Monday, 15 September 2014

Being A Smart Spender Is Not A Crime – Save More Cash Even After Spending Money

Posted at  07:35  |  in  Frugal

Paying less on clothing and getting a steep discount on groceries is always impressive but while an ignorant spender will use that money to buy some other unnecessary item, a savvy spender will immediately put that money into the bank. Well, that is not easy enough for a person who loves to spend more than save. According to a recent survey by Bankrate, 56% women and 44% men have less than 3 months worth of emergency savings. If such is the statistics, then how can a frugal shopper turn his shopping savings into real savings that will straightaway go to the bank? Have a look at some tips from the experts to save more and plan your financial future.

  1. Make a game out of this shopping and savings deal: An eminent financial expert, Jason Vitug explains how some individuals simply need a boost and a reminder to actually put their savings aside into their savings account. He advises people to use the method called “bargain savings” which deals with turning your shopping into saving. If you wish to beef up your savings while shopping, you can take the savings amount from the purchase and directly deposit into your savings account. For instance, if you purchase shoes that are on sale for $30, instead of paying the original price, which is $75, make sure you deposit the difference into your savings account.
  1. Self-deception can be the new game: Set a fixed budgeted amount and then plan to pay this entire amount in cash. While going out for shopping, try to purposely get whatever you need without spending all the money that you brought in your wallet. Deceive yourself by putting a portion of that money in some other pocket or in some other location that you will remember. This way you can automatically complete your shopping with the smaller amount. Once it’s done, you can deposit the saved amount immediately into your savings account.
  1. Make smart investment choices: Barbara Friedberg, a portfolio manager in a personal finance company recommends that putting your savings towards bigger goals involves smart investing. How about taking any savings amount from smart spending and having it automatically deposited into an investment account? For example, if through your smart shopping and couponing, you have saved $40 per week, don’t let that savings amount languish in your checking account. Set up an automated transfer account that transfers this $40 weekly into your investment account from your savings account. This way you can maintain your savings alongside your checking and savings account.
Hence, when you’re wondering about the ways in which you can boost your savings account in spite of being a spender, follow the above mentioned points. Being a smart spender can help you continue with your savings effort and thereby building your nest egg for securing your financial future. Also take help of your employer retirement fund to ward off any financial difficulties after retirement.

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Jimmy Simond is founder of he share his immense knowledge of finance in this blog. You can follow him on Google+.


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