“I can’t save because my cat only eats premium tuna”. #savingproblems
Having to wait 3 weeks to buy a new pair of white Nikes. #savingproblems
When you decide to start saving up for something big, then notice all the fun things you want to buy… #savingproblems
“Do not save what is left after spending, but spend what is left after saving.”
– Warren Buffett
Outsource your savings
Nudge theory, a key concept in behavioural finance that, is the idea that we can all be given a gentle nudge into actions that will benefit us and society in the long haul. It’s why these stairs were turned into a giant keyboard (too fun!). What if we could use our phone to gently nudge us to do the smart thing – spend less, save more. Well, glad tidings we bring. Your personal helpers are at hand to do the hard work of saving money for you.
If you have very low self-control and are known to drunk text your ex, there are a few apps out there for you. Some of these apps sit between you and your bank account, working out exactly how much you need for essentials, phasing your income so you don’t spend it all at once and then putting some into a basic savings account. Like having your mum look after your finances (but in a good way).
Others hook up to your bank account using “read-only” technology to display all your income and outgoings. They put your expenses in different categories (which you can customise) and show the data in nice lil’ charts. Great if you want clarity without moving money around.
Smart online banks provide a budgeting app AND a snazzy pre-paid card – when you use it, you’ll get notifications saying what you’ve bought and how much you’ve got left to spend. PLUS They offer fantastic saving pot options, where you can set a saving goal, save in to separate pots and round up spare change!
These analyse your financial data to automatically put aside an affordable amount into a savings account. You can ask them to save more, just by sending it a text! Some of these saving servants are activated via Facebook messenger and others have their own app. The value lies in saving without doing the hard work. The future is here, man.
Sign-up for free to Blackbullion to learn more about good money saving habits!