Increase your savings faster
I have for most of my life saved up for something. It could be something that I wanted to buy, a travel to experience, or saving up for an improved financial situation.
In the past what I usually did was waiting until the end of the month before putting aside any savings. Meaning, I made sure all bills and expenses were paid.
This, however, turns out is not an ideal strategy if you want to maximize your savings. What usually happened was that I spent too much on items and activities that in the end didn’t benefit me in the long run.
Save to yourself first
It wasn’t until I did it the other way around that my savings increased much faster. Instead of waiting until the end of the month when almost all my money was gone, I automated the process and made sure it happened as soon as the paycheck hit my account.
I automated it in such a way that I put away a set of money I knew I could afford to be without. Basics such as rent, food, and some leisure are all accounted for. Other than that, it was all put into a savings account.
This had a tremendous impact, because now I had to make do with what I had. Money is no longer spent on trivial things.