Saving a lot of money in a short amount
of time is not easy on one hand we're
fighting The increased cost of
accommodation food clothing and on the
other we're battling everyday Temptation
in a world where pretty much anything
can be bought with a single click in
fact the data shows that 61% of adults
in the US are living paycheck to
paycheck and 34% of adults living in the
UK have less than £1,000 in a savings
account so in this article. I wanted to
walk you through four effective
strategies that will simply ify and fast
trck your saving process if you're new
here I'm Nisha I'm a qualified
accountant and on this channel we
discuss all things personal finance and
self-development new articles come out
every single week let's get into it the
very first thing I want to talk about is
Parkinson's law and this is a concept
that was coined in the 1950s and in
simple terms it means that your work
will expand to fill the time that you
allocate to doing it for instance if I
set myself 3 weeks to plan and release
this articles. it will take me 3 weeks I'll
procr resonate I'll come across
something new and go down a rabbit hole
reading different articles on that topic
I'll find a way to make that work expand
to take up the full 3 weeks whereas if I
give myself 48 hours to release this
article. I'll find creative ways to get it
done and very likely the quality between
the two articles wouldn't be too different
this same principle can be applied to
personal finance where the resource
instead of time is money your spending
will expand to consume all available
funds if you let yourself spend all of
your net income you'll find a way to do
it but if you take away 10% as soon as
it hits your bank account on payday and
put it into another savings account that
you can't touch you'll find a way to
make that remaining 90% work and if you
think putting 10% away is doable try 20%
and living on the remaining 80% try 30%
and living on the remaining 70% you'll
be surprised by what you can do and you
might be listening to this thinking
that's ridiculous no way can I make this
work that's where the fourth saving
strategy I talk about comes in where I
go into more detail on how you can make
this work with what you have the second
saving strategy is to not be a last
minute person when I worked in my
corporate job during the busy weeks and
months I would get a takeout about three
to four times a week I'll be on my way
home it'll be late I'll be hungry and on
my way home I'll just order something
from deliver or Uber Eats so that it's
ready for when I got home and I did this
week after week because I didn't take a
few hours out on a Sunday to meal prep
and think about a healthier solution for
the week instead I'm still guilty of
sometimes doing this but planning in
advance can save you a lot of money it
will save you in overdrive fees because
you're setting up some time to check
your bank account it will save you in
Uber costs or taxi costs because you've
saved yourself enough time to get public
transport instead and planning in
advance also gives you options to do
better you can use your reward points to
book your next flight you can get a good
quality umbrella instead of waiting
until you're caught in the rain to buy
whatever is available there are times
when last minute flexibility is useful
but often it costs you money and limits
you with options the third saving Str
strategy is to utilize saving technology
with almost every habit that we want to
stick to or want to try there is some
sort of technology that will help make
it easier for us if you're trying to
reduce your social media consumption
there are apps like one sec that forces
you to take a deep breath before opening
the app giving you a second or two to
rethink your decision if you want to
improve your Fitness there are apps that
will help you do that and in the same
way if your focus is to save more money
you want to lean into the technology
that's available to help you out with
that there are apps that calculate how
much you can afford to save each week
and then automatically moves money into
a separate savings account or an
investment account there are accounts
like Plum if you're in the UK which
analyzes your spending to work out how
much you can afford to save and then it
automatically transfers the money over
every four or five days you can also
through that round up purchases to the
nearest pound and then save the
difference so for instance if you're
spending 130 it will round that up to2
and then you can automatically save the
remaining 70p if you want to check out
Plum . you want to find the right
apps or the right technology that will
help you align your habits to your goals
and make the process of saving a lot
easier the fourth point which is
arguably the one that will really make a
difference if you stick to it is doing a
year in review at the end of each year
we usually do a full evaluation on other
areas in our lives we look at what went
well what didn't how we can learn and
improve for the following year a great
way to save a lot of money in a short
amount of time is by doing the same
evaluation in detail top to bottom with
your finances this is different to a
monthly budget which I have a whole
different article for and a free tracker
that comes with it I'll leave a link to
that here but think of this monthly
budget as you rowing the boat you're
moving forward month by month whereas a
yearly review is you stepping back to
check the broader Horizon checking that
you're not just moving forward but
you're also moving in the right
direction so once a year I'll
consolidate all of the bank accounts
that I have my debit card accounts my
credit card accounts into one one main
tracker that money will have all the
money coming out of my account I'll
categorize my spending and then go
through each category line by line
asking myself three questions can I cut
this out or cancel it completely can I
live with less of it or can I get the
same thing cheaper from somewhere else
I'm not going to you this isn't
fun it's not interesting but you only
need to go through this once a year but
the ROI from this exercise and just
carving out 6 to seven hours to do it is
so worth it I gave myself 7 hours to do
it last month on a flight back to the UK
I've recorded my entire process I don't
know if it'll be useful or just a boring
article but if you want to see it let me
know and I'll show you how I went about
analyzing the numbers and the data one
thing that has really helped me analyze
data as well as develop a bunch of other
skills is brilliant.org who are very
kindly sponsoring this article
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SL Nisha thank you so much for reading
if you find this content useful please
share it with someone else who'll
benefit someone who is looking to get
good with money and I also have a article
right here on how I manage my money on a
monthly basis where there's also a R
tracker see you there
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