As soon as it becomes a burden to save, it no longer works.
You lose your motivation, or even start using your savings account as a checking account.
While you should actually stay off.
Hence, tips on how to save without feeling it .
If you are serious about saving, the first step to take is always to open a good savings account. Look further than just at your own bank, because you will probably get a much higher interest! This is extra interesting because you do not see the balance of your piggy bank every time you look at your checking account.
But where can you find the best savings account, and what requirements must it meet? Well, the premise is basically always the highest possible rate. This automatically increases your money without you having to do anything for it. So it grows without you feeling it because you do not have to invest for it.
The highest interest rates can be found in the overview below, this is live / real time and always up-to-date. You can click directly to the provider for more information or to open the account online.
Via “all savings interest” you can compare even better and more specifically. For example for deposits or accounts abroad. You can also look at saving with conditions. This often earns you extra interest .
Speaking of those conditions, these are usually restrictive rules for which you receive an extra high savings interest in exchange. Think of a withdrawal fine, or that you are not allowed to touch your money for a certain period. But then it also helps you to stay on your savings because it's a pity, for example, to pay the fine!
It is also a well-known condition that you must deposit a certain amount per month. That periodic deposit is fixed, otherwise you will miss out on certain extra interest. This also makes it more attractive to comply with this, so that it feels less like a negative thing, but rather like a kind of victory that you score that extra interest.
We know it's hard, but pretend your savings account is n't there at all . Because then you will not be tempted to look at it, to think about what you could do with that money and you will therefore not take it off with all the consequences that entails.
So it helps to keep it at a different bank than the bank where your checking accounts are, but in the end it's just a psychological matter. Don't torment yourself and focus on other things.
Many people experience saving as a choice, sometimes even as a negative choice or the feeling that they have to leave something else in order to save. After all, you can only do one thing with the money that comes in.
In order not to have this feeling of choice every month, it is smart to choose to save automatically . For example, the aforementioned periodic fixed investment as a condition on your savings account. Then you do not have to do the action yourself and feel the balance every time.
If you do this at a fixed time , immediately after your salary comes in, you will no longer notice this at a certain point, but experience it as normal. You will then live on the basis of the money that you still have after the debit.
In addition, it is of course very useful not to make the amount that you set aside too high , you have to have enough left over to be able to pay for everything and to absorb some small unforeseen matters. Better to be able to save just a little extra by the end of the month than to just fall short and still have to change your savings account.
The moment of transfer also helps, if you do that immediately after depositing your salary, you will hardly notice this, you simply do not have it at your disposal. A little bit at the same time with all other large costs, for example, such as the rent, mortgage and energy bill can also be smart. Then it is not the only write-off that takes place.
In line with the above points, it is also a good option to draw up a budget for yourself. This means that you devise / reserve an amount for all costs that you normally incur, and that you can therefore keep to it.
You can make this as specific as you want. From fixed amounts for fixed costs, to a household budget and a jar for groceries. By adjusting to this, you will see that you get more control over your expenses.
You can also do enough to limit your expenditure, but more about that later in the section on “saving without noticing”.
Don't make your savings budget too big . And not too tight your entire budget anyway. Then it will only get harder and more stressful to stick to it. It all has to be fun.
The tricky part is that as soon as you get off course compared to your budget, this will actually demotivate you. Then you better give yourself a little extra breathing space. Is there any money left? Super! Then you can reward yourself with something nice, or give an extra boost to your savings.
There is also another way in which you can save “too much”. As soon as you exceed a limit of 30,000 US dollars per person, you have to pay capital gains tax. Also a shame because this is currently more than the interest you receive.
Do you have no goal above this amount, but are you just saving a lot? Then it might be smart to do other things with your money that will yield you more. Read about this in our article 7 alternatives to saving .
Would you like to be able to save more than based on your current financial situation? Then you can ensure that you bring in more money. And no you don't have to deliver the newspaper early in the morning or ask your boss for overtime.
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On the other hand, you can also choose to give your spending pattern a thorough overhaul. Lowering your costs is often much easier than you think, including your fixed costs. And our starting point is always that it should remain fun . So not just water and bread and never being allowed to do something fun… no one can keep that up for long.
We have many tips for making smart savings without you having to notice. You can read it in our blogs. But you really don't have to go through them all: Take our money-saving test in which we go through the normal costs of an average household in 15 simple yes / no questions .
Or do you already know specifically which costs you want to reduce? Take a look at our overview page with saving tips, where you can find the tips per category. Such as saving on energy, or saving on car costs, etc.
Want to challenge yourself to the limit to save as much as possible? Then take our money saving challenge. Kind of boils down to all of what we discussed above but x 10!