Saving Money How to avoid dipping into your saving account monthly

Augusta

VIP Contributor
It never easy to keep to the words of not using your saving at the end of the month. Dipping your hands into the saving you vowed never to touch means one thing you can’t keep to your budget. The bottom line is that you would be hurting your financial life which isn’t great. You need to stop and to achieve this, you would need to follow the below tips

Have emergency fund

You would need to set aside some funds to meet your urgent needs. You can only take from these funds. This will deter you from taking fom your savings and when this one is finished then you would need to push every other expense forward

Keep your saving in a fixed deposit

This is one account that you can’t withdraw for at least 6 months, so you can leave your savings in an account like this. it will help you deter from spending out of your savings since you would need to wait till that period

Cut down high money demanding expenses

Nothing depletes one income almost to the ground like high money demanding expenses. If these expenses are mere luxuries or frivolities then you need to totally let them slide. Don’t waste your savings on them.

Add an extra source of income

This is where you would do better with your saving; you would stay away from it if you have another source of income. So increasing your income will help you avoid dipping your hands into your savings.

What’s your thought?
 
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eldavis

Guest
Personally I feel it all boils down to discipline, I have seen slot of persons who have emergency funds kept aside yet they still spend all that and go into their savings. No matter how much teachings you get, if you are not disciplined it would all be useless.
 

Augusta

VIP Contributor
I agree with you that discipline play a huge role here and I hope people get to know this and be determined to adopt this. Apart from the tips listed here I will advise people to go with what works for them it will help to maintain the habit for a long time. personal improvement helpe a lot
 

Mika

VIP Contributor
You end up using your saving because your monthly budget is not enough to maintain your life. There are two reasons for this, one, your monthly budget is very small, two your expenses are very high. When you want to save money despite the fact that you are not earning well, your monthly budget will be very small. But no matter what you need money to maintain your life, therefore, you end up using your savings. The only solution to this is either to start earning more and have a higher monthly budget or try to fit in your monthly budget by cutting expenses.
 

Augusta

VIP Contributor
l like your remedies which I believe can work for anyone. the two simple ways is to stick to your budget or you cut down your expenses. These are two things that really need self discipline like one commenter stated. if one isn't determined to get these two done it might just be difficult to get it done.
 

sincerem

VIP Contributor
What you've stated above is part of the remedies to stop digging into the savings, and have a better saving return in the future. Tampering our savings all the time will simply hinder our progress from saving bigger funds in the future. I understand that some weird circumstances makes us digging into our savings and cutting some funds off to solve them. But one that has other sources of income with reasonable monetary value wouldn't think about cutting down his or her savings. He'll simply save for long time, knowing the benefits surrounding long time savings, which is immeasurable to short time savings.
 
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Deleted member 28127

Guest
The best practice is to put your debit card at home then you will not use your saving account to cash out from ATM or even limit a budget for online purchase with debit card in order to control your saving, rarelly may when you go to shopping you bring your debit card to checkout with your saving account, also having the culture that you not get all the money with you because expenses will increase like for example you get 2000 neira per day and not going outside with 30000 neira you have because in this case you will spend 4000 neira or 6000 neira per day this is as an example.
 

Alexandoy

VIP Contributor
Last December was my first time to completely handle the budgeting of our home. Admittedly December is the time of spending because of the cultural celebration of the Christmas season that runs from December 1 up to the 1st week of the new year. My budget was consumed even before the middle of the month due to the obligation of buying gifts. It was a neat lesson for me that I couldn't be frugal in December so next time I have to triple the budget. In January I was kind of short again. Fortunately my emergency bank account is there to be on my succor whenever I get short of finances. It is not easy to manage the budget and I am hoping that this February I wouldn't get money from my bank account. My budget for this month is in my computer table in cold cash. Let's wait and see if I am successful this time.
 

Kingsley

Valued Contributor
Managing our savings is indeed a tough task which actually requires alot of discipline. In a world where the human wants are highhighly numerous and insatiable we all keep wanting more and more there is no end to our desires. It becomes imperative for us to remain resolute in a bid to ensure that we take serious and conscious steps in other save and not go and tamper it carelessly.

Although to be honest the situation of things in the country is indeed very challenging and it is very difficult to make ends meet, with the rising cost of goods and services in the country, it has been become very tough to even survive and eat a two square meal for a single individuals lets alone a family for 2 to 3 children and a wife it becomes a very serious struggle.

Again we struggle with insecurity and people's lives and valuable are no longer safe we hear of kidnapping on almost a daily basis and those adopters will demand for ransom that are highly unrealistic to pay so how can one save in such situation, or why will one not temper with the hard earn savings one has managed to gather in that situation?.
Hence economic situation determins everything.
 

Abigael

Valued Contributor
Those points are really good. They can actually prevent one from spending their savings. They are very good points that are worth following if you actually want to engage in saving. It is always best to not spend a dime of what you are saving. Especially if you are saving a specific amount for one specific thing you want.
 

Kendy

Verified member
Honestly, keeping your hands out of your savings account is not an easy determination to keep. As at 2020, I had a personal savings account which I was depositing about $35 monthly because I had a purpose or major target to achieve like; renewing my house rent and sponsoring myself in a programme. The account was more like dormant because I could only deposit but I could not withdraw because of the requirement I opted for. It did not come with an ATM card and I did not have a mobile app for it. Things became so tough during the covid-19 pandemic and inasmuch as I tried to sway from it but money was not coming from anywhere due to the tight economic system and I had to activate all means which I can have access to my money. It was a tough decision but I had to save myself first because I thought, ' what if I no longer exist due to hunger, won't the money in the account be used by someone?' I had to use the funds and hope for better day. I like the idea of fixed deposit and I am going to adopt it soon for a duration of eighteen months.
 

Jasz

VIP Contributor
Let's face it: the world has a way of getting the better of us sometimes. When you can't afford a new pair of shoes or you get hit with an unexpected expense, it can be easy to dip into your savings account without thinking about it.

But if you keep taking money out of your savings account, how will you ever reach your financial goals?

Here are some tips for avoiding that mistake and keeping your savings safe:

1. Start small—and automate!

Instead of waiting until there's a big amount in your checking account and then moving all the extra money over at once, start with something small every week or month. You might decide to put 1-2% of your salary into savings every month, or perhaps $5-$10 every week, no matter what. Setting up automatic transfers like this makes it easy to build up your savings without having to think about it.

2. Treat your savings like a bill you have to pay

If you're used to paying bills on the first Friday of the month, consider putting aside money for your savings on that day (or any day) too. The more frequently you make deposits into your savings account, the less likely you are to forget about them altogether—and because they'll
 
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