Sometimes we don’t realize that we are our biggest enemy. Most of us save but how many are actually protecting the savings and not giving into impulsive buying.

Impulsive buying is fun, but only for the moment. Doing things in the spur of the moment gives us great pleasure but can cost us a lot. Saving isn’t a big thing but protecting those savings is. Here are a few ways to protect your savings.

Have a separate bank account for savings

It’s a good practice to have different bank accounts for expenses and savings. At the start of every month, a part of the income can be transferred to the savings bank account. Keep the debit card for that account safely in a locker and do not carry it around regularly. By doing this, people will not use the money in that account. Have the emergency fund in this account and use only for emergencies.

Invest the money

A separate savings account should have only an emergency fund. The rest of the money needs to be invested. Please don’t keep the money idle when it has the potential to earn returns. Invest money based on goals. By linking investing to goals can help with the habit of impulsive buying. Dream big and invest in it. Instead of buying a new gadget that has been newly launched in the market, save up for a vacation that you can take a couple of years later. By dreaming big, you will not give in to the temptation for smaller things.

Also, invest money in avenues where it requires you to put efforts to redeem cash. Savings in a bank account can be quickly withdrawn using digital cards, but investing in mutual funds, FD or RD requires hard work to break the investments and redeem them. Be lazy when it comes to redeeming money.

Lifestyle changes

Having a separate bank account or investing are just a few outside forces that can be used to protect savings. However, change must come from within. One needs to undergo significant lifestyle changes to protect their savings. Don’t shop when you are emotional. Stress shopping or stress eating never does any good in the long run. If you have decided to buy anything, then sleep on the decision. Give some time before you make the transaction and give in to your impulsive buying habit. It will give you time to think and calm down before you want to purchase something.

Another essential thing to do is not to compare one’s lifestyle with others. Comparing leads to dissatisfaction. It’s like playing a game where you will never win. Be grateful for what you have and do not compare. Shop with a plan. Don’t give in to the temptation of buying things.

Have an impulsive shopping fund

Why resist your habit of impulsive shopping? No one has to control their urges for long. It gets tiring to do that. We have only one life to enjoy and live. It can be done in a better way. Save for your spontaneous shopping too. Have a fund and keep adding to it every month. Use this for all your temptations. This way, you won’t be eating up your savings and get to fulfil your needs too.

Saving up for a long time but only seeing the fund not increase can be disappointing. Everyone has urges and temptations. However, they need to know how to control it. Have a plan and work towards it in life. All the goals will become achievable. It’s you who will have to choose the lifestyle you want. A little bit of discipline and control will give something that can be priceless – peace of mind.