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Naomi D'Souza | Writer, Food & Lifestyle Blogger in Dubai

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Super easy hacks to save your money!

October 21, 2020

Are you struggling to save money? Or are you wondering where all your salary disappeared? Or maybe you’ve tried several budgeting techniques but struggled to stick with it? Or, you just want to get better at managing your money!

This is a fool-proof strategy that’s been used for years to manage money. No math, no spreadsheets, just a simple technique that will definitely work if you are willing to put an hour into it.

STEP 1: Budgeting

First and foremost, break down your monthly income into three categories:

  1. Needs
  2. Wants
  3. Savings

View this post on Instagram

๐Ÿ’ฐBudgeting 101 (swipe left): Some myths on Budgeting: ๐Ÿ‘‰๐Ÿฝ Budgeting is for misers and cheapskates. ๐Ÿ‘‰๐Ÿฝ Budgeting means I canโ€™t enjoy my life. ๐Ÿ‘‰๐Ÿฝ Budgeting is time consuming. ๐Ÿ‘‰๐Ÿฝ Budgeting is a lot of math. I am no good at Math! No No No!!๐Ÿ™…๐Ÿฝโ€โ™€๏ธ๐Ÿ™…๐Ÿฝโ€โ™€๏ธ None of the above are true. Budgeting doesnโ€™t mean you canโ€™t enjoy in life. Instead, it helps you prioritise your spending on what you enjoy the most. It refrains you from spending mindlessly on things you might not need. You don't need to be an A grade student to do budgeting but a simple calculator will do the job! And, you would need only an hour(out of the 720 hours) in a month to set up your budget for the following month. You could also spend another 10 mins per week to check if you are on track with your budget. Whatโ€™s your biggest budgeting struggle ? Whatโ€™s one thing you can do to change your budgeting mindset?? โค๏ธ LIKE this post โ†—๏ธ SHARE this post to your favorite ones ๐Ÿ“ COMMENT! I want to hear from you! #budgeting101 #personalfinance

A post shared by Raji Kaippallil (@financewithraji) on Jul 22, 2020 at 10:19am PDT

Regardless of whether you plan to save for life insuranceย or IRAs, the more you save the better! Remember that you need financial stability in order to survive both in your later stage of life and in the present time. The former has already been talked about, the latter, however, is something people might not consider. For instance, now that you are earning in the present time, you might have desires to buy a new house and relocate. However, if you do not have the necessary funds, then you might neither be able to purchase a dwelling nor be able to afford the services of friendly local removalists for the relocation. So, it is prudent that you start saving not only to enjoy a good life after retirement but to afford an exemplary lifestyle while you are earning.

Anyway, now that you know why you need to start saving now, calculate how much you spend and how much you save. If you don’t think your expenses can fit into the 50/30/30 Budgeting Rule, create something more realistic, but as close to the % as possible. Once this is sorted, you’ve pretty much done a fair amount of the groundwork. If you’re looking to stretch your budget somewhat, you may be interested in gaining a passive income in the form of crypto investments. These can top up your funds for travel, luxury purchases, emergency expenditures, or anything you wish.

STEP 2: Bank Accounts

Now, open 5 different bank accounts (yes, 5!!!!) which could be a combination of 2 current and 3 savings accounts with 2-3 banks. Ideally, you would want them to be zero balance accounts so that you don’t end up paying for not maintaining a minimum balance. These accounts are:

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๐Ÿ’ฐ ๐—˜๐—”๐—ฆ๐—ฌ ๐—›๐—”๐—–๐—ž ๐—ง๐—ข ๐—ฆ๐—”๐—ฉ๐—˜ ๐— ๐—ข๐—ก๐—˜๐—ฌ ๐Ÿ’ฐ This is the ๐—›๐—ข๐—Ÿ๐—ฌ ๐—š๐—ฅ๐—”๐—œ๐—Ÿ I swear by for my budgeting!!!! Set up an account for different GOALS and set it to auto debit mode. Thus, you never to have to repeat the task of moving your money every month. Personally, I only check in on my needs and wants account often. โœจ This gives me the ability to spend on things I love but at the same time keep myself accountable for my expenses. ๐—ฃ๐—ฆ: ๐—ฌ๐—ผ๐˜‚ ๐—ฐ๐—ฎ๐—ป ๐—ฒ๐—ฎ๐˜€๐—ถ๐—น๐˜† ๐—ผ๐—ฝ๐—ฒ๐—ป ๐—ฎ ๐—ฏ๐—ฎ๐—ป๐—ธ ๐—ฎ๐—ฐ๐—ฐ๐—ผ๐˜‚๐—ป๐˜ ๐˜„๐—ถ๐˜๐—ต ๐˜‡๐—ฒ๐—ฟ๐—ผ ๐—ฏ๐—ฎ๐—น๐—ฎ๐—ป๐—ฐ๐—ฒ ๐—ถ๐—ป ๐—บ๐—ผ๐˜€๐˜ ๐—ผ๐—ณ ๐˜๐—ต๐—ฒ ๐—ฐ๐—ผ๐˜‚๐—ป๐˜๐—ฟ๐—ถ๐—ฒ๐˜€. ๐—œ๐—ป ๐—ฐ๐—ผ๐˜‚๐—ป๐˜๐—ฟ๐—ถ๐—ฒ๐˜€ ๐—น๐—ถ๐—ธ๐—ฒ ๐—œ๐—ป๐—ฑ๐—ถ๐—ฎ, ๐˜†๐—ผ๐˜‚ ๐—ฐ๐—ผ๐˜‚๐—น๐—ฑ ๐—ฒ๐˜…๐—ฝ๐—น๐—ผ๐—ฟ๐—ฒ ๐—ฎ๐—ฝ๐—ฝ๐˜€ ๐˜€๐˜‚๐—ฐ๐—ต ๐—ฎ๐˜€ ๐—ฃ๐—”๐—ฌ๐—ง๐— . Are you going to try this ? ๐Ÿ˜ โค๏ธ LIKE this post โ†—๏ธ SHARE this post to your favorite ones ๐Ÿ“ COMMENT! I want to hear from you! #budgeting101 #personalfinance #easyhack

A post shared by Raji Kaippallil (@financewithraji) on Jul 28, 2020 at 9:35am PDT

1. โ€˜Needs’ Account

This is the account which you will use to pay off your monthly needs. Since the needs for a month are more or less constant, this will have a fixed amount of money in it every month.

2. โ€˜Wants’ Account

As the name suggests, this account will have money to meet your expenses to get your nails done, eat out and all other expenses which are categorized as โ€˜wants’.

3. โ€˜Savings’ Account for Emergency Fund

I cannot STRESSS ENOUGHHH the importance of having an emergency fund. An emergency fund is essentially a pot of money kept aside to meet your expenses during an unforeseen circumstance. Ideally, you should aim to build an emergency fund of at least 6 months’ worth of your expenses.

4. โ€˜Savings’ Account for Short Term Goals

Want to buy a new phone? Or maybe, go on a holiday? Use this account to save up little by little each month so that you can spend later, guilt and credit-card free!

5. โ€˜Savings’ Account for Long Term Goals

This is your account to save for those long-term goals in life such as retirement. It’s okay to start small but start early!

STEP 3: Auto Debit

Now, all you have to do is set up an auto-debit of the required amount from your salary account to these 5 accounts! It is best to set the auto-debit date the same as the salary date. Voila, your budgeting is now AUTOMATED!

Why does this work?

This is a foolproof method that ACTUALLY WORKS!

  1. Because you have organized your money into different categories, it is easier to track your spending. It also saves you from the cumbersome task of detailed budgeting every month.
  2. Most importantly, your brain starts to see only the money in your spending accounts (i.e. โ€˜Needs’ and โ€˜Wants’ account) instead of your salary amount. Consequently, it starts to adapt to live within that amount instead of your complete salary

To learn more about personal finance, budgeting and long-term investing, follow @financewithraji on Instagram.

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2 comments

Hamad Ali October 24, 2020 - 5:47 PM

Wow incredible info. Nice work.

Raji Kaippallil November 7, 2020 - 1:04 AM

Thank you Hamad! ๐Ÿ™‚

Comments are closed.

Hello, Welcome to my world!

Hello, Welcome to my world!

I’m Naomi! MSc Mech Engineer by degree, Digital Strategist by profession, and content creator by passion! I’ve spoken at 3 TEDx platforms, recognized as the #Hot100 most influential Asians & Influencers, & ranked in the Top 30 sites in UAE (2M+ views)! Here, you can explore topics that will educate your mind, nourish your soul, and satisfy your tummy ๐Ÿ˜‰

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