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Saving when you want to spend
28 Aug 2023

The struggle is real when it comes to balancing the desire to spend and the need to save. It's like having a tug-of-war inside your wallet! But fear not, because we've got some nifty tricks up our sleeves to help you save money even when all you want to do is shop 'til you drop.

1. The 30-day rule

Imagine seeing a shiny new gadget or a trendy outfit that you HAVE to have. Before reaching for your wallet, take a deep breath and apply the 30-Day Rule. Put off the purchase for 30 days and see if you still feel as strongly about it. This cooling-off period helps you make more mindful decisions and avoid impulsive spending.

2. Budget for fun

Yes, you heard that right! Budgeting isn't just about paying bills and saving for the future. Allocate a portion of your income for fun and entertainment. This way, you won't feel guilty about spending on things you enjoy and can keep your saving game strong.

3. Set savings goals

Saving becomes more exciting when you have specific goals in mind. Whether it's a dream vacation, a new gaming console, or even building an emergency fund, clear objectives make it easier to curb unnecessary spending. Create a savings plan and celebrate every milestone you achieve!

4. Shop smart

Who doesn't love a good bargain? Before shopping, research and scout for the best deals, discounts, and coupons. Many apps and websites can help you find the sweetest deals in town. Shopping smart means you can have your cake and eat it, save money, and still get what you want.

5. Ditch the FOMO

Fear Of Missing Out (FOMO) can be a sneaky little spender. Remember, not every party or outing requires your presence, and not every sale is a once-in-a-lifetime deal. Be mindful of your social spending and know it's okay to say "no" when it aligns with your financial goals.

6. Save windfalls

Got a birthday gift of cash or a surprise bonus from your side hustle? Spending it all on something fun is tempting, but consider saving a part of it. Treat yourself a little, but let the rest grow in your savings account. Those little windfalls can add up to big savings over time!

7. DIY fun

Instead of splurging on expensive outings, try some do-it-yourself fun! Host a game night with friends, have a picnic in the park, or get creative with art projects. Not only will you save money, but you'll also create lasting memories with the people you care about.

8. Track your progress

Keep tabs on your spending and saving habits. Using budgeting apps or even a simple spreadsheet can help you see where your money is going and identify areas where you can cut back. Visualising your progress will motivate you to keep up the good work.

9. Stay inspired

Follow personal finance blogs, watch videos, or read books about financial success stories. Surrounding yourself with positive financial influences will motivate you to stick to your saving goals, even when temptations are lurking.

10. Be kind to yourself

Saving when you want to spend isn't always easy, and slip-ups may happen. Remember, you're human, and it's okay to make mistakes. Just dust yourself off, get back on track, and keep working towards your financial dreams!

Saving money doesn't mean sacrificing all the fun. By making conscious choices and being mindful of your spending, you can still enjoy life while building a solid financial future. So save, spend wisely, and watch your savings account grow like a champ! Happy saving!

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Bank of Valletta p.l.c. is a public limited company regulated by the MFSA and is licensed to carry out the business of banking and investment services in terms of the Banking Act (Cap. 371 of the Laws of Malta) and the Investment Services Act (Cap.370. of the Laws of Malta).