We’ve all been taught to save money, but hardly anyone speaks about how to stay motivated while saving money. In this article, we will share some ideas to inspire your money saving journey and hope they will challenge you to save more.

Find a purpose for why you are saving money in the first place. Simplicity and fun are the essential ingredients for a successful money saving challenge. Where you don’t over stress yourself but think of it as a game.

Save the changes
A good way to start your money saving challenge is to save the change from daily purchases. Make it a habit to save what little change you gather throughout the day and put it aside. At the end of the month, you can deposit the amount in a savings account.

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This is a great practise where you can save a decent amount of money and could use the money to reward yourself at the end of the year. So, next time you come across any changes, try this trick. You will actually love this style of saving money.

Restrict your shopping list
Go frugal on your shopping list. Make a list of items before you visit the grocery store and avoid the temptation to fill your cart with unwanted purchases. Also take advantage of the online grocery sales, where you can stock up on a large quantity of essentials at a very reasonable rate. A frugal lifestyle will definitely help you save more at the end of the month.

Accelerate your savings
This trick is ideal for an intermediate or pro saver. What you have to do is figure out how much you saved last month and then up your game for the current month. For example, if you saved Rs.1000/- last month, make sure you scale the number this month and save at least Rs.100/- more than last month. Yes, the key here is to start small and don’t burden yourself. Once you know how the game works, you could set a target to save Rs.1,000/- to Rs.2,000/- more than last month.

Where to put all the savings?
Now that you have the challenge of saving extra money every month, the bigger question is, "Where to put your money?" The best option is to start a separate savings account to deposit your monthly savings. Choose an account that is flexible, full of features, and free of any hidden charges. A zero balance digital savings account could be the right choice for you.

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A zero balance savings account is free of any maintenance charges, and the bank will not penalise you if you keep no balance in your account. You don’t have to visit any bank to open a digital zero balance savings account. Get it done in a few minutes from your home or office. The process to open a digital savings account is paperless, and you can validate your account via video KYC.

Finally
Challenge yourself to save more every month. The key to success is to keep up the momentum. Once you get into the saving groove, you will enjoy the challenge. This process, in return, will help you to avoid unwanted spending and secure your financial future.

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Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.