Simple Savings Tips That You Can Use To Build Up Your Wealth

Saving methods help you to regularly set aside small amounts of money in your everyday life and thus build up your wealth in the long term. We present four practical savings tips that you can use to save sensibly and sustainably without having to forgo bigger things like the live casino.

Whether it’s your annual vacation, a significant purchase, or the famous nest egg for difficult times, Putting money aside is always bright! But what if nothing seems to be left over at the end of the month? If you want to save consistently, various savings methods have proven their worth. With a bit of discipline and ambition, keeping your desired amount every day is easy.

Get A Grip On Your Finances With The 52-Week Method

Save 1,378 euros in one year – sounds good! This amount is guaranteed if you consistently follow the 52-week method. This straightforward savings strategy helps you to systematically save money without having to set aside excessive amounts. Here’s how it works:

• One euro more every week: To get to the 1,378 euros a year mentioned above, start saving one euro in the first week. In the second week, you put aside two euros; in the third week, three euros, and so on. So you increase the amount by one euro each week.
• The right place for your savings: To implement the method successfully, you can use a piggy bank or a jar and put your savings amount in every week, for example, on Sundays after breakfast. Of course, you can also use a separate bank account to deposit the money each week.
• Achieve your goal with continuity: Consistency is the key to success with this method. It may seem easy initially, but the amount you save each week will increase as the year progresses. But don’t panic. Think about strategies to save the higher amounts over the week. Is that second coffee-to-go necessary, or do you prefer to drink it in peace at home?
  

  

  You’ll see that over time, you’ll become more mindful of your spending and, in the best-case scenario, incorporate this into your everyday life throughout the year.

The Envelope Method – Cash For Your Expenses

The envelope method requires more planning for your savings goal. It is particularly suitable if you live beyond your budget and often make impulse purchases. With the envelope method, you learn to manage, prioritize, and categorize your spending better. This is how you proceed:

• Plan your budget specifically: A detailed plan lists your monthly income and expenditure. Start by writing down all your fixed costs, such as rent, electricity, internet, subscriptions, and insurance. Then, focus on other expenses such as food, leisure, entertainment, and consumer goods such as fashion, technology, or accessories.
• Create categories: To keep a better overview, divide your expenses into different categories such as fixed costs, food, restaurants, entertainment, clothing, gasoline, etc.
• Prepare envelopes: Take an envelope for each of your categories and label it. At the beginning of the month, put cash in each envelope according to the budget amount you have set for that category. This is because the envelope method only uses cash. If you run out of money in an envelope, you must wait until the next month to put money back in that envelope and simultaneously see that you are living over your budget in that category.
• Check at the end of the month: At the end of the month, open each envelope and check your spending. Do you have any money left in an envelope? Great, you’ve saved that. Use it for the next month in the same category, put the savings into your savings account, or invest it in a fund savings plan.

The 5-Euro Method – Become A Savvy Saver With This Trick

You don’t like saving the same amount regularly but still want to put money aside? Then the 5-euro trick is just the proper method for you.

Every €5 bill that ends up in your wallet is set aside. Think of it as a game you can play for as long as you like. And this is how you get started:

• Set yourself goals: Setting goals motivates you! Because you can keep reminding yourself what you’re saving the money for. Is it a new smartphone or a nice weekend trip? Do you want to make a loved one happy? Then go for it! One of the objectives of this savings method is to think about how long you want to use the €5 trick. However, how much you save is left to chance.
• Be consistent: Consistency is the key to success with the €5 trick. Because every time you have a 5 euro bill in your wallet, you have to save it. If you think you’ll get into trouble with it over time, you can also perform this trick with 2 euro coins, for example. Every little helps!
• The surprise at the end of the month: The great thing about this trick is that you save a different amount every month and can look forward to a surprise at the end of each month. A fund savings plan is another good way to invest your savings so they don’t sit uselessly in the piggy bank.