Finance

How to be disciplined with your Bank Accounts

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Saving money is not the most fun thing in the world. It is so much easier to spend your money and to satisfy your whims. But the truth is, saving money is an important part of insuring your financial future. If you struggle with saving money, here are five simple tips to become a more disciplined saver, according tohttp://www.manhelper.com:

 

Put your money into a separate savings account

The first way to become a more disciplined saver is to put your savings into a separate account. If you save your money in a current account, you may want to consider putting it into a separate savings account instead. Putting your money in a separate savings account will help grow your savings with interest and make it harder for you to spend it. These two advantages can help you become a more disciplined saver and help boost your savings in a big way.

 

Budget your money

Setting a budget and sticking to it is one of the best ways to become a more disciplined saver. By budgeting your money, it becomes easier to set savings goals and to know when you are spending too much money. Without a budget, it is like you spend and save blindly and without a plan. Having a budget puts you on a plan that will help you to become a more disciplined saver.

 

Learn the value of compound interest and investment returns

If you are currently struggling with credit card debt, you probably understand how powerfully interest can work against you. Now, imagine if interest was working for you instead of against you. When you have interest working in your favour, you have returns that build on your past returns, which will grow your wealth exponentially. Knowing the benefit of having savings and investments will help make it easier to be a disciplined saver.

 

Track all of the money you spend

The more you track how much money you spend, the better you will be able to identify your problem areas. Maybe you buy gourmet coffee every morning but just don’t realise how much it really costs on a monthly basis. Those small purchases can really add up, and if you are not aware of this, you can end up spending a lot more money than you intend to. So, keep track of where your money goes and figure out where you are wasting your money and stop it.

 

Adopt new spending habits

Think about the friends and family you are closest to. Chances are, your spending habits are very similar to theirs. This can be a good thing or a bad thing depending on how well your friends and family members spend and save their money. If you have bad spending habits like those closest to you, learn to be more responsible with your money and take an active role in changing the way you spend your money.

 

Do you have tips that have helped you achieve a better financial discipline? Share with us in the comment box.


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