4 life hacks for your wallet to help you save
When we talk about savings, there are numerous ways to keep us on our toes, so we are on track to go on that holiday, buy that dream car or even give the house a facelift – but we can all agree, it is easier said than done.
So, to help you kick-start this process, the Credit Savvy team has compiled a few tips on how you can tackle the use of your everyday wallet!
# Ask for new bills and in $50s or $100s
Why? Because, according to Psychological Today, the Journal of Consumer Research suggests that the size of the bills that you are carrying affects how likely you are to spend and how much you spend. They found that people are more willing to spend lower-denomination bills than bills of higher denomination. What’s more, is that people tend to use worn and old bills rather than new and crisp ones.
Savvy Tip: So, if you want to save, try not to carry around a bunch of $1s, $5s & $10s, and get new bills from your bank!
# Keep your loose change
As mentioned above, lower-denomination bills are usually spent without really putting much thought and they tend to leave your wallet first. So, why not make an effort to keep the change instead of using them up?
Savvy Tip: Organise all your loose change in a jar or a piggy bank and make sure you drop them in on a regular basis, every night before bed could be a start. You’ll be surprised on how much you can put aside to deposit in your savings account when you start thinking twice about using that dollar for coffee or a chocolate bar.
# Keep the coupons
Who doesn’t love a deal? Or discover you are already carrying one on you? Fascinating right, how these small pieces of paper or electronic coupons can actually save you on your weekly grocery bill, fuel or anything else you can think of!
Savvy Tip: Spend some time checking the receipts you receive from your supermarket or head online to find free coupons. Remember to keep them with you and not at home, so that you can use it when you have the opportunity!
# Keep only the credit cards you need
The more cards you have on you may not always be the best idea. If you are going for your Sunday grocery run or a gym session, you don’t necessarily need to bring all of your credit cards with you. As this might potentially increase the chances of you using it while you’re on your way over or way back home.
Savvy Tip: Only carrying the credit cards you need in your wallet might reinforce the habit of planning ahead when spending and sticking to your budget. You might even find sticking a post-it note on your credit card with your savings goal can act as a reminder if you find yourself having trouble to save.
Though you won’t necessarily see the effect of these small adjustments at first, with some persistence and consistency, you’ll see a change in your spending habits and thus will help with reach your savings goal sooner.
Want to get more tips on how to save? Check out more articles on personal finance to help your reach your financial goal. Here are a few to get you started: