10 clever money-saving habits from around the world

Global financial customs you’ll want to adopt

In many nations, individuals manage their finances using methods that bypass apps, spreadsheets, or traditional bank accounts. Instead, they frequently leverage cultural practices, community bonds, and clever traditions to maximize their re

From gatherings that discreetly establish gold reserves to funeral ledgers that function as a form of social insurance, these habits can significantly impact one’s economic health.

Read on to discover 10 intelligent and frugal financial traditions practiced around the world.

Kakeibo (Japan): mindful budgeting

Created in 1904 by Hani Motoko, the first professional female journalist in Japan, Kakeibo is a manual ledger system.

Unlike modern digital applications, it requires you to record your income and expenses by hand. By addressing four reflective questions on a weekly basis, such as “How much would I like to save?” and “How can I improve?”, users reportedly increase their savings by up to 25% through heightened mindfulness.

Susus (West Africa and the Caribbean): social saving

A susu is an informal rotating savings and credit association (ROSCA) with origins in pre-colonial Nigeria that is now widely practiced across West Africa and the Caribbean. A group of colleagues or friends contributes a fixed amount each month, and every month, one participant collects the entire pool of funds.

It functions as a peer-to-peer loan with zero interest and encourages a consistent savings habit through social pressure, as missing a payment would mean letting down your peers.

Tandas (Latin America): community pots

With roots in Mexico, a tanda utilizes the same rotating savings model as a susu, where members contribute periodically and take turns receiving the collective funds.

The primary distinction is that tandas are typically managed informally by a trusted relative or friend rather than a formal collector. Participants often draw numbers to determine the sequence of payouts. Securing an early position functions like an interest-free loan, while a later position serves as a goal for forced savings.

Alkansya (Philippines): bamboo vault

A traditional Filipino method of saving involves the alkansya, a coin bank often fashioned from a hollow piece of bamboo. These are usually sealed shut, making it impossible to retrieve the contents without destroying the container. This effectively discourages the common urge to dip into savings for minor, impulsive expenditures.

However, there are numerous accounts of paper currency being damaged by mold, dampness, or termites inside these sealed banks, which is why they are better suited for coins rather than paper money.

Cash-first culture (Germany): tactile spending