Whether you like it or not, the fact of statement is that developing a money saving habit is not a walk in the park. To be consistent with saving money is not easy and that is why our hats go off to all those individuals who have disciplined themselves and have dared to succeed where so many struggle. If you have been inconsistent with saving money, don’t beat yourself up as it’s actually not easy. It requires sacrifice, discipline and commitment. With that said, lets categorically state that it can be done. It is for this reason that we are going to shed light on surefire ways to develop money saving habits.


Set clear goals

In order to save money, you need to have motivation and there is no better way to do this than set clear and specific goals. What is it you are saving for? Before you start saving money, ensure that you set clear short term and long term goals. Of course, you need to focus on achieving short term goals such as the need to buy a new car before you set your sights on long term goals such as owning your own home in say 5 years. The secret is, having a clear goal makes you focused to achieve all your financial goals.

Endeavor to pay yourself first

To pay oneself first is the golden rule of personal finance. Before you can save a chunk of your income, it’s important that you pay yourself first so that you can meet certain personal needs without feeling the need to go back to the amount of money you saved. Each month, take a portion of your salary and pay yourself and put the remaining into a savings account.

Develop a saving mindset

Be obsessed with saving if you must. Make it a point to think at every moment how you can save more money. If you think about saving most of the time, chances are that you will stick to your money saving plan and be consistent in saving. If you find yourself with some extra cash from what you paid yourself, do not hesitate to put the same to a saving account.

Look for alternative income streams

If you have been depending on your salary alone, it might be time to look for alternative income streams to supplement your monthly salary. After all, the more income you have, the more money you will save. Make it a purpose to earn more than what you currently earn monthly. If you are a good writer, you might consider writing to be paid as a supplement income. Alternatively, if you have a blog with high traffic, why not monetize it through internet marketing and earning commissions? Just find ways to earn more and your disposable amount will also increase.


Track your expenditure

As unbelievable as it sounds, most of us have no clue on where their hard earned cash goes. Make it a habit to track all your expenses in a given month. If you notice that a lot of your money is wasted on binge drinking or even going out twice in a week, it’s about time to make changes. If you notice that lunches at work eat into your earnings, you might consider carrying food to lunch.