Normally, individually and also as a family, we set savings goals at the beginning of the year. However, these early autumn weeks may be marked either because we see that we are not meeting the goals we had set for ourselves, or because we want to save a little more for the arrival of Christmas.
In addition, starting good savings habits in these final months can serve as a boost for the following year. Here are some tips to save between now and the end of the year.
Rethink priorities and apply the technique of zero-sum budgets
If we set our savings goals ten months ago or more now, chances are they have changed. Or that other priorities have emerged on the horizon.
To do this, starting by rethinking our budget, knowing exactly how much we earn and how much we spend each month, and assigning a specific budget to each expense and each objective -for example, saving X money for Christmas gifts- can be a good starting point. .
To this we can add applying the technique of ‘zero sum’ budgets, which means assigning all our income to a purpose, until there is a remainder of zero. In this way, if we assign, for example, 50 euros to savings at the beginning of the month, we already know that we do not have that money, and therefore it is more complicated to spend it.
Find ways to save more
To save more on these dates, we can review subscriptions that we do not need, make more plans that involve eating at home or simply, when reviewing our budget, attack those expenses that may be exaggerated.
To do this, review the bank statements so far in 2021 and, from most to least important, classify the purchases that we usually make and that are not essential.
Assign a fixed savings percentage
It is advisable to save between 20% and 30% of our income, but it is true that there are circumstances that sometimes make this impossible. In any case, knowing how much we can save and separating this money – as if we were paying ourselves – at the beginning of the month, can be another important change in our routines.
Having a separate bank account for savings with scheduled transfers is a good starting point so there’s no chance to think about it.
If you feel like it, do a saving challenge
This formula is somewhat more aggressive. In her book, Washington Post columnist and financial adviser Michelle Singletary describes “financial fasting,” a kind of “financial diet” that promises to kick bad spending habits, create a plan to get out of debt, and get into a best financial course for the future. And set to be 21 days without spending any money to save.
During the financial fast, no unnecessary money can be spent in any way. Unless it’s food, lodging, or any other essential survival expense, spending discipline must be in place during those three weeks.
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