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First in the video: Is a torn banknote worthless?
Since there is currently interest on invested money, saving is now more worthwhile. We have 3 tips to help you reach your savings goal faster.
According to a recentSurvey by Statista“Save more money” is the most common resolution for 2024.
Is this wish on your list too? Experts fromPayPalgave us three tips that will help you finally reach your savings goal in 2024.
1. Saving tip:Avoid impulse purchases
Impulse purchases are the ultimate savings killer. Even if you find something online or in store that really appeals to you, you shouldn't buy it straight away.
Before making any purchase, ask yourself: “Do I really need this?” or “Don’t I already have a top like this?”
By asking these or similar questions you can avoid bad investments. Personally, I have found that I have been saving money every month since I avoided impulse purchases.
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2. Saving tip: Clever budget planning
Plan your investments and write down what you need to buy and how much it will cost you. It's best to plan every item that you can already foresee at the beginning of the month and also note when exactly the purchase is due.
The sooner you think about what you need, the more time you have to compare offers and find bargains. If you go to the store with a specific goal, it will be easier for you to take tip 1 to heart.
Once you have created an expense overview, you can sort your expenses into areas. For example, in existential costs, such as rent or food and expenses that affect your free time. Budget pots for every area of your everyday life are practical at this point.
So you set an amount for each area that you are not allowed to exceed. This will help you limit your spending.
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3. Saving tip: Keep an overview
The second point flows seamlessly into another important tip that you should definitely take to heart: You should always keep an overview of your finances. This is the only way you can always keep an eye on your long-term goals.
For example, put a household book (It's super cheap here on Amazon)*. Here you can precisely document income and expenses.
My tip at the end:Personally, I swear by the free financial app “Finanzguru”. All your monthly expenses are recorded there and you always have a perfect overview. This also makes it much easier to find unnecessary money-wasters, which helps immensely with saving.
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