Finnish households are spending more than expected on non-essentials, which may cause some worry. Aside from an increase in consumer prices, this habit will show an overall buzzing economy for the average economist. However, it’s not all rosy because the long-term effect often means many Finns will hold the empty bag at the end of the day.

We all love to enjoy some luxury even though it may cost some extra bucks. Whether it’s about eating out in an expensive restaurant, buying brand clothes and accessories, an expensive car, or kicking it at the beach; we’ve all got an excuse to spend more than we need to.

Although most banks and investment companies try to promote the benefits of saving to their clients, people usually don’t heed their words. Many people believe all the cash can be earned again if they work the extra shift. Nick Maggiulli, author and COO of Riholtz Wealth Management LCC, published research in 2020 suggesting that saving less than 50% of your income may push back your retirement age.

In a country that just recorded a 5.8% yearly increase in consumer prices, it’s only a matter of time before another inflation crisis strikes. As projections suggest, if things go south, you don’t want to be caught with a light piggy bank.

Having a consistent saving habit is key to surviving anything an economy throws at you. Of course, it makes no sense to save for a quarter and have a spending spree that leaves you in debt for the next.

Some things that will help you develop a consistent savings habit

Here are some ways to develop a consistent savings habit:

Open your Mind Towards Saving

Maintaining a consistent saving habit can be daunting because you miss out on all the luxuries (which you don’t need) and often walk the path alone. However, you don’t have to approach it with such a negative perception. A good way to help with this is by always thinking long-term.

It would help if you had a broader horizon that focuses on calm life after retirement rather than doing things that will make you need to work in your 70s. Think of it like doing some exercise to burn those calories you know aren’t good for your system. Take encouragement from the saving habits of billionaires relative to their yearly income – you’ll notice a consistent pattern.

Automate your saving plan

Humans are naturally tuned to spend stuff; consumption, for now, is often easier than saving for the future. At the same time, we need to be prepared for any drought as the monthly paycheck rains. Setting up an account order that automatically transfers a fixed amount to another account at specified intervals is key.

This way, you do not worry about forgetting to do the transfer at the beginning or end of each month. There’s no excuse concerning spending deep into your savings because it’s on a different account. Optimizing your saving habit is the first step – even though you may not think about increasing saving goals for a start.

Gradually increase your savings target as your career develops

With great power comes great responsibility. It makes no sense to maintain a fixed saving amount even after you secured two promotions in a row. Your savings plan should always go in tandem with your income.

Although it’s not wise to make the gap too tight, you should always try to save at least 30% of your income at a bounce. It would be best if you did not necessarily think about completely spending the other 70% before the next paycheck arrives.

Reallocate funds of previous expenses

Different phases of our lives naturally demand different spending habits due to various engagements. As we grow older, we should be ticking a lot of expenses off our bucket list and moving those ‘excess’ funds to our savings accounts.

Say your kid just graduated from college, and you no longer need to handle those bills; it’s best practice to add it to your savings plan rather than treat it as extra cash you now have to spend. Or maybe you just finished servicing that loan or paying for that car; it’ll be great if you take the loose funds to your savings account. You’ll never know when you’ll run into an emergency that’ll need that money.

Use saving tools and technologies

While automating your savings can be seen as using technology, you should go further than just telling your accountant to make some adjustments to your spending account. Learn to be a frequent user of apps fintech that encourage savings. Sometimes most bank emails won’t come with a message that encourages you to save; you have to do extra to develop that habit.

Using apps like Goalkeeper by Radius Bank or Qapital, where you can set goals and objectives for a given month or quarter, is a step further in making sure you stick to your saving routine. Additionally, these apps come with features that allow you to set up an automated savings plan yourself – which you can gradually increase when you’re finally able to live on a budget.


The very first stages of developing a saving habit can be challenging, but it’s not impossible to get through it. When you’ve developed a good saving habit, you can progress to an even stiffer budget that ensures you save more while the paychecks keep coming in.
The world is changing, and inflation will not disappear anytime soon. Therefore, it’s best to develop the best saving practices while still living on a steady income basis.