Save Smarter!
If you’re struggling to save money, consider adopting one of these 20 influential habits from around the world. From budgeting schemes to DIY projects, these are fool-proof ways to appease your wallet.
1. Household Finance Ledger
In Japan, there is a practice known as Kaekibo, which refers to a household finance ledger. It’s a century-old practice in which expenses are organized into four categories ranging from basic needs, leisure, hobbies, and unexpected costs. Using this method, many Japanese people successfully save and keep track of their goals.
2. Less Is More
In many European countries, there is a broad idea that less is more. This mindset means buying less food, less clothes, and not cluttering your house with décor. Rather than stocking up for months ahead to try and scrounge a deal, it might surprise you how much you save just taking things slow.
3. Using Cash
In certain countries, many people prefer to use cash, even if they have access to digital banking. This is because with the cash in hand, you can see and feel the money you are spending, which gives it more of an impact and will motivate you to save.
4. U.S. Allowances
The idea of an allowance is pretty prevalent in the U.S., and it helps many kids learn basic financial skills early on. The idea is to provide a child with a fixed household income, which can be complemented by doing extra chores. This teaches the kids the value of money.
5. Huge Income? Huge Savings!
In Singapore, it is common for high earners to save 55% of their household income! With such a major emphasis on saving, you wouldn’t even realize they’re so wealthy due to their modest means. Essentially, the idea here is to hunker down and save hard for a bit.
6. Hometown Adventures
Staycations are officially in! Instead of planning expensive or long trips exploring other countries and cities, why not try to find adventure in your own? Having day trips in your own town or acting like an at-home tourist are a great way to see your life in a more affordable lens.
7. Thrifting
Another U.S. habit that should gain more popularity around the world is thrifting. Even the U.K. and Japan participate in this, but the idea is to basically buy things second-hand, and many countries even have entire stores dedicated to providing second-hand items.
8. Energy Conservation
In South Asian countries, electricity is a fickle mistress that could go at any time. So to conserve power and keep their bills low, many people take to the practice of turning off lights and appliances when not in use.
9. Alkansya
Getting very specific, in the Philippines there is a concept called alkansya, which refers to a coin bank. Growing up, kids would be taught the importance of saving for future needs, and were expected to put portions of their allowance aside. This is a habit you can introduce to your kids right away.
10. Community Sharing
In certain Nordic countries, there is an idea of community shared tools and appliances. Due to high community trust, people are able to cooperate and share, which in turn brings down individual costs for all.
11. Budgeting
Of course, many countries have taken to using budgeting. For instance, Germans are methodical savers who will often set up complex systems and spreadsheets to keep on top of their spending.
12. Riding Bikes
In countries like the Netherlands, cars are no longer a necessity. In fact, most people prefer to bike everywhere they go, which isn’t only good for the environment and personal health, but is also great for the wallet.
13. Cooking at Home
In many countries, it is very common to cook at home. In more modern cities, it might be tempting to order out or visit the local diners, but eating at home can certainly save you money in the long run.
14. Embracing the Warmth
In some Arabic countries, it is common to just endure the heat rather than pay that pricey cooling bill. So unless you really need it, try to enjoy the warmth for what it is and maybe buy a hand fan to conserve on electricity.
15. Multi-Generational Living
In South Asian and South America, it’s very common for large multigenerational families to share homes. Rather than moving out at 18, most sons will actually move their wives into the family home. This way the family supports itself and shares housing and utility costs.
16. Public Transport
If your city lacks a firm public transport infrastructure, this can be hard to accomplish, but the basic idea is to use transit when you can. This is actually very popular in Japan and America, where there are quite reliable transit systems.
17. Meal Prepping
If you want to take home cooking to the next level, consider meal prepping, which can help you budget and stock up your fridge accurately for the next couple of weeks. You can pre-buy a fixed amount of ingredients and know exactly what you’ll be spending on food for a while.
18. Upcycling
This trendy habit involves taking things meant for one thing, and using them for another. For instance, instead of throwing old clothes away, you can turn them into rags. Instead of ditching cardboard boxes, turn them into little castles for your pets or as storage units.
19. Repairs
It’s pretty common to throw something away and replace it when it’s broken, but in Southeast Asia and Eastern Europe, there is a bustling repair scene. This means taking your faulty products to electronics or textile experts and letting them fix it for cheap.
20. DIY
This is a popular trend in America and DIY essentially stands for: Do It Yourself! The idea is that instead of buying frames, coasters, jars, and more, you can follow simple tutorials to make your own with common items.
