You spent a lot of money over the summer, your September expenses are here, and now it’s Christmas… it may seem like it’s never possible to save, but you still need a simple system to realize that it’s not that you don’t have enough saved, it’s that you do Enough money to save. You haven’t implemented a good system. A UK financial adviser has come up with what he calls the ‘last digit trick’.
It’s called Vix Munro, and it ensures that with its simple system that fits almost any budget, you’ll be able to save a lot and enough for, say, Christmas or, in your case, Easter or summer holidays when you’ve already paid for it.
“Tricks for the Last Number”
As a financial advisor, Vix Munro not only cares about existing finances and investments, but also saving for anyone. For his part, he came up with ideas such as the challenge of a penny a day or £10 a week, which for you could be €1 a day, so £7 a week.
This time he chose a method he thought was more fun, the last-digit method. This would be a great way to save without even realizing it, while instilling in you something that is just as important or more important than: savings habit. Just as you may need tips and tricks to help you manage your time, the same goes for saving.
What’s the trick with the last number?
The British consultant claims that using this trick, she saved enough money for vacations, emergencies, and buying a new laptop… She effortlessly gained 800 pounds in six months. If you start saving like this before the summer, you’ll now have enough to pay for Christmas or a holiday over the December long weekend.
The idea is simple: the first thing is to check your bank balance every day, which can now be done easily via a mobile or laptop app, and then add the last digit to your savings account, i.e. If your balance is €3,204, you spend €4, every day. You’ll find that after a few weeks or months, you’ll be surprised at what you’ve accumulated. One day the balance ends up being 9, another day it’s 0, this compensates some of the numbers with other numbers and you get a good average contribution. On average you will save about 30 euros per week, which means 100-120 euros per month, without this trick they tell you at the beginning to implement this amount in one go, you may think that this is not enough for you It’s impossible.
Another saving tip, please note
In her case, the advisor provided savings options by space or department in her banking app to create a Virtual piggy bank separate from balanceand you can configure it as: “for holidays”, “for emergencies”, etc.
If your application does not allow you to do this, then it is enough to have a savings account where you can accumulate a small but effective contribution after a few months, which can save you from trouble or allow you to get a nice treat.
The double advantage of this method of saving
With this system, you can not only save money bit by bit, but also have absolute control over what you own and spend every day; What’s more, you don’t even need to write down your spending when you go in every day, Actually save time, no matter how much you think nothing of it, by opening your banking app every day and checking your balance, transferring small amounts into your account savings account.
You will see that in addition to saving money, You will realize unnecessary expenses Something you do every day or a whim you can take away, you can even add it to the last digit daily amount. Enter one of these and you’ll be rewarded with more surprises than you can accumulate month after month. No matter what, there is always a need to have money to cover emergencies or big expenses like the annual summer vacation.
Other tips from this financial advisor
Vix Munro offers more ideas for saving tricks, such as challenges Save an amount equivalent to a day of the year (in cents): 1 cent on the 1st, 56 euros if it is the 56th of the year, and so on, up to 3.65 euros on December 31st. It may seem trivial, but in the end you will accumulate almost 700 euros.
You also have 365 day challenge, you save 1 euro every Sunday; 2 times on Monday, 3 times on Wednesday, ending on Saturday at a price of 7 euros and starting again. 28 euros per week, almost 1500 euros at the end of the year.