every day. Try it for a week and compare the savings. You'll find it's not just money but also time spent in waiting lines too. You also have more freedom about where to eat and more time to exercise, walk around or run errands when you brown paper bag your lunch. Put the cost difference into the savings account.
Switch to your library for reading material. Books, magazines and newspapers soon add up if you're buying them a lot. By borrowing reading material more often, you can put the money saved straight into the bank instead.
- Some libraries allow you to download e-books to an electronic reader. If you have an electronic reader, use the library's borrowing rights rather than purchasing your own copy.
Revamp your existing wardrobe instead of tossing it out and buying all new clothes each season. Look for ways to improve the clothes you have, including adding embellishments, dying them, changing their shape or function or swapping them with a friend. If you really love clothes, set a tight budget for clothes and once it has been reached, buy no more. Put all the savings you have made into the bank––compare the amount spent now with the same time last year and put the savings straight into your account.
- Wait for the sales. Unless you're working in a fashion house (in which case, let's hope they're subsidizing your clothing purchases), there is no need to be wearing things straight off the catwalk. Sales come quickly these days, so be patient and wait for one.
- Some clothing stores or brands let you join their discount clubs or membership for free and then offer you sale weekends or days now and then. Be sure to make use of these by giving them a current email address, so that you can be alerted to the best deals. However, don't fall into the trap of buying just because there is a discount on! Buy what you need and no more.
Reduce your travel costs. Traveling to work or studies by car can be expensive, with fuel, maintenance and car parking costs to cover. Can you ride your bike or walk instead? Perhaps there is public transportation with good deals on multitickets. Another option might be car-pooling. While it's convenient to have your own car, it's expensive. By finding cheaper transportation methods, you will make a lot of savings for your account.
- Try to have only one car per the whole household; this can save an enormous amount of money if everyone shares the one car and relies on other transportation methods to cover the gaps.
- Any form of going from A to B that involves walking or cycling will improve your health. Just be aware of road safety and air pollution issues and take appropriate action as needed.
Improve your waistline at the same time as fattening your bank account. Reduce or even cut out the candies, sweets and other sugary treats that you've been indulging in. By stopping the purchase of cakes, chips, chocolates, candies and other snacks, you will save money and not fill yourself up with empty calories. Save them as real treats for once in a while rather than as daily "must-haves". Put the savings straight into the bank so that you don't risk feeling deprived!
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