A little restraint for a happier financial you

IT’S often said it’s the little things that count. And when it comes to saving or getting out of debt this could not be truer. The other day I heard about a mobile phone app that takes this idea of ‘little things’ and elevates it into a savings reality.

Basically the idea is that every time a person is tempted to buy a treat during the day or purchase something that is not really very necessary, the app allows for the money to be saved instead with just the click of a button.

For example how many times during the average day do we splash out on things like a fancy iced coffee because we see a point of sale display that lures us in. Or perhaps we go to the shops to buy some deodorant, when all of a sudden we walk out with a new nail polish and lipstick.

The point of the app is that every time we find ourselves in this position – about to buy something that really isn’t that essential – the app gives the option of transferring that money directly to a saving account. Instead of spending €4 on an impulse nail polish purchase, the option is available to put that €4 straight into a savings account.

What I like about an app like this that it makes it easy to see how we waste money throughout the day and it also allows for a sense of real satisfaction by providing the opportunity to resist temptation and save instead.

When we control our urge to spend and start to see money building up in a savings account it really does offer a sense of fulfilment and give us ambition to continue saving.

Unfortunately this particular app is currently just available for Nationwide bank customers in the UK. Perhaps Spanish banks will pick up on the trend shortly, but in the meantime, with a little bit of discipline we could do the same ourselves. While it’s a little more time consuming, we could in theory restrain from buying unnecessary treats throughout the day and then tot up how much we would have potentially spent. Then, simply transfer this money into a savings account via internet banking.

You’ll be surprised just how much you can save without really having to neglect yourself of anything!