Frugal Living

5 Ways To Cultivate A Saving Habit In 2022

The last three years have been hard on us financially. The main cause of this financial crisis was the Covid-19 pandemic. Travel restrictions, curfews and other restrictions to prevent the spread of the virus hindered business and companies operations. The pinch was felt everywhere as companies had to offload people or force them to take huge pay cuts.

This was a huge setback to many of the financial goals that we had set prior to the onset of the pandemic. Those depending on monthly incomes to fund their daily life activities were the most affected. Those with savings were able to maintain their lifestyles. This is one positive lesson from this pandemic, learn to save. Below is the guide on how to cultivate a saving habit.

  • Live Below Your Earnings

Living within your means is a good way to gain financial stability. There will be no need of borrowing from lenders. You will live comfortably with no outstanding debts. But in order to attain financial independence, you need to start saving. Financial independence gives you the freedom of sustaining yourself without any income source. Thus start living below your means and save the extra cash.

It is not going to be easy, there will be a lot of temptations that could sway you off. For example, seeing your colleagues dressing sharply in designer suits or moving into bigger houses while you stay the same old you. I guarantee that the sacrifice will be worth it in the end as you could invest the savings and earn a lot from it.

  • Set A Clear Target

Set a clear goal on what you want to achieve, and within which timeline. For example, state that by the end of the year you would be having a million in your savings account. This will motivate you to work harder to attain the set goal. When you are on the brink of giving up, this will be the thread you can hang on to. 

Saving without a goal will leave you with self-doubt and you will give up before even starting. A clear goal can also motivate you to work harder in order to achieve the quota set. The urge to live comfortably, enjoy yourself, and still have leftovers to save will have you finding other earning sources.

  • Keep Track Of Your Finances

Tracking all of your money and how it is spent will also help you cultivate a saving habit. By conducting this self-audit you can determine how to balance your finances perfectly. You will know the expenses that are costing you too much money. From there you can find a way to reduce or completely do away with the said expense. The extra amounts shaved off each expense should then be added to the savings account. 

Aside from fattening your savings account, financial tracking will help you get rid of bad financial habits. Examples of bad financial habits are impulse buying, spending on unnecessary stuff, and indulging in extra luxurious activities. As you rightly presumed, the money that previously bankrolled these habits should go directly to your savings account.

  • Cut Your Expenses

Cutting off your general expenses will also help you ingrain a saving habit. Draw out a detailed budget containing all your expenses in a month. This should be inclusive of both your personal and household expenses. Instead of spending a fortune fueling your car for daily rides to and from work, take the metro. You could also take the bus, any cheaper option can do. 

Invest in star-rated energy-saving appliances to help you reduce the power bill. Install a plumbing system containing quality ppr fittings China to prevent leakages that will increase the water bill. Use LED light bulbs rather than incandescent or fluorescent lights as they consume less energy. Also, do away with unnecessary expenses like weekly family theater tickets or romantic night-outs every Friday.

  • Do Automated Saving

The art of saving is a difficult one, each direction you turn too there will be something that could derail you. The best way to prevent this is by keeping the money in a place you cannot easily access. You could start by using these specialized piggy banks that cannot be easily opened.

If the urge to grab a hammer and smash the piggy bank into pieces overwhelms you, do not give in. Instead transfer the cash into a lock savings account. These accounts can only be accessed after a certain period. You could also find a way to have the savings go directly into the saving accounts to avoid temptations.


One of the few valuable lessons that we got from the Covid-19 pandemic is to always save. Having savings will help you get out of serious financial challenges without breaking a sweat. People who had ingrained the culture of saving were able to get by during the financial crisis. This is a guide on how you can evade the next financial crisis by learning to save.

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