5 Important Things to Remember When Trying to Save Money
Saving money can be challenging, especially in the beginning. Having the right habits and mindset will help you save more of your money. To assist you, we’ve prepared five of our favorite tips to remember when trying to save money.
It Takes Time
Building a healthy savings account won’t happen over night, it takes time. Putting small amounts of money into your savings account will help it gain traction. Once you make a habit out of putting money aside it becomes easy. Set small goals for yourself, have daily, weekly, and monthly goals that are attainable. This will help keep you focused on your saving goals.
There is a Difference Between Wants and Needs
It’s human nature to justify buying things we want. We will convince ourselves that we need that new pair of shoes, or that new computer, even though we might not have the money for it. The first step to combating impulsive shopping is to be conscious of what you’re buying. Ask yourself, “will I survive without…?”
One tip that will help reduce your impulsive spending is to follow a 15-day rule. The next time you find something you want to buy, wait 15 days before making your purchase. If you reach the end of that 15-day period and still want to buy it, then buy it! The purpose of this tip is to get you out of making impulsive buying decisions. Over time you will be able to quickly decide if that pair of shoes needs to be purchased right now.
Don’t Let Money Regrets Burden You
You are going to end up making purchases that you regret, everyone does. Understand that these money mistakes are learning opportunities. Dwelling on your past purchases will only cause stress and wasted energy. Acknowledging these mistakes as opportunities will help you avoid making the same money regrets in the future. One of my favorite techniques for getting over money regrets is to start a money regrets budget.
Check out how to create a money regrets budget here.
Focus On Things One Day At a Time
Starting the day off with the mindset to save money will help keep you alert to money saving opportunities. Having a big goal isn’t a bad thing, but focusing on that alone will often be discouraging, instead focus on how you can save money today. Ask yourself if you really need that $4.00 cup of coffee on the way to work today, or if you could get it cheaper somewhere else. Treating each money-spending encounter with a money saving mindset will allow you to get ahead and of course save money.
Focusing on saving money all the time can be exhausting. It might even become depressing knowing that your hard work goes into a savings account that you don’t get to touch. Rewarding yourself is important, if you reach your goals, treat yourself! This can give you the motivation to continue to save money, and reach your goals.
Saving money takes persistence and dedication. Make a saving plan and stick to it! Building a solid budget will help you save money much easier. The most important thing to remember is that your purchases today will affect your budget tomorrow. Keeping this in mind will set the stage for your bright money-saving future!