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Real World Tips to Stop Spending and Start Saving
How many promises have you made to yourself to cut back, or eliminate spending? And how many of those promises have you broken?
For most people spending money is as natural, and habitual, as breathing. But, if you're a spender, unless you have infinite income, it can be extremely difficult to save money.
You may find, just like losing weight, all of those spending "diets" just don’t seem to work. You may save money for a while but then go right back to spending when you’re not paying attention.
So how do you stop spending and start saving?
1. Make saving automatic.
One of the surest ways to save money consistently and effectively is to make it automatic. Create an automatic deduction or transfer that pulls money from one account into another. Take a look at what’s possible for you to save?
For example, you might invest $50 a week into your savings account. Now the trick is to also make it difficult to access this money. That means you don’t want to have a debit card for the account or be able to run to the ATM to withdraw money. An investment account can do the trick. So too can an online savings account.
2. Find a replacement habit.
If you love to spend money and shopping is a habit, find a replacement habit. Remember me telling you (probably over and over and over): shopping is not a recreational activity, it is a chore. Find something else to do to fill the time you spend shopping. For example, take a class, join a club, or volunteer. When you find other passions and purposes you’ll spend your time on those instead of shopping. You’ll likely feel more fulfilled too.
3. Don’t buy it unless you love it.
It’s easy to like things enough to buy them in the heat of the moment. But how many of your possessions do you absolutely love? Take a look in your wardrobe, and around your home.
Which items are you still in love with? It’s okay to spend money on things that you love and will keep forever. However, spending money on another pair of black shoes or another comforter for the guest bedroom isn’t likely a good choice for your budget.
And of course don’t buy anything unless you can pay cash for it!
Saving money isn’t difficult when you have a plan. Even if you’re just able to save a few dollars a week, you’ll be surprised how quickly it all adds up.
For most people spending money is as natural, and habitual, as breathing. But, if you're a spender, unless you have infinite income, it can be extremely difficult to save money.
You may find, just like losing weight, all of those spending "diets" just don’t seem to work. You may save money for a while but then go right back to spending when you’re not paying attention.
So how do you stop spending and start saving?
1. Make saving automatic.
One of the surest ways to save money consistently and effectively is to make it automatic. Create an automatic deduction or transfer that pulls money from one account into another. Take a look at what’s possible for you to save?
For example, you might invest $50 a week into your savings account. Now the trick is to also make it difficult to access this money. That means you don’t want to have a debit card for the account or be able to run to the ATM to withdraw money. An investment account can do the trick. So too can an online savings account.
2. Find a replacement habit.
If you love to spend money and shopping is a habit, find a replacement habit. Remember me telling you (probably over and over and over): shopping is not a recreational activity, it is a chore. Find something else to do to fill the time you spend shopping. For example, take a class, join a club, or volunteer. When you find other passions and purposes you’ll spend your time on those instead of shopping. You’ll likely feel more fulfilled too.
3. Don’t buy it unless you love it.
It’s easy to like things enough to buy them in the heat of the moment. But how many of your possessions do you absolutely love? Take a look in your wardrobe, and around your home.
Which items are you still in love with? It’s okay to spend money on things that you love and will keep forever. However, spending money on another pair of black shoes or another comforter for the guest bedroom isn’t likely a good choice for your budget.
And of course don’t buy anything unless you can pay cash for it!
Saving money isn’t difficult when you have a plan. Even if you’re just able to save a few dollars a week, you’ll be surprised how quickly it all adds up.