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Learn how to trick yourself into saving more money without noticing
Date Posted:
11/26/2012 4:37:30 AM
Posted By: fly1234 Membership Level: Bronze Total Points: 15
deposit into your account
If you are employed, your boss may deposit your paychecks directly into your bank account. You can arrange with your employer to slip a portion of your money to go into a savings account, just as your retirement and benefits can be deducted. One advantage of this method is that you never see it, so it is not available to spend.
When you get your salary, make payments as soon as possible
I would rather pay all my bills at once instead of waiting until they are due. This method allows that chunk on my loan to get deducted immediately and i remain with what is truly available to me. If you go the automatic withdrawal way, it still works. Have the amount deducted from your finances immediately, and then you won't spend the money, meaning it will be available for withdrawal later.
Use your utility bills to save money
Thanks to the newly installed Kenya Power Meters, they encourage savings. If you always buy units worth Ksh 500 per month, allocate Ksh 600 into your electricity budget so that the extra Ksh 100 can go into the savings account. Psychologically, you will assume that you always pay Ksh 600 for what you consume. This way, your savings can grow without you realizing.
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