Friday, October 30, 2015

Learn to Love Saving Money

Like many of us, you probably have a love/hate relationship with saving money and your personal finance situation. On the one hand, you thrive off of the end game result and the feeling of security it provides; on the other, well, it sucks to cut back on expenses and have to miss out on fun activities with your friends. But while the pain of saving can’t be removed completely – no pain, no gain right? – Here are some addictive tips to help make saving an easy habit you’ll learn to love.

Set some goals to save for

When making any major changes to your lifestyle, you need to set some goals. But to be able to achieve those goals you have to be realistic. Instead of saying things like “by this time next year I want to be a millionaire”, come up with small yet achievable steps that will make you accountable along the way. Meeting any goal provides a sense of accomplishment and watching your money pile up is addictive.

Saving Money

Set milestones and reward yourself when you meet them

Here’s the best part of all. While you’re saving, make sure to treat yourself along the way for sticking to the plan. This will keep you motivated, especially when you have a long term plan for your savings. The rewards need not be huge; something small but sufficient to make you happy and give you the drive to carry on. You could buy yourself a new pair of shoes or go for a weekend away; but just so you know, a brand new car does not count as a reward for now.

Get socially creative

Going out with friends can be expensive and it’s easy to have a night out and spend well over $100 having a good time. Eating, drinking, dancing, or even going to a movie theater can be expensive. But when you’re dedicated to saving, then you need to set some ground rules. Instead of going out to dinner, invite your friends around to eat at home, visit art galleries, or public places that are free, such as festivals, beaches, community days, and local band performances. Use sites like Groupon and LivingSocial to get great deals on hotel stays, beauty treatments, eating out, and more.

Remember to watch out for sneaky costs that can eat into your budget, such as parking. A good way to avoid this according to Money Crashers, is instead of meeting up and paying to park multiple cars, ride together so you can split the expense.

Get yourself a savings buddy

We all have friends and family helping us achieve our other different goals in life – be it weight loss, passing exams or landing a new job. The same should apply to saving; find someone you can lean on during this process. Ideally try to find yourself a savings buddy, someone in the same boat as you. If you want to cut back on the cost of maintaining your car, for example, you could try carpooling together and taking turns to be designated driver. Not only will you have someone to hang out with for free, but you can celebrate each other’s milestones along the way.

Above all, remember that slow and steady wins the race — and saving money is a marathon. But if you can make it fun and learn to love doing it along the way, you’re sure to finish first.

1 comment:

  1. Nice post! Thank you for sharing. I'd like to hear more from you.

    ReplyDelete