In January 2017, l thought of money-saving habits that can help me to develop a simple realistic saving plan. Considering that we are in a world of instant gratification, l thought and advised myself that it will be better to stay focused and improve my savings in any possible way than to get carried away by impulsive buying and easy pleasures.
l realized that sometimes the most difficult thing about saving money is simply getting started.
I was inspired to start this method of saving the day l found a $20 bill in my old jeans pocket, and it encourages me to start dropping leftover money, impulsive buying money, and instant gratification expenses in a wooden Piggy Bank because l discovered that all that change adds up over time.
But frankly speaking, l did not just wake up and get motivated to start saving in my wooden piggy bank, no!. l gave this idea a deep thought and made up my mind to pull it through no matter how tight my income is.
First, l made a thoughtful calculation in the areas l spend impulsively which can be managed and l came up with this.
How I saved $10,000+ in my Wooden Piggy Bank + Simple Money Saving Habits
The step-by-step guide that helped me to develop a disciplined and a realistic saving on my Wooden Piggy Bank:
l drew a budget
Making a budget helped me to outline how my expenses can march with my income this l believe can keep me away from overspending. Here l tried to identify expenses that occur almost every other time in my income and l started working on it.
l decided on saving money
After drawing a budget, l chose to create a savings category where l was determined to put away 5-10 percent of my income as savings. There are a lot of non-essentials that l decided to spend less on, l will further expatiate on this below.
l made my savings automatic
l made my simple savings automatic by choosing a method to put money in my wooden piggy bank under my bed after my night devotion, sometimes l don’t have real money to put in, l will take a piece of paper, fold it and drop in my purse, this to remind myself the next day that l have a carryover saving.
l picked the right tool – My wooden Piggy Bank
When l found this $20 bill in my old jeans pocket, l had wished it to be more than that and l said to me, if l can keep such money and forget to get it out to spend, l can as well save more in my wooden piggy bank without spending it and this is why l chose to start this type of savings right inside my room, my domain rather than going to the bank.
Yes please do not misunderstand me, it is good to have your savings in a bank but this savings am talking about came with a different motive and achievement.
l was inspired to save, and was motivated to save by the corner, l made a thoughtful calculation in the areas l spend impulsively which can be managed and avoided.
l chose something to save from
When l said that l chose something to save from, below are areas that l decided to make my spending amendments:
*My Cable Tv:
I realized that my husband and l hardly sit down to watch TV, l work on my computer a lot while he either study his Bible or does some other things at his leisure time.
The only people in my house that are interested in watching TV are the children and they do this only during holidays not when school is in session, then l ask myself a question, who have l been paying monthly bills for on my Cable TV?
l immediately cancel my subscription during this period and will only subscribe back when my children are on holiday. Therefore in a 12-month calendar subscription, l only get to subscribe for four months out of the twelve months and l made sure that the unused subscription money goes to my wooden piggy bank.
*D.I.Y: DO IT YOURSELF:
l made a mental calculation to create a list of rules. Rules like:
*Weave my daughter’s hair by myself.
*Give my son a haircut at home.
*Restaurant treats were narrowed down to once in a while thing, no longer a habit but a discipline.
*An average amount for pedicure and manicure every week is about $20 to $30 in a salon but with $10, l can buy different colors of choice nail polish and remover and do it myself at home and still save money on gas driving to the salon.
* l shopped for all my monthly groceries by myself and write a list before l go shopping and made sure l stick to it.
*l make my own homemade gift instead of buying it from the stores.
*l repair and amend our clothing instead of throwing it away, whenever my husband sees me fixing a broken button with smiles on my face, he will shake his head and walk by lol…
*l got an idea from a friend making homemade baking and l tried it and found out that it was incredibly cheaper, sweeter and healthier than rushing off to the bakery all the time.
*l make sure l pack food for road trips and church services considering that l have small children
*l make my own cleaning and laundry supplies, which is way cheaper instead of buying the commercial versions
*l pay special attention to neatness and cleanliness in my home to keep us from contacting all kinds of bacteria and viruses thereby saving us from medical bills.
*l practically make and prepare all my family dishes at home which l found out is way cheaper and healthier than dining out always.
*l work from home and always on the internet, so whenever l have things to fix, l go online tutorials and videos that show how l can fix things myself.
* l said no to Aso Ebi: Aso Ebi is the fabric or colors of the day in any occasion, it could be worn at a wedding, traditional marriage, child ceremony, graduation etc. My African family is unique in a way when it comes to this kind of outfit and doesn’t take it for granted.
It happens that the ceremony will be fixed or dated, the Aso Ebi will be distributed to guest, friends family and well-wishers by the celebrant at a higher price depending on the class which the celebrant belong.
Note that the price of this Aso Ebi will be different from the market price. Though this Aso Ebi is an indicator of unity, cooperation, and solidarity among families during a ceremony and festive period, because l have a set goal for my income and savings, l decided to always lay sentiment aside and politely decline this Aso Ebi buying whenever it comes my way.
l will further take the same amount l would have paid for the Aso Ebi and save in My Wooden Piggy Bank.
*l hide my credit card to avoid using it impulsively:
There is a lot of confidence within whenever you have money to spend on whatever you want, and this confidence precedes pressure that made me stop using my credit card.
*l formed that habit of checking the light switch:
l tried to always turn off the lights than to keep lights that l don’t use on. Though in my country, we don’t often use electricity and that made a habit of living the lights on frequently so as to know when the light is available, but l learned to turn lights off whether am using it or not or available or not, and this always adds up to a reduced utility bills. So whenever l receive the monthly bill, there is always a reduced tariff that l made sure that goes into my wooden piggy bank.
*Drinking Water is the best lifestyle:
l spend less money on buying fizzy drinks, juice, tea, and soda by instilling the habit of drinking freshly tap water in my home, l do augment this with smoothies and other natural healthy drinks which personally l feel is more healthy.
*My children are my top priority:
l avoid spending big money to entertain my children, especially on birthdays and the likes. Here l will simply say that my children are my top priority and l love them so much to do anything that can keep them happy but not too expensively foolishness.
*l quite unnecessary shopping:
Shopping is my best hobby, but when l began my Wooden Piggy Bank savings, l avoided the malls like a disease. l unburden myself with things like outdoor fun and other things in life – such as a side business and the likes to entertain myself, even window shopping is a torture when you are on a budget and l know my weakness, so l made every effort to avoid the malls.
*I take public transport often:
Considering the amount of traffic on the road, l subsequently use the city transit instead of driving my car. This is far cheaper though sometimes stressful l must say, l will be saving money from gas and added expense of parking my car in a parking lot and that’s money to my wooden piggy bank.
*I refused to quite:
l was glad to pull it through, sometimes l stretch myself and deny a lot of goodies but its worth it. The most difficult thing about saving money is getting started.
This is my little experience on How I saved $10,000+ in my Wooden Piggy Bank by applying a simple money saving habit. This was born out of my passion to earn extra money by the corner.
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