Saving money can seem like a challenge, especially when we live in a country with a high cost of living like the Netherlands. However, with a few simple tricks and healthy financial habits, it is possible to improve our financial situation and save for the future. Here are some quick hacks to start saving right away:
1. Keep a record of your expenses
The first step to saving money is to understand what you are spending it on. Keep a detailed record of all your spending for at least a month. You can use expense tracking apps like Woolsocks, which also gives you cashback for your purchases. Or simply use an excel spreadsheet or Google Sheets. By keeping track, you will be able to identify areas where you can reduce your unnecessary spending.
2. Remember to Include Savings in Your Budget
Don’t wait until there is money left over at the end of the month to save. Include savings as a category in your monthly budget. A good starting point is to save at least 10% of your income. If you have a variable income, try to adjust your savings according to what you earn each month, but always prioritize them. You can also read the post How to make a quick budget for the home.
3. Discover Methods to Reduce Expenses
There are many ways to reduce your expenses without sacrificing your quality of life. Here are some ideas:
- Second hand shopping: In the Netherlands, there are many second hand stores (kringloop) and online platforms like Marktplaats where you can find all kinds of items at reduced prices. In addition to saving a few euros you also do something for the environment.
- Take advantage of deals and discounts: Use apps like Woolsocks to find deals and discount coupons at local supermarkets and stores.
- Bicycle instead of car: The cycling infrastructure in the Netherlands is excellent. Use your bike to commute to work or shopping and save on gas and car maintenance. If you want a new bike you can check with fietsenconcurrent.nl, they provide a wide range of quality bikes and accessories, accompanied by excellent customer service and the convenience of an easy and secure online shopping experience.
4. Set Savings Goals
Having clear goals will help you stay motivated. Do you want to save for a vacation, an emergency fund or the purchase of a house? Define your savings goals, the amount you need and the time frame to reach them. This will give you a clear direction and help you stay focused. Many times in your bank’s application you can generate “potjes” savings subaccounts to set aside a little each month. The easiest way is to automate the savings and apply the “take it from me, because I spend it”.
5. Invest in Financial Education
Financial education is key to managing your money effectively. Spend time learning about personal finance, investing and saving. There are many resources available, from books and blogs to free online courses. You can start by reading books such as:
George S. Clason’s “The Richest Man in Babylon” or Luis Pita’s “Have a Worse Car than Your Neighbor”.
6. Review your Subscriptions and Services
Often, we have subscriptions that we don’t use or services that we can reduce. You can use a service like 123opzeggen.nl They are dedicated to making it easy to cancel subscriptions and contracts quickly and easily. Their goal is to provide users with a hassle-free experience, allowing them to cancel their services in just three steps. With a 100% success rate, they ensure that the cancellation request is handled efficiently and professionally. Whether you need to cancel a magazine subscription, insurance or any other service, they are there to help.
Review your TV, internet, phone and other service subscriptions to see if you can negotiate a better price or cancel what you don’t need. You might consider using a comparator such as PriceWise.
Saving money in the Netherlands is possible if you adopt healthy financial habits and stay disciplined. Keep track of your spending, include savings in your budget, find ways to reduce your expenses, set clear goals and keep learning about finances. With these hacks, you’ll be on your way to better financial health and achieving your financial goals.
