Before you spend all your month’s income and have a problem with your spending, perhaps due to a hard-to-control impulse to buy, you can choose to automate your regular deposits to your savings account.

This way, your savings are safe and sound in your bank account before you get your hands on them. Visit the nearest branch of your bank to inquire about this option.

What we use when we spend affect how we perceive money and their value as well. Obviously, when we use credit cards, it is easier to overspend; this is because you do not see your money being spent. It is for this reason that we suggest avoiding the use of credit cards, or, use them only when you have to.

You might not notice it, but people, in general, tend to be less careful when spending their smaller bills or coins. How does this trick work? When you run out of smaller bills, many tend to rethink whether or not the object to be purchased worth breaking the bigger bills for.

Of course, this does not work all the time; it might also not work for those who are so used to spending a lot all the time anyway. However, this is a helpful trick for those who tend to be organized or those who do not like having a lot of coins or small bills in their pockets.

READ MORE: 10 Genius Hacks For A Mess-Free Family Picnic 

Your bank accounts should not be limited to your payroll and savings account. Think of the different things and goals you are planning to save for such as retirement savings, emergency savings (which, by the way, is your reserve money and should be able to cover you for three to six months in the case of unemployment and other unforeseeable events).

This will help you track your progress and how much you have for each goal/account easily. It is also harder to use your other savings for everyday expenses and shopping this way.

READ MORE: Save Money With These 5 Useful Apps

If you do not know clearly what you are saving for, the more you will find it difficult to do so and get over the temptation of spending. That is why, before anything, it is essential and very much helpful for you to know your goals.

In here, we do not mean vague, broad goals such as “getting rich”; my goals, we meant the things you want to save for and the things you want to achieve. When you try to examine what exactly your goals are, we advise you to think long term instead of thinking about what you want to have next month.

Ask yourself: where do I see myself 10, 20, or even 30 years from now? At the same time, you have to be realistic about the goals you set for yourself.

It might be helpful to write them on your planner/diary/a piece of paper, as long as you can quickly take a look back at it to remind yourself of your financial goals, especially when things do not go as planned or the temptation to spend is bugging you.

READ MORE: The Biggest Money Mistakes Singaporeans Don’t Realise They’re Making

Do this, of course, without tapping into your other funds like retirement savings and emergency funds. Start fresh and start and keep habits that will keep you from having any more debts in the future such as refraining from using your credit card, planning your budget regularly, putting more into your savings accounts, and investing.

READ MORE: How Many Of These Everyday Products Cost More For Women? 

It is no news that extreme emotions such as anger and high levels of stress make one careless. That is why you must avoid making financial decisions and plans after a rough day at work or after an argument with your partner.

Studies show that our mood has an effect on our financial decision-making and planning. For one, it can make an investor think too optimistically regarding her stocks; while being optimistic is not wrong in itself, being too confident in investment and business can lead you to lose more than you are gaining.

READ MORE:
18 Ways To Get What You Want In Your Career & Personal Life
7 Money-Saving Tips Parents Should Teach Their Children
Do These Aircon Alternatives ACTUALLY Save You Any Money?