Tips on Developing a Healthy Saving Habit
- Have a short and long term financial goal. This will be your guide to save consistently. It is the reason why you want to put aside money and live a minimalist lifestyle.
- Resist the temptation of using a debit card if you can. If you can’t, set a limit to the amount you can withdraw per time. You can instil discipline on withdrawals by setting a penalty fee over a certain amount withdrawn.
- Choose a saving pattern. You need to decide how you want to save money. Create a formula to determine how much you will save every hour/day/week. You can set up an automatic transfer to your savings account.
- Once you choose your formula, decide what tech gadget will be useful for reminders – a phone, smartwatch or computer. Did you know that a Chatbot like Siri can also help you set a reminder on your phone? Say, “Siri remind me to credit XXX amount to my mobile money at 11 am. You can also set up alarms, pop-up notifications or use your calendar app for reminders.
- Choose your preferred saving app – there are a lot! Most of these apps utilize Artificial Intelligence to achieve automation. Check out a detailed description of how to save with Kuda, Piggyvest, Eyowo, ALAT, KoloPay and more on this link.
- You need the discipline to stay true to your aspiration. If you really want to save that cash, learn to curb your appetite. Use these apps to discipline yourself and save for that future you desire. If you are a spendthrift, consider using a smartphone app that can automatically estimate your purchases. This way, you will set a limit to which you can spend per time.
- Set up an automatic transfer from your bank account. You can do this from any of the apps listed above.
Whatever you may be saving for, I believe you can achieve them with tech tools. Don’t forget to reward the little strides as you develop a healthy saving habit.
Cheers to more money in 2020!
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