2 Unorthodox Saving Methods You Can Try Now

Traditional saving methods don’t always work for everyone. Saving isn’t a one-size-fits-all approach; it’s essential to find a method that suits your unique style and needs.

With many factors to consider when choosing the right saving strategy, here are two unorthodox methods you might find beneficial.

1. The Envelope System with a Twist

This method involves putting a set amount of cash into different envelopes, each labeled for specific expenses. However, the twist is to include envelopes for fun or spontaneous purchases.

Tips: Use extra envelopes for unexpected expenses to prevent dipping into your main savings. Label one envelope as “splurge” for guilt-free spending.
Pros: Easy to manage and visualize; controls impulse spending.
Cons: Inconvenient if you rely heavily on digital transactions; requires discipline to stick to cash limits.

2. The 30-Day No-Spend Challenge

Commit to not spending on non-essential items for 30 days. All the money you would have spent goes directly into your savings account.

Tips: Identify your spending triggers before starting to make the process easier. Reward yourself with a treat from your savings at the end.
Pros: Quickly boosts savings; helps identify unnecessary spending habits.
Cons: It can feel restrictive; it might lead to overspending afterward if not managed well.

Finding the right saving style is about experimenting. Trying different approaches will help you discover what works best. (ASC)