Why aren’t there any savings!? Ways to restrain oneself from wasting money

Are you dealing with the problem of working for some time but still do not have any savings? What to do!? This time, ACU PAY will introduce working people to ways to restrain oneself from wasting money. Some of them are small matters that you have overlooked. If you can follow these ways, you will have your money savings for sure.

1. There must be a reason when buying something

The beginning of having money savings is a struggle against one’s own mind. You have to restrain yourself from extravagant spending such as discounted products or a-must-have things. Consider carefully how important this thing is to your life. Try adjusting your attitude toward spending money, and the problem of overspending will be solved.

In the early stages, it may be possible to set goals such as saving money for a new phone. Use these goals to remind yourself what you are saving money for and savings habits will grow on its own.

2. Set money for daily use

Another way to save money is to set money for daily use by subtracting the necessary monthly expenses first, such as rent, and travel, calculating how much we should spend in a day, and then setting that amount for ourselves to use daily to prevent overspending.

For example, Mr. A has a monthly salary of 20,000 baht, with fixed expenses such as accommodation and travel expenses of 8,000 baht. After deducting fixed costs, Mr.A will have 12,000 baht. Mr. A calculates that he could use 200 baht per day or 6,000 baht per month, with the rest money being emergency reserves or savings for the future.

3. Saving before spending; save 10% of salary before spending

The simplest way to save money is to divide 10% of your salary into savings. Let’s say that Mr. A earns 20,000 baht, he divides 2,000 baht for saving immediately. At the end of one year, Mr. A can save up to 24,000 baht.

However, in the case of anyone who has very tight expenditures, they may start saving at 5% of salary first. They may create separate accounts to receive 5% of the monthly salary which is set to transfer in advance as soon as they receive their salary.

4.Record income and expenses, making you save more money

Even though you know that the record of income and expenses is important, many people may feel lazy and feel like wasting their time doing it. Do you know that the benefits of recording income and expenses will give us a whole picture of how much money we spend on the most each day, and what parts we can reduce, cut, or delay in spending for savings?

5. Save as much as you spend on shopping

This technique is a good way to adjust your shopping habits. On the other hand, it’s ‘borrow your money to use first’ and then return it later, just like a credit card, but it’s an interest-free card. You can buy anything you want, but make a note of it and return your money to yourself. Don’t cheat yourself.

6. Feel free to hang out but make sure that you can use your money well

We can save money while we are living our life happily. At this point, we need self-discipline, never forget to manage to have enough money, and save regularly so that we can make sure that this lump of money that will be used for the party does not affect other expenses. Disciplined savings will help build a stable future for us.

In addition to depositing our savings into high-interest savings accounts at banks, another way to increase revenue in complying with expenses with more security and less risk is by investing cold money in low-risk assets. For example, funds, debt instruments, and other assets and then investing in Dollar Cost Averaging (DCA). This will result in greater profits. The conditions of return and risk of the fund or asset should be studied in detail before making a decision.

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ACU PAY Thailand

ACU PAY Thailand

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