This Japanese Technique Can Help You Save Your Money
After the sheer volume of 11.11. sales, some of us are probably broke AF right now, surviving on what’s left of our monthly earnings.
As working adults, we probably understand that earning money is pretty hard. First of all, we
are forced have to work. But saving money? That’s probably the hardest part of money management. Seriously, how do some terribly financially-savvy people save at least 10% of their salary a month?
Well, here’s a Japanese technique called kakeibo, and it can help you save money in the long run. According to Glamour UK, The art of kakeibo was popularized in 1904 by Japan’s first female journalist Hani Motoko. The method helps you assess your budget, get to know your spending habits and save money. We need to know this for the sake of humanity.
Step 1: Get a notebook
Get a notebook and a pen. Jot down your monthly income and minus from your fixed commitments, like rent, car loan and electricity. We probably have a couple of commitments under our belt already so it’s best to take note of all of them.
Step 2: Assess the money spent
Divide the page of your notebook into four columns. Survival, for necessities like food and transport costs. Entertainment, for stuff like Spotify, Netflix, books and movies. Optional, which is anything you choose to spend money on, like hanging out with friends, going to the club, and shopping. Extras, for unexpected stuff like house repairs and sudden birthday parties. Record every little amount you’ve spent over the next month and be as detailed as possible.
Step 3: Ask yourself, how much money do you want to save?
If you’re saving up for a holiday or a rainy day, evaluate your expenditure and see where you can save money. Like, packing lunches from home on workdays instead of eating out, or subscribing to a cheaper streaming platform if you need to. Write down your savings goal for the following month and start trying to achieve it, perhaps 10% of your salary to start and increase gradually.