Many of us will currently be trying to find tips and tricks to help with budgeting – could this technique help?
COULD a Japanese money-saving technique cut your spending by as much as 35 per cent?
As we enter a new year, you may be looking at ways you can save money.
Many of us will currently be trying to find tips and tricks to help with budgeting.
This is where the simple Japanese money saving technique, Kakeibo, may be able to help – and experts even claim that it could help some of us cut back spending by up to 35 per cent.
Kakeibo, pronounced kah-keh-boh, is a traditional Japanese journal that includes spreadsheets, affirmations and inspirational messages to motivate you when it comes to your money-saving goals.
It encourages users to plan out finances on a monthly basis and encourages you to write down how much you plan to save – as well as necessary expenses, split into four specific categories.
Lots of planners & journals.. each one with its own wee purpose. 2018 is a big year for me for so many reasons, lots of challenges in January but also opportunities 💕 #journaling #journalling #phdlife #phdchat #kakeibo #financeplanning #businessplanning #diary #happinessplanner #weightlossjourney #fitnessgains
The four categories are survival – which covers food, transport and medical costs, optional – which covers takeaway, shopping and eating out, culture – which involves books, music and movies and extra – which covers items such as gifts.
The book also asks four questions at the beginning of each four week period.
These four questions are:
How much money do you have?
How much would you like to put away?
How much are you actually spending?
How can you improve on that?
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There are also areas in the book for reflection – so you can see whether you’re on track to reach your goals.
According the financial website Moni Ninja, using this method can help cut back your monthly spending by up to 35 per cent.
According to the book Kakeibo: The Japanese Art of Saving Money, the idea behind the book is to encourage people to become more aware and mindful of their finances and their spending.