5 techniques to make micro-savings

There are those who wait for the start of the year to start saving money, but the best moment to save in NOW. This is to say, why should you wait when precisely the most important step to take is the first one.

Making a micro-saving is painless. It represents an amount that even though you might not perceive it. It gives you the opportunity to use your money.

What does micro-saving help with?

  • To pay any unforeseen expenses.
  • To facilitate you in achieving your financial goals.

You could surprise yourself for everything you can save for small quantities. Think about things like organizing a trip, meeting your taxes, paying a quota of any course you want to take, or even buying that video game console you had your eyes on. If you have the goal of doing some micro-saving, here are 5 techniques to make micro-savings that can facilitate your journey: 

  1. Allocate a biweekly saving. Choose an amount in accordance with your earnings, a recommended percentage to pick is 10% of your income, but since these are micro-savings you could choose a lower percentage. If you want you could vary the amount depending on your weekly income. For example, in your first week, you could be saving ¢3.500 and ¢5.000 in the second.
  2. Round off your change. This is a fun one. If you’re going to eat lunch and your meal costs ¢4.500 round up to the closest number that’s to say in this case ¢5.000. Here, you end up with ¢500 that you could add up to your savings. Later if you did a small purchase, maybe of ¢800, then, you could round up to ¢1.000. The difference of ¢200 to your savings. At the end of the day, without you even realizing it, you end up with net savings of ¢700. You could apply this strategy directly from your digital wallet without dealing with cash.
  3. Make “phantom purchases”. All products like food or drinks which you could stop consuming, like a beer, or chocolate, substitute them for water. This is to say, instead of purchasing these things, purchase water instead. Your spending turns into savings just by substituting what you spend your money on. Not only is it a way to be healthier, but also a way to save money.
  4. Separate your savings first. If you ordered your income in different areas, that’s to say you first deposited into your savings and then to your spendings. This way you will meet your spending and saving goals by assigning your money to different areas.
  5. Set your daily spending. Challenge yourself to not spend more than what your limit is. Oh, and don’t spend on the days where you get paid. This way you are able to maintain control over your spending.

It’s important to remember that the worst type of saving is the one you simply don’t do. Micro-saving is a way to start looking at saving your money in a way that you receive remuneration at your medium term. Now you can take advantage of these 5 techniques to make micro-savings.

If you’re still not using OMNiMoni on OMNi the Super App, don’t think twice about it. Open your account in less than five minutes.

Oh and here’s a BONUS TIP besides the previous techniques to make micro-savings: put your daily spendings in a separate account so you don’t even have to touch your savings, you could use OMNiMoni for this so you don’t get fees on minimum balances or annuities.

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