No one is born a natural money saver. If you think you don’t have the chops for it, don’t worry because you are not alone. If saving is as easy as some touts it to be, we would all have enough money in the bank. Unfortunately, saving money is often a difficult habit to develop let alone master. But it’s not rocket science either. With the right mindset backed with a solid action plan, you can make saving money an ingrained part of your lifestyle.But first, how exactly do you change your mindset about saving? Below are some simple tips to do so:
Know the why
In order to successfully change your mindset, it all boils down to knowing the why. After all, it’s always easier to do something you are knowledgeable and passionate about. By knowing the reasons behind your money saving project, setting aside a certain percentage of your income each month won’t feel like a chore anymore. In other words, you need to have saving goals. That includes both short-term and long-term goals.
To start, list down the most important reasons why you are saving money. Think and talk about it at every opportunity. Whether you’re saving for a pair of shoes, a vacation or retirement, the trick is to always keep those goals at the back of your mind especially when you’re buying or shopping money. Doing so can do wonders to your self-control in the end.
Think of saving as paying yourself
The reasons for saving money vary from person to person. In any case, saving for most people is rarely a wonderful and life changing habit because they think of it as a painful chore. Deducting a certain percentage of your income for savings is unpleasant for many which is why many people stop doing it at some point.
To avoid the same pitfall, you need to think of saving money as paying yourself. Every time you add to your savings account, you are paying yourself for working hard. If thinking sowon’t work the trick is to balance your savings with a sensible reward. Every time you meet your saving goals for the month, you can maybe buy yourself a treat. This way, it’ll be easier to get more excited about saving because you’re also getting a tangible reward along with it.
Stop spending money you don’t have
You haven’t received your paycheck yet but you’re already spending it in your mind. Even worse is the habit of borrowing money and promising your next paycheck as payment. When you’re stuck in this kind of lifestyle, you will never learn how to save properly.
Of course, making a budget of your next pay check makes perfect sense. In fact, it’s highly recommended. Borrowing money when done responsible is also not a bad thing. But the trick is always to use your money on the necessities and essentials and not spending it first on luxuries and other unnecessary purchases.
Set your sights for the long haul
Remember those long-term money saving goals you’ve set? You’ll need to write, think and talk about it more. One of the reasons why many people fail to make the habit of saving a life long commitment is because of their halfhearted focus on the long-term benefits. Instant gratification will always be your biggest enemy. No one is immune to it but you can certainly get around it by reprogramming your mindset to see the long-term goals as more important than any pleasures you will gain at the moment.