Do you sometimes wish you could have saved more money? If you ever did, then, you should stop wishing and the money habits for saving. Why habits, you may ask. We are all creatures of habits. One actions, decisions, choices etc are influenced by some habits that we may not even be aware of. This is why if you must learn to save more, you will need to intentionally adopt the right money habits for yourself.
Nobody likes being in debt. One of the best ways of growing wealth is by investing. But, you can’t be able to invest until you are able to save some money. So, we want to set you on the pathway to success. We will do that by teaching you the most vital money habits for saving you should know.
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Money Habits For Saving
1. Accept Your Reality
The first step to being in charge and control of your money is by being sincere about your present financial situation. You don’t have to keep denying the fact that your finance is not as it should be. You need to be honest to yourself and take stock of your financial life. Is it healthy? sick? average? Find out and be honest about your financial situation.
2. Track Your Expenses
One of the mistakes people do is not being able to know what they spend their money on. Have you had situations where you can’t explain how you spent some money you had? The simple reason is being unable to track your expenses. I started documenting every of my expenditure, even to the kobo. I wanted to know how I spend my money. This helped me know the kinds of stuff I spent my money on that weren’t that necessary. You too should do this.
3. Define Your Needs
After knowing your expenses, you need to sit down and plan out your needs. Most people spend on wants and not on needs and go on borrowing to meet their needs. What exactly do you NEED to do? What are those things that you can’t do without? Write them down. Which of them is more important to others? Spend on the order of priority.
4. Start Automated Savings
Have you tried to save many times and have been unsuccessful? Why you would continue to be unless you have a very strong will to save. We all know you don’t have. Make it easier for yourself by automating your savings. Here is how this works. You can sign up with some trusted platforms. If you want to save some amount daily, weekly, monthly etc, you can decide it by yourself. I have been using Piggybank (currently Piggyvest). Check them out here Piggybank automated saving.
5. Stop Using Credit Cards
Apart from making fund easily accessible to you, one of the most important reasons banks adopted credit cards is to make it easy for you to spend money. Oh, that is what they want and it is happening. You can save more when you stop going about with your credit cards and spending impulsively.
Saving money isn’t easy. The money you earn isn’t enough to meet your needs and you have the needs to save. Truth is, no one builds wealth without discipline. You’ve got to discipline yourself with these money habits for saving if you really want to be financially stable.
So, over to you. Get started on saving. Good luck!