Saving smarter and not harder
In these tough economic times, saving money is an ideal we all aspire to achieve, however as many have come to know, building a savings pot successfully and consistently is often easier said than done. As the savings journey is not an easy one, many consumers get disheartened and give up or defer their goals along the way. I know you’re trying really hard I have a trick for you to ensure you don’t wear out along the way. Save smarter, not harder.
Do what you love
Do what you love, it’s an old adage that rings true for all things goal related, and it definitely applies to finding effective ways for saving smarter. When embarking on your savings journey, align your goals to something that you care about. Naturally, when you set your goals against things that matter to you, you shift your focus and efforts to rewards rather than obligations. So, whether your aspirations relate to education, travel, career, or health and fitness, make your savings goal a contribution toward something you are passionate about. Your goals should be as specific as possible-the more you can pinpoint them, the easier it will be to save for them. It’s also very self-fulfilling to save for something you really want once you identify what you want.
Take it slow and celebrate your small wins
There is nothing to put you off your savings goals more than putting pressure on yourself. Saving and financial freedom are a marathon, not a sprint. The end goal is to make it a way of life therefore your goals should be as attainable as possible. Start small and build your ammunition as you go along.
To start, open a separate, no-touch savings account strictly for one of your goals. Alongside that, also throw in a few 100 bucks for emergency every month in addition to your passion project savings. Make sure you automate your payments, so you don’t have to worry about them and as you start to feel comfortable living without it every moth, start increasing the amount.
In the end, you’ll probably be surprised by two things. The first is that you don’t really miss the money you’re setting aside. The second, being how quickly you reach your goal once you make saving a habit.
Picking up the saving habit
So, you are well on your way to picking up a saving habit, in order to keep your momentum going, you need to learn a few tips and tricks. Since your savings account is open and you have been paying yourself first through automated payments every month, make sure you keep yourself in check by analysing your habitual spending and make small changes.
Each month, we all probably waste money on frivolous things. Review your values and consider how your expenses relate to them. There is a good chance you’ll find things you’re paying for that aren’t necessarily bringing you meaningful rewards. For instance, take aways may be a habit more than an intentional choice, so if you are dining out or grabbing takeout regularly, try making your own lunches or cooking at home.
Enjoy the ride
Exercising releases endorphins and other chemicals that improve our mood and help us think more clearly. The same can be said about saving. A simple glance at your savings account can be enough to calm you and give you a sense of accomplishment. There’s money sitting there that you don’t need, but that you could use for something you really want. Soon, you will find that growing your accounts can also increase your overall happiness self-confidence.
