{"id":18664,"date":"2022-02-28T19:00:00","date_gmt":"2022-02-28T11:00:00","guid":{"rendered":"https:\/\/www.comparehero.my\/blog\/uncategorized\/cash-tricks-grow-savings.html"},"modified":"2026-03-26T16:00:18","modified_gmt":"2026-03-26T08:00:18","slug":"cash-tricks-grow-savings","status":"publish","type":"post","link":"https:\/\/www.comparehero.my\/blog\/money-tips\/cash-tricks-grow-savings.html","title":{"rendered":"Use These 7 Cash Tricks to Grow Your Savings"},"content":{"rendered":"\n

Regardless of your income and debt, having the right financial plan is crucial to grow your money in your savings account. If growing your savings is one of your financial goals, here are seven tricks that will help you achieve it.<\/strong><\/p> \n

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This article was first published in September 2018 and has been updated for freshness, accuracy and comprehensiveness.<\/em><\/p> \n

It can\u2019t be denied that cash is king, but let\u2019s all agree that having cash on hand is the fastest way to spend it. <\/p> \n

But with these few tips and tricks, you can save instead! Follow these seven cash tips to help you build your stash of dough!<\/p> \n

1. Limit your ATM visits<\/h2> \n

Find out how much you need to spend in a week and stick to a budget. It will also help to calculate your necessary expenses for transport, food, and other necessities.<\/p> \n

One good practice we can recommend is to withdraw only the amount you NEED from the ATM at the beginning of every week, for that week. Be mindful that the cash you withdraw should last you throughout the week to avoid constant runs to the ATM. <\/p> \n

Most of us usually make an ATM run when we run out of cash and need more, but that habit can make it harder to keep track of our money. Setting a specific day to withdraw money from the ATM can help you be more financially disciplined. <\/p> \n

When you have less cash in your wallet to spend, you will need to adjust your spending accordingly. Having less cash on hand will also be a tangible reminder on the importance of proper money management. <\/p> \n

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You may spend more, unconsciously, when using smaller bills. <\/em><\/p> \n

2. Carry large bills<\/h2> \n

\u201cYou should take care of small, loose bills as large bills take care of themselves\u201d \u2013 Mexican folk saying<\/p> \n

According to a study published in the Journal of Consumer Research<\/a>, shoppers are less likely to spend their money if they are carrying the cash in large denominations. <\/p> \n

It\u2019s known as the denomination effect, a type of cognitive bias that makes people less inclined to spend with larger bills compared to the equivalent value in the form of smaller bills.<\/p> \n

In visual terms: Say you have a single RM100 note versus a mix of RM10 and RM20 that add up to RM100, you will be more inclined to spend the RM10 and RM20 bills as you don\u2019t need to break the single RM100 bill. <\/p> \n

Try carrying around larger denominations, it might help slow down your spending next time.<\/p> \n

3. Cuba try test<\/em> your budget<\/h2> \n

If you are contemplating a large purchase, such as an apartment or a new car, the first step is to save the amount of money you will need to pay for the monthly installment every month in cash. This is to see how it will feel when you have to service the loan.<\/p> \n

For example, if getting a car means you will have to pay an installment of RM600 every month, set aside that same amount every month for a period of time. <\/p> \n

This way, you can truly put into perspective as to how the purchase will affect your finances. It\u2019s a good way to assess if you can maintain your current spending levels or if sacrifices need to be made and you have to cut corners. Plus, this won\u2019t cost you money; it\u2019ll save instead!<\/p> \n

Related:<\/strong> The #30DaysBudgetHero Challenge: RM500 Budget For A Month [Update]<\/a><\/p> \n

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Got spare changes? Don\u2019t throw them away or leave them hanging around the house – save it! <\/em><\/p> \n

4. Keep the change<\/h2> \n

Tell that to yourself, not the cashier! <\/p> \n

At the end of the day, make it a habit to gather all your loose coins and put it into a designated place like a coin jar. You\u2019re bound to get change from your daily spending. <\/p> \n

For example, after you pay for your RM7 nasi campur with a RM10 note, make a mental note that the RM3 change will go into your coin jar at the end of the day.<\/p> \n

Don\u2019t underestimate how much money you can save up this way, especially if you are consistent about it. If you don\u2019t set aside your loose change, it\u2019s highly likely that you will make unnecessary purchases because you want to get rid of the coins anyway.<\/p> \n

If you want, you can also invest your small amounts of money or changes, into micro-investing platform Raiz<\/a>. It\u2019s an incredibly efficient way of making the most of every cent being spent, so rather than waste your cents away, why not stretch your Ringgit and have it saved and invested instead?<\/p> \n

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Keep RM10 a day, and in a month you can save up to RM300, and RM3,600 in a year!<\/em><\/p> \n

5. Save a specific denomination<\/h2> \n

You may have noticed that you tend to come across RM5 notes much less than the other denominations, like RM1, RM10 and RM20. <\/p> \n

You can make saving cash fun, almost scavenger-like, by setting aside all the RM5 notes you do come across. If putting aside all RM5 notes is a struggle, you can opt to only set aside the RM5 notes you get as change every other week or when you make certain purchases. <\/p> \n

This way, you will have some flexibility and won\u2019t limit your spending too much.<\/p> \n

Related:<\/strong> 10 Money Saving Challenges \u2013 Are You Game?<\/a><\/p> \n

6. Do the 52-week Money Challenge<\/h2> \n

This is a saving tip that should ideally be done during the first week at the beginning of the year because you can end up with RM1,378 in savings, or even more depending on your creativity!<\/p> \n

You don\u2019t have to wait until next year, you can start now!<\/p> \n

How it works is by saving RM1 in the first week of the year, then gradually increasing the savings by RM1 every week throughout the year. So, you will need to set aside:<\/p> \n