People are always trying to find a method to help them save money. There is no doubt that there are endless temptations to spend money in today’s society. The research behind marketing works very hard to separate people from their money. I have said it before but it is worth repeating: Spending your money foolishly will ensure that others will benefit more than you.
Here are a few ways you can get yourself into the habit of saving. They are in a sequential logical order which might be the building blocks for success.
1. Yes, cash still exists! If you feel you have a bad spending habit pay for all your purchases with cash instead of debit or credit for a set amount of time eg a week or a month. Those plastic cards serve the purpose of helping people overspend.
2. Get into the piggy bank mode. Find a nice container in your house that you can put your spare change in. Of course it won’t be enough for a nice vacation but it is the beginning of a productive process.
3. Do not wait to be in the mood to start saving. That mood may never happen. Instead save at specific times of the year, or certain seasons. Again this is to start a productive process. For instance start in January to save for a summer vacation.
4. if you do start to save for a specific short term goal and you have a certain place or account for it, give it a name. The Newer Car account or the Paris vacation account, My Sponsored Child’s account, or My Nephew’s Wedding account. Naming the savings could prevent you from pilfering that account for frivolous pursuits.
5. Write down your goal. Try and make it more specific than general. Also record what actions will be needed to achieve it. Then if possible tell a trusted friend or significant other. You can inform them of your progress and they can hold you accountable.
6. You will have a better chance of succeeding if you set one goal and work towards it than trying to achieve multiple goals at once. For instance, when I was trying to change my eating habits for better digestive health I worked in small increments. First I stopped eating after supper. When I felt that was an established habit then I stopped drinking juice and substituted water. Then I cut out most sugary sweets……well you get the picture.
Next blog post I will discuss how your money paradigm can hurt or help you.
Cosmopolitan June 2016