Whether you recently drained your savings accounts during a financial crisis or you are just getting started with savings, use these tips to build or rebuild them. There is always more that you can do to improve your financial standing. I know that we have all heard the norms like give up Starbucks, stop eating out every day, ditch that cable TV that you hardly watch, or call your phone company and negotiate pricing and plan options.
There are hundreds of ways to save money. However, sometimes save we sometimes forget some basic truths about money. Below are 5 that I personally return to time and again that keeps me motivated while trying to place myself in a better financial situation. These are 5 key tips to stronger savings.
Having the Right Mindset Is Key
Successful saving is as much about mindset as it is specific activities. When feeling anxious about money or feeling down because you are not seeing movement. Ask yourself “Are my basic needs met”? My answer is always, “Yes.” That simple exercise moves me from feeling deprived of abundant.
Making Savings a Habit
It’s easier to save when you are saving for short-term goals like buying a phone or clothes. But when you’re saving for something like a car or house, it can feel like an endless. That’s when having a savings habit helps. Since habits eventually become automatic and second nature.
Own Your Savings Style
It’s important to know, understand, and be aware of your style’s advantages and shortcoming. For instance, the “easy come, easy go” saver may be more prone to splurges while the “pay me first” style could have a hoarder quality if gone too far. Just know that any style where you’re saving is better than one where you’re not.
Don’t Get Stuck
Change is wonderful when it’s for the better and horrible when it’s not. You’ve got a good savings system going but then things shift.
Money is Simply a Means to an End
The money will always flow in and out. At its core saving is nothing more than spending less than we bring in over a period of time. It’s a stressor because we give it too much power. It controls us instead of the other way around. Yes, having and saving money is important. But years from now I don’t want to look back and realize that I’ve spent ungodly amounts of time consumed and stressed out about saving money. It’s definitely a balance, sometimes a battle, but it’s just money. Save it, yes. Have a good life, definitely.