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Are You Saving or Slaving?

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Contributor:
Ruth Brown
Ruth Brown

You’ve set yourself a goal to save some money – but what strategies do you have in place to help you get there?   Are you setting yourself up to succeed or to fail?  There are simple steps you can take that can help make it almost impossible to fail.

1. Have you chosen the right goal? 
Chances are if you’ve chosen to save money it’s because it’s going to put you in a better place.  e.g. Owning your own home, booking that overseas holiday.   If you don’t feel MORE excited about where you’re going to be, than where you are now – then the motivation to change just won’t be there and you’ll slave all the way (that is of course if you make it at all).   Look at your plan – if it’s just to “get out of debt” and you link debt with pain it will be painful to achieve.  However, if your plan is to “Get out of debt and take a luxury island holiday” there is something a whole lot sweeter at the end of the tunnel.

2. Watch your language.  If you find yourself telling someone you’ve had to “give up” something – give yourself a mental slap and change your language.  “Give up” implies lack, it suggests pain.  Instead of “I’ve given up coffee to help pay off the credit card.” simply say “I’ve stopped buying coffee in the morning, right now I’d rather be debt free.”

3. Don’t torture yourself.  You can’t spend what you never had.  If your plan is to save a certain amount each pay day, don’t put temptation in your path.  Arrange for that amount of money to go into a separate account – when you don’t have it in the first place, you tend not to miss it.

Regardless of whether you have $1000 or $1 000 000, our spending habits tend to expand or shrink to the amount we have.  If you’ve only got so much at your fingertips, you’ll soon learn to manage on it.

We all know that we do much better at those things we enjoy – so why slave, when you can enjoy saving and the rewards that it will bring with a simple shift of focus and some dead easy account modifications.

How to save money and live more frugally

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